Tuesday, April 21, 2026Global tech, startups & capital — covered for Africans.
It was all seed rounds last week in the African startup funding scenes as three companies each raised seed funding from multiple investors. Egyptian fintech, Connect Money raised $8 million to expand its operations. Payroll solutions provider, Cadana, also secured $7.1 million funding, while Noki Noki raised $3 million for its logistics operations. Elsewhere, investment […]
By AU Startups
It was all seed rounds last week in the African startup funding scenes as three companies each raised seed funding from multiple investors. Egyptian fintech, Connect Money raised $8 million to expand its operations. Payroll solutions provider, Cadana, also secured $7.1 million funding, while Noki Noki raised $3 million for its logistics operations. Elsewhere, investment company, Level Africa has acquired its counterpart Utilis Ventures for an undisclosed sum.
Funding round: Seed ($8 Million)
Investors: Disruptech Ventures, Algebra Ventures, Lorax Capital Partners, OneStop and MDP.
Founded: 2023, Egypt
Founders: Ayman Essawy
Products: Connect Money operates a banking-as-a-service platform and its embedded services enabling other fintech businesses to issue debit and credit cards without having to develop their own fintech infrastructure or obtain regulatory licensing. The company’s infrastructure also enables digital payments and instant financing.
What Next?: The new funding will enable the business to commence operation with five new business verticals across the North African region
Funding round: Seed ($7.1 Million)
Investors: Costanoa Ventures, Better Tomorrow Ventures and 500 Startups
Founded: 2021
Founders: Albert Owusu-Asare, Ameer Shujjah
Products: Cadana provides payroll services for financial institutions, talent marketplaces, and international hiring platforms. The company’s offerings enable businesses to compensate their workforce across over 32 emerging markets seamlessly.
What Next?: The fund will be channeled towards revolutionizing remittances for African professionals working locally and internationally.
Funding round: Seed ($3 Million)
Investors: Uma Ventures
Founded: 2021, Congo
Founders: Jonathan Yanghat
Products: The company offers logistics services geared especially towards food delivery and grocery shopping. Its products include Noki Noki, Noki Drive, and Noki Pay, an integrated payment solution for its delivery products
What Next?: Fuelled by the new funding, Noki Noki will move to scale its operations across its current six markets and solidify its presence in new areas.
Leading Ugandan investment advisory firm, Utilis Ventures, has been acquired by its counterpart, Level Africa. Level Africa, just like Utilis Ventures provides investment and advisory services for individuals and businesses in Africa. The company operates a digital investment platform that helps clients access the best investment opportunities and information to grow their wealth.
The strategic acquisition will strengthen Level Africa and better position it to serve its expanding client base. Following the acquisition, Utilis Venture has been rebranded into Level Africa Uganda. The rebranding is intended to maintain a cohesive brand identity across each of the company’s outlets and service operations as well as reinforcing its presence in the region.
