Individuals
Businesses
Company
Intelligence
News
African Capital Markets
EnglishEnglish

Investors Update: New $16m fund supports Egyptian fintech startups

3 min Read April 7, 2023 at 12:33 PM UTC

Daba finance invest in Africa

A new $16m fund launches to support Egyptian fintech startups

Highlights

  • Egypt-based Camel Ventures has launched a $16 million VC investment vehicle “Camel Ventures for Investment I (CVI)”.
  • The new VC fund will focus on supporting Egypt’s fintech startup ecosystem, by providing them with both equity investments for early-stage startups, as well as venture debt for later-stage startups.
  • CVI has already made ten investments in various sectors across Egypt, including Khazenly, Pharmacy Marts, and klickit.

Source: Wamda


Our Takeaway

In Egypt, only 33% of people have a bank account, according to the most recent World Bank data while 50% of its 100 million people actively use smartphones. Also, the North African country boasts a young and tech-savvy population with 61% below 30. Expanding access to financial services through digital channels is thus an attractive market opportunity, and startups leading such efforts stand to gain significantly from increasing amounts of venture capital available in the country, which has grown more than 10-fold since 2016 and has placed Egypt as one of Africa’s leading countries by tech venture funding.


Kenya on course to launch its first SpaceX-backed satellite

Highlights

  • The Kenya Space Agency (KSA) has announced that the country will launch its first operational satellite this month in a landmark achievement for the country’s space program.
  • Codenamed Taifa-1, the project is scheduled to be launched on April 11, with the assistance of  Space Exploration Technologies Corporation (SpaceX), SpaceX Falcon 9 rocket.
  • The satellite is expected to provide data for decision support to agriculture and food security, natural resources management, and environmental monitoring among other details.

Source: ABC


Our Takeaway

The launch of Kenya’s first operational satellite is significant for several reasons. Firstly, it marks a major milestone for the country’s space industry, demonstrating its technological capabilities and competitiveness in the region. The satellite will be used for a range of important applications, including weather forecasting, disaster management, and telecommunications, which will benefit Kenyan citizens and businesses. Finally, it highlights the growing trend of African countries investing in space technology as a means of driving economic growth and development.


Partech Africa backs TerraPay in $100m Series B round

Highlights

  • TerraPay, a global payments infrastructure company, has successfully closed its Series B equity financing round, raising in excess of $100 million in equity and debt financing. 
  • The funding round was led by IFC and supported by Prime Ventures, Partech Africa, the US International Development Finance Corporation (DFC), and a consortium of other investors.
  • The funding will help further TerraPay’s global expansion plans, especially across the LATAM and MENA regions, strengthen its existing pay-out network to 150 countries by 2024, and support and accelerate its growth.

Source: ABC


Our Takeaway

The cost of migrant remittances to developing markets, especially Africa, remains expensive and well above the UN SDG target of 3%. As a leading payments infrastructure company, TerraPay aims to enable the delivery of cross-border remittances and instant money transfers, securely, and at a low cost. With the new funding, the company is well-positioned to capitalize on the growing demand for remittance and payment solutions and continue its mission of making cross-border payments more accessible, secure, and affordable for all.

This material has been presented for informational and educational purposes only. The views expressed in the articles above are generalized and may not be appropriate for all investors. The information contained in this article should not be construed as, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy or hold, an interest in any security or investment product. There is no guarantee that past performance will recur or result in a positive outcome. Carefully consider your financial situation, including investment objective, time horizon, risk tolerance, and fees prior to making any investment decisions. No level of diversification or asset allocation can ensure profits or guarantee against losses. Articles do not reflect the views of DABA ADVISORS LLC and do not provide investment advice to Daba’s clients. Daba is not engaged in rendering tax, legal or accounting advice. Please consult a qualified professional for this type of service.

Share this post
share on twittershare on linkedinshare on facebookshare to whatsapp
share on mail
share on instagram
Stay informed with our newsletters read by 25,000+ professionals worldwide
Newsletter companiesNewsletter companiesNewsletter companiesNewsletter companiesNewsletter companiesNewsletter companies

Next Frontier

Stay up to date on major news and events in African markets. Delivered weekly.

Pulse54

UDeep-dives into what’s old and new in Africa’s investment landscape. Delivered twice monthly.

Events

Sign up to stay informed about our regular webinars, product launches, and exhibitions.

+25k investors have already subscribed

Take action.

Download app

Start investing in Africa’s best opportunities, including stocks, bonds, startups, venture funds, and more.

Partner with us

Unlock exciting business opportunities and growth potential.

Join Daba

Become a part of our vibrant community and enjoy exclusive benefits.

Contact us

Reach out to us for inquiries, support, or collaboration.
For Investor
StrategiesPortfolio ManagementAfrican Capital MarketsNews
Daba Pro Intelligence
For Capital Seekers
For StartupsFor Fund ManagersFor Private CompaniesFor Lenders
For Partners
Commercial BanksBroker DealersAsset ManagersInvestment BanksInvestment Advisors and ConsultantsLenders and Microfinance
Company
About UsMarket UpdatesEventsBlog and PodcastNewsletterCase StudiesAffiliate ProgramInvesting GlossaryOfficial ContactsTrust, Compliance and SecurityFrequently Asked Questions

Terms & ConditionsPrivacy Policy
EnglishEnglish

Owned by Daba Markets Inc. By using this site, you accept our Terms and Conditions and Privacy Policy. © 2024 All rights reserved. 2025 All rights reserved