DoPay has raised a total of $37.15 million, including its Series A-2 funding round completed in July 2024.
FINANCING | Egyptian Fintech DoPay Raises $13.5M Series A Expansion Following “True Hockey Stick Trajectory Growth” – https://t.co/f5rDHg1lcc#Funding #Startups #fintech #financialinclusion
🌟Summary of news in response🌟https://t.co/FC1BceKTUS
– Funding News (@fundingnews_) July 23, 2024
Its investors include:
- Barclays Accelerator
- ACE & Company
- Force on mass capital
- Techstars Ventures
- MasterCard startup path
- FMO
- Hub71
- Alder
- Kube VC
- Mbuyu Capital Partners
- NN Group
- Partner of Ruisseau Argentem.
According to CB Insights, Dopay’s current valuation stands at $19.5 million, an intriguing figure given that it has raised nearly double that amount in funding.
Dopay ranks 41st on the overall list.
3.) NALA (Tanzania)
Nala is classified as a Kenyan startup according to CB Insights, offering international money transfers and mobile payment solutions.
Founded in 2017 by Tanzanian CEO Benjamin Fernandes, the company offers a mobile app that allows users to send money at competitive exchange rates and is known for its transparent fee structure.
NALA has raised a total of $50 million over multiple funding rounds, the latest being a $40 million Series A round in July 2024.
🇹🇿FUNDING | Tanzanian fintech Nala raises $40M Series A after 10x revenue growth and ~500,000 user growth
“To our more than 200 mobile money banking partners, regulators and investors, your support has been invaluable to us in enabling fast and secure cross-border payments… pic.twitter.com/zYoYU243H5
–BitKE (@BitcoinKE) July 10, 2024
The startup’s investors include:
- Nyca Partners
- VentureSouk
- Accelerate
- Alex Bouaziz
- Amplo
- Bessemer Venture Partners
- Digital Financial Services Lab
- Jonas Templestein
- Laura Spiekerman
- Peeyush Ranjan
- Vladimir Tenev
- Capital of brilliance
- Acre Capital
- Amplo
- World Daylight Saving Time
- HOF Capital
- Norrsken22
- Ryan King, and
- Vlad Tenev
The startup’s valuation is undisclosed and it sits at number 68 on the 100 list.
4.) Peach Payments (South Africa)
Peach Payments, founded in 2012 by South African immigrants Andreas Demleitner and Rahul Jain, focuses on online payment solutions.
The Pretoria-based startup offers a comprehensive suite of services, including online payment processing, subscription management, payment solutions and advanced fraud protection, primarily targeting businesses in the e-commerce sector.
In April 2023, Peach Payments secured its largest venture capital funding to date, raise $31 million in a Series A funding round, with the participation of:
- Launch Africa
- Google Umbono
- Allan Gray
- UW Ventures, and
- API Partners
Peach Payments, South Africa’s second largest online payment gateway, secures $31 million in Series A funding
Peach is aiming for further expansion, supported by the strong growth of recent years. The fintech startup’s revenue has increased by more than 650% since 2020, and by 80% in… pic.twitter.com/CwYFPmfnAt
–BitKE (@BitcoinKE) April 14, 2023
This funding round brought the startup’s total funding to $31.06 million.
Peach Payments is ranked number 76 on the list.
5.) Stitch (South Africa)
Founded in 2017 by brothers Kiaan and Priyen Pillay, with their friend Junaid Dadan, Stitch is a Cape Town-based payment services provider.
The company offers a payment gateway solution that allows businesses to accept various payment types, manage and reconcile payments across multiple methods and regions, and manage fund disbursements. Stitch primarily serves clients in the e-commerce, financial services, and marketplace industries.
See also
Since its inception, Stitch has raised a total of $52 million, with its last funding round taking place in August 2023, secure $25 million in Series A-2.
The Company’s backers include a range of venture capital firms and angel investors such as:
- 500 worldwide
- Aaron Fu
- CRE Venture Capital
- Calanthia Mei
- First minute capital
- Africa of the future
- Hannes Graah
- Iqram Magdon-Ismail
- Norrsken Foundation
- Iyinoluwa Aboyeji
6.) Telda (Egypt)
The second Egyptian fintech on the list, Telda, specializes in peer-to-peer payment solutions. Founded in 2021 by Ahmed Sabbah, co-founder and former CTO of SWVL, and Youssef Sholqamy, the startup offers services that simplify sending, spending and saving.
Telda also offers a card that can be used for online and in-store purchases as well as cash withdrawals.
Telda secured its largest funding to date with a $20 million seed round in October 2022.
This round attracted the participation of investors such as:
- BYLD Ventures
- World Class 5
- Global Founders Capital
- Capital Sequoia,
- Block, and
- Yellow card
bringing the startup’s total funding to $25 million.
Telda is ranked 97th on the list.
7.) WorkPay (Kenya)
WorkPay, the only Kenya-based company on the list, provided HR and payroll solutions. Established in 2017 as TozzaPlus by Jackson Kibigo Kungu and Paul Kimani, the company offers various services including time tracking, payroll management and insurance.
Rebranded as WorkPay in 2019, the fintech also facilitates bank and mobile money payments across Africa, serving primarily the corporate sector. To date, WorkPay has raised a total of $10.1 million, including $5 million in a Series A funding round completed in June 2024.
The startup has several supporters including:
- Traction camp
- Pangea
- Google Accelerator for Startups: Africa
- Y combiner
- Kepple Africa Ventures
- Musha Ventures
- P1 companies
- Capital Soma
- Acadian businesses
- Axien Group
- Botnar Foundation
- Kara Ventures
- Launch Africa
- Norrsken VC
- Proparco
- Saviu Ventures
- VISA Africa Accelerator
- Norrsken22
- Plug and Play Companies
- Verod-Kepple Africa Ventures, and
- VISA Business
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