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SA startup Octiv raises Series A round from Knife Capital

Highlights

• South African gym management software platform Octiv has closed an eight-figure Series A funding round led by venture capital firm Knife Capital. 
• The startup previously raised seed capital from South African angel investors and this round also included an angel investment from an executive at the crypto-powered banking platform BVNK.
• The investment will allow Octiv to fast-track its global expansion drive, add product enhancements, and scale customer service to keep up with its aggressive growth.

Source: TechCabal

Our Takeaway

Per a report by Mordor Intelligence, the global fitness industry is valued at $96 billion with 205,000 fitness facilities worldwide and a cumulative annual growth rate (CAGR) of 7.1% for the forecast period 2022-2027. Octiv is currently present in 27 countries, with a predominant presence in Europe, and its ability to shift into international markets and gain traction in multiple countries demonstrates that its scaling potential is significant.

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Crypto startup Vella launches to enable cross-border transfers

Highlights

• Nigerian fintech startup Vella has launched its platform, which it says enables borderless transfers and remittances across the world, powered by crypto.  
• Launched in beta late last year, Vella has since onboarded more than 250 users and successfully completed over 230 transactions worth over US$12,000.
• The bootstrapped startup is for now only active in Nigeria but aims to expand into Ghana, Kenya, and South Africa in the future. It makes revenues from commissions on transactions and fiat-crypto swap spreads.

Source: Disrupt Africa

Our Takeaway

Despite the mostly hostile reception African governments have given cryptocurrencies, ordinary citizens on the continent continue to interact with crypto in very different ways. In fact, Africa accounts for some of the most important use cases and opportunities for digital currencies. Vella’s solution is a perfect example. While the fintech industry in Africa has grown rapidly over the past few years, a truly cross-border payments infrastructure has not been achieved.

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Nigerian unicorn Flutterwave receives new payment license

Highlights

• Nigerian payment unicorn, Flutterwave, has secured a Switching and Processing Licence from the Central Bank of Nigeria (CBN). The license will allow it to facilitate transactions between financial service providers, merchants, customers, and other stakeholders without intermediaries. 
• The approval also allows Flutterwave to offer new services such as transaction switching, card processing, non-bank acquiring, agency banking, and payment gateway services.  
• Despite facing licensing issues in Ghana and Kenya, Flutterwave received this new license, dubbed as the Nigerian central bank’s most valuable payments processing license, to strengthen its hold on the country’s financial space.

Source: TechCabal

Our Takeaway

Flutterwave, valued at more than $3 billion, is one of the most funded startups operating in Africa with $475 million raised in six years. In addition to being the continent’s largest startup, it is perhaps the biggest within the online payments space. Currently, Flutterwave has an infrastructure reach across 34 countries on the continent with over 900,000 businesses globally using its solution to process payments in 150 currencies and across different payment modes.