Individuals
Businesses
Company
Intelligence
News
African Capital Markets
EnglishEnglish

Investor Updates: Tiger Global leads $12m seed extension in Zambia’s Union54

2 min Read April 18, 2022 at 8:38 PM UTC

Daba finance invest in Africa

Tiger Global leads $12m seed extension in Zambia’s Union54

Highlights

  • Zambian card issuing fintech Union54 has raised $12 million in a seed extension round led by Tiger Global six months after raising its seed round of $3 million, also led by Tiger Global.
  • The startup’s API allows African software companies to issue and manage their debit cards without needing a bank or third-party processor.
  • Since its launch in October and participation in Y Combinator’s summer batch 2021, Union54 has issued slightly over 500,000 virtual debit cards to its customers and claims to have processed volumes in millions of dollars.

Source: TechCrunch


Our Takeaway

Issuing debit cards is traditionally very expensive, slow, and inflexible, which makes the process out of the reach of most small companies. With the emergence of card-issuing API fintech startups, however, smaller businesses and startups have relatively easy access to issuing cards for their customers. More so, card-issuing API fintech players in Africa are increasingly attracting the attention of investors and their venture capital dollars.


Kenyan e-commerce startup Elloe raises $1m pre-seed

Highlights

  • Kenya’s Elloe, a conversational e-commerce startup, has raised $1 million in pre-seed capital as it bids to expand across emerging markets.
  • Founded by Owen Sakawa, Elloe is an AI-powered, conversational commerce platform that allows SMEs to buy and sell products online across any messaging platform. 
  • The funding round is led by the Philippines-based Mad Ventures and will help Elloe expand across Kenya and other emerging markets.

Source: Disrupt Africa

Our Takeaway

In Africa, e-commerce is gradually evolving to become social selling. Across the continent, startups are springing up with different e-commerce business models built around social networking and messaging sites like Facebook and WhatsApp that consumers already use. Facebook and Instagram are used for online shopping more than e-commerce marketplaces by Africans, per a 2019 GeoPoll survey. This emerging social commerce sub-sector is set to witness exponential growth in the coming years as more startups emerge and consumers make purchases via social media platforms.


Morocco’s Nessiam secures $306k investment

Highlights

  • Morocco-based lingerie e-commerce site Nessiam has secured a $306,000 investment from CDG Invest, the CDG Group’s investment arm, as part of its 212 Founders program.
  • Founded in 2021 by Mohammed Damiri and Hamza Aouadi, Nessiam offers a variety of women’s underwear on its website.
  • The investment will help Nessiam in its plans to become a benchmark brand in the Middle East and North Africa (MENA) region and establish other product lines such as swimwear and accessories for the forthcoming summer season.

Source: Wamda

Our Takeaway

As the e-commerce industry in the MENA region grows, Nessiam’s market opportunity is substantial. In 2017, the market was worth $8.4 billion, with an annual growth of 25% since 2014, and is predicted to reach $28.5 billion by the end of this year. With the accelerated adoption of e-commerce induced by the COVID-19 pandemic, these figures are bound to have increased substantially.

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