💸 Fundraises

🇪🇬 Telda, an Egyptian consumer-focused financial platform, raised a $20M seed round led by Global Founders Capital.
🇪🇬 FlapKap, an Egyptian revenue-based financing platform targeting e-commerce businesses, raised a $3.6M seed round from Bolt by QED, Nclude, Outliers, and A15.
🇳🇬 Scalex, a Nigerian/pan-African peer-to-peer cryptocurrency trading platform, raised an undisclosed amount from EMURGO Africa’s Adaverse.

Pillow, a Singapore-based, emerging market-focused crypto platform allowing users to save, spend and invest using USD-backed stablecoins, raised an $18M Series A co-led by Accel and Quona Capital, with participation from Elevation Capital and Jump Capital. The startup’s largest user base is in Nigeria, and it also has a major presence in Ghana, as well as in India, Vietnam, and Brazil.

💰 Venture Funds

Nclude, a $105M Egyptian fund targeting fintechs in the Middle East & Africa that was launched as a partnership between Global Ventures and Egypt's largest state-owned banks, received an undisclosed investment from Mastercard.

🚀 Partnerships & Product Launches

MTN Nigeria announced a BNPL-ish subscription partnership with Intelligra, a Nigerian smartphone financing platform. The partnership, which also involves OEMs, a variety of financial institutions, and Nigerian retail store Slot, will see users pay as little as 7,000 naira (~$10) a month for a bundle that includes a smartphone, voice calls, and internet data. Users can pay the bundle price over 6-12 months with no down payment or upfront cost and MTN has agreed to finance up to 1,000 smartphones per day.

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