We had another rather unremarkable week in the African Startup funding scenes. Elevate had a pre-series A funding, securing $5 million from investors led by Negma Ventures. Elsewhere, Selcom Tanzania completed the acquisition of Access Microfinance to reshape financial services delivery and customers experience in Africa.
Funding
Elevate
Funding round: Pre-Series A ($5 Million)
Investors: Negma Ventures,
Founded: 2021, Sudan
Founders: Khalid Keenan, Youcef Oudjidane, Faris Keenan
Formerly known as Bloom, Elevate is a banking service provider facilitating cross-border banking for international workers. The company offers US-based banking services to non-US residents in Africa, South America, and the middle east. Its products primarily include FDIC-Insured US bank accounts for users, mainly remote workers that are working for US-based companies from outside the country, enabling them to own and receive pay directly into their US bank accounts.
Elevate partners with Bangor Savings Bank to enable users to conduct transactions on their accounts with debit cards and move funds to their domestic accounts in their domicile countries. It currently offers services to users in Egypt, Bangladesh, Philippines, and Pakistan.
The funding will be channeled into the company’s expansion efforts in South Africa, Turkey, and several other countries in South/Southeast Asia.
Acquisition
Selcom Tanzania Acquires Access MFB
Selcom Tanzania has recently announced its acquisition of Access Microfinance Bank as part of its overarching plan to provide more innovative services to meet customer needs. Selcom Tanzania is a cross-segment financial and payment technology company that provides a full-range of digital payment products and services to users across sub-saharan Africa.
The acquisition was inspired by Selcom’s desire to blend its cutting-edge technology with traditional banking to reshape financial services delivery and customers experience in Africa. Selcom Tanzania aims to build on the solid foundation of Access’s Microfinance. This will ultimately enable it to scale its “Get Paid to Pay” solution.
Due to the acquisition, Access Microfinance Bank has been renamed and will henceforth operate as Selcom Microfinance Bank. The acquisition reflects Selcom Paytech Limited’s commitment to evolving with the changing needs of its customers and its dedication to providing innovative financial solutions.
Opportunities
TotalEnergies Startupper of the Year Challenge.
UNDP Timbuktoo Fintech Startup Accelerator Programme.
