The BigFive SME Fintech Funding Roundup

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Over the past week or so, many African and Middle Eastern fintech startups have announced millions of dollars raised to fund expansion efforts within the region and globally. We’ve curated a list of five such startups, sharing how much money they raised, and who supplied it.



This week's fintech funding roundup

 

South Africa-based API startup, Stitch, raised a $4 million seed round, the highest amount raised for an African-based API. The company’s product allows tech developers to easily connect their apps to financial accounts. 

 

Cameroon-based finance app, Diool, has secured $3.5 million US in funding via the Lundin family, and various other investors. The app allows small businesses to accept payments from customers and pay their suppliers with ease.

 

The South Africa-based online bank TymeBank received an R1.6 billion (~$106 million US) investment led by Apis Growth Fund II, and JG Summit Holdings. The bank operates entirely in the cloud and is the first bank to do so in South Africa. The company will use the funding to expand into the Philippines. 

 

Kenya-based insurance startup Pula has raised $6 million Series A, with much coming from African capital firm, TLcom Capital. The company provides digital and agricultural insurance for small farmers in Africa, aiming to help lower the risks that come with farming, such as Climate.

 

Dubai-based open bank, Tarabut Gateway, received a $13 million seed round, headlined by Target Global, from Berlin. The service encompasses an “open banking” system, where third party companies are consensually granted access to data of their users, to provide them with a more diverse set of financial tools. 

 

  


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