The Flip

The Flip The Flip is a podcast exploring more contextually relevant insights from entrepreneurs changing the

The global remittance market is worth over $700 billion.And one fintech is making bold moves to become a dominant player...
30/01/2025

The global remittance market is worth over $700 billion.

And one fintech is making bold moves to become a dominant player.

Here’s how Lemfi’s latest acquisition is setting the stage for its European takeover:

Expanding across Europe isn’t easy.

Strict regulations make it tough for fintechs to operate across multiple countries.

Lemfi already had a British license after acquiring RightCard in 2021.

But that wasn't enough.

The license didn’t cover transactions in the European Economic Area (EEA).

To scale across Europe, Lemfi needed a new solution.

So they made a strategic move.

They acquired Bureau Buttercrane. An Irish currency exchange platform, gaining a key license from the Central Bank of Ireland.

This unlocks passporting rights, allowing Lemfi to operate across all EEA countries.

Why does this matter?

Ridwan Olalere, Lemfi’s CEO, says:

"This was a strategic acquisition to ensure smooth and compliant operations across Europe."

Now, LemFi can process payments seamlessly across Europe.

Just 21 days before the deal closed, Lemfi announced partnering with Modulr to operate in Europe temporarily.

But the long-term plan was always to secure direct approval from Ireland’s regulator.

That approval came fast—thanks to a strong team and previous regulatory credibility.

Now, Lemfi is making Dublin its European HQ, hiring local staff. Building relationships with regulators.

They already process $1 billion in monthly payments globally, and now they’re targeting Europe’s $64 billion remittance market.

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Moove just hit $275 million ARR.After acquiring Kovi, one of Brazil’s top mobility providers.Here's everything you need ...
29/01/2025

Moove just hit $275 million ARR.

After acquiring Kovi, one of Brazil’s top mobility providers.

Here's everything you need to know about this deal:

Moove just acquired Kovi a leading mobility provider in Brazil.

It's an all-share transaction, making Kovi fully owned by Moove.

The acquisition boosts Moove’s annual revenue:

From $115M last year to $275 million.

It also cements its expansion across Brazil and Mexico, with plans to expand into Colombia and other LATAM cities.

Kovi was founded in 2018 and backed by Y Combinator.

It’s one of the top two ride-share solutions in Brazil.

Post-acquisition, Kovi will:

- Keep its brand intact
- Operate independently in Brazil and Mexico
- Expand into new Latin American markets alongside Moove

So what else does Moove get from this deal?

Kovi’s proprietary technology and algorithms.

They'll complement Moove’s AI-driven mobility strategy.

Moove started with just 76 cars in Lagos, Nigeria in 2020. Today, it has 36,000 cars in 19 cities across six continents.

This acquisition solidifies its foothold in Brazil, Latin America’s largest ride-hail market.

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Last week, these 8 African startups collectively raised over $90 million: 8/ AccrueAccrue is a fintech startup offering ...
28/01/2025

Last week, these 8 African startups collectively raised over $90 million:

8/ Accrue

Accrue is a fintech startup offering cross-border payment solutions tailored for African entrepreneurs and businesses navigating international markets.

∙ Amount raised: $1.58M
∙ Lead investor: Lattice Fund
∙ Type of investment: Equity funding

7/ Hamilton

Hamilton is a protocol leveraging Bitcoin to tokenize real-world assets like US Treasury bonds, sukuk, and real estate.

∙ Amount raised: $1.7M
∙ Lead investor: DisrupTech Ventures
∙ Type of investment: Equity funding

6/ MoneyHash

MoneyHash is a payment orchestration platform simplifying payment infrastructure in the Middle East and Africa.

∙ Amount raised: $5.2M
∙ Lead investor: Flourish Ventures
∙ Type of investment: Equity funding

5/ Insight Terra

Insight Terra is a climate-tech company offering AI-powered environmental risk management solutions.

∙ Amount raised: $5.7M
∙ Lead investor: E3 Capital
∙ Type of investment: Equity funding

4/ SeamlessHR

SeamlessHR is an HR tech startup providing payroll and workforce management solutions across Africa.

∙ Amount raised: $9M
∙ Lead investor: Helios Digital Ventures
∙ Location: Nigeria
∙ Type of investment: Equity funding

3/ Moniepoint Group

Moniepoint is a fintech unicorn offering banking and payment solutions across Africa.

∙ Amount raised: $10M
∙ Lead investor: Visa
∙ Type of investment: Equity funding

2/ Enko Education

Enko Education is a pan-African international school network focused on expanding access to world-class education for African students.

∙ Amount raised: $24M
∙ Lead investor: Africa Capitalworks
∙ Type of investment: Equity funding

1/ Naked

Naked is an insurtech startup offering fully digital insurance solutions for cars, homes, and personal items.

∙ Amount raised: $38M
∙ Lead investor: BlueOrchard
∙ Type of investment: Equity funding

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Moniepoint just secured over $10M from Visa.Bringing its Series C to $120M+ and solidifying its $1B+ valuation.Here’s wh...
24/01/2025

Moniepoint just secured over $10M from Visa.

Bringing its Series C to $120M+ and solidifying its $1B+ valuation.

Here’s why Visa is betting big on Moniepoint:

Moniepoint confirmed Visa’s “strategic investment” as part of its $110M Series C round.

Sources say Visa contributed over $10M, pushing the round past $120M while keeping Moniepoint’s $1B+ valuation intact.

But what makes Moniepoint Group so attractive to Visa?

Moniepoint is already a powerhouse:

+ $22B total payment volume
+ 25% growth in under 3 months
+ 1B+ transactions processed monthly

So, what can Visa add to a fintech already at the top of its game?

Visa wants to amplify Moniepoint’s dominance.

The focus? Expansion and innovation.

But Moniepoint dominates Nigeria’s merchant payments scene—yet they’ve barely scratched the surface of a $400B market.

In 2023, Nigeria’s digital payments hit $400B, with 90% of that powered by NIP (instant transfers).

Visa sees a huge opportunity here and Moniepoint is their way in. They are looking at the big picture, eyeing one key frontier:

Card payments.

Moniepoint’s channels—POS, agents, web—are strong. But Visa’s investment is laser-focused on cards.

Expect Moniepoint to:

▪️ Expand card issuance
▪️Leverage Visa’s global network
▪️Drive contactless adoption in untapped markets

Contactless payments are also a priority.

Nigeria’s Central Bank is pushing for wider adoption, and Moniepoint is in a prime position to lead with Visa-backed chip cards and payment terminals.

This could reshape how everyday transactions happen.

And it doesn’t stop at Nigeria.

Moniepoint’s vision extends across Africa.

Visa’s infrastructure—like Visa Direct (remittances) and Cybersource (transaction visibility)—gives Moniepoint the tools to scale and improve cross-border payments.

But there’s more…

Visa has its agenda here.

It wants a bigger slice of Nigeria’s card market, where it trails Mastercard and local leader Verve.

Moniepoint could be the key to unlocking that dominance.

Visa’s regional president, Andrew Torre, sums it up:

“We will enable even the smallest businesses to thrive through innovative payment solutions that open new revenue opportunities.”

An early-stage African VC firm just did something rare:Oui Capital turned a $150K investment into an $8M return in just ...
22/01/2025

An early-stage African VC firm just did something rare:

Oui Capital turned a $150K investment into an $8M return in just 5 years.

Here’s how they did it (and what it means for African venture capital):

In 2019, Moniepoint (formerly TeamApt) wasn’t a household name.

But Oui Capital saw something others didn’t and backed them with $150K at a $12.5M valuation.

And recently, that bet has paid off—big time.

Fast forward to 2024, Moniepoint raised $110M at a $1B valuation...

Giving Oui Capital a golden exit opportunity.

The firm sold part of its stake during the Series C round, repaying its entire first fund and making any future gains pure profit for investors.

This is a major milestone for a young VC firm.

Globally, many funds struggle to return their first fund. In Africa, it’s even rarer.

To put things into perspective:

Since 2019, there have been 2,971 venture deals in Africa.

Only 143 have resulted in exits.

Many startups are still in their early stages, with Africa’s ecosystem lacking the robust M&A and IPO options in other markets.

The early bet on Moniepoint wasn’t just luck.

Oui Capital's managing partner, Olu Oyinsan, was hands-on—advising on:

- Product-market fit
- Investor introductions
- Strategy & Governance

Their belief in Moniepoint’s pivot to business banking paid off big.

Oui Capital now joins the ranks of top African VCs like:

CRE VC and 4DX Ventures—both of which returned their first funds by backing unicorns like Andela and Flutterwave.

It proves that early-stage fintech investments in Africa can deliver serious returns.

But it’s not just about fund size.

Oyinsan credits their success to:

A) Smart portfolio construction
B) Careful entry valuations
C) Strategic exit timing

"Africa’s venture scene is evolving, and returns will come with patience and precision," he told .

In 2022, the firm launched its second fund, closing at $12M.

A smaller raise than its $30M target, but with strong positioning for future growth.

A third fund could be on the horizon later this year.

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Last week, these 6 African startups collectively raised over $60 million:6. Ilara HealthIlara Health is a health-tech st...
20/01/2025

Last week, these 6 African startups collectively raised over $60 million:

6. Ilara Health

Ilara Health is a health-tech startup providing diagnostic devices, health management software, and pharmaceuticals to outpatient clinics in peri-urban and rural areas.

- Amount raised: $1M
- Lead investor: U.S. International Development Finance Corporation (DFC)
- Location: Kenya
- Type of investment: Debt funding

5. Conservio

Conservio is an online booking platform for nature-based getaways, connecting travelers with eco-conscious accommodations across Southern Africa.

- Amount raised: $1M
- Lead investor: E4E Africa
- Location: South Africa
- Type of investment: Equity funding

4. The Awareness Company

The Awareness Company is a SaaS startup that transforms business data into actionable insights for operations and sustainability.

- Amount raised: $1.6M
- Lead investor: NEXT176
- Location: South Africa
- Type of investment: Equity funding

3. Sistema. bio

Sistema.bio is a renewable energy company providing smallholder farmers biogas technology and digital solutions.

- Amount raised: $3.5M
- Lead investor: Novastar Ventures
- Location: Kenya
- Type of investment: Equity funding

2. FARO

FARO is a recommerce startup tackling Africa’s textile waste problem by reselling unsold inventory from major global brands.

- Amount raised: $6M
- Lead investor: JP Zammitt
- Location: South Africa
- Type of investment: Equity funding

1. LemFi

LemFi is a Pan-African fintech platform enabling immigrants to seamlessly send, receive, and manage money across borders.

- Amount raised: $53M
- Lead investor: Highland Europe
- Location: Nigeria
- Type of investment: Equity funding

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OpenAI just appointed Adebayo Ogunlesi to its board.The billionaire investor is a Wall Street powerhouse, known for stee...
15/01/2025

OpenAI just appointed Adebayo Ogunlesi to its board.

The billionaire investor is a Wall Street powerhouse, known for steering companies through critical moments.

Here’s why this matters and what it says about OpenAI’s future:

Ogunlesi isn’t just any investor.

He’s the co-founder of Global Infrastructure Partners (GIP), which sold to BlackRock for $12.5B last year.

He’s also advised Warren Buffett, led Goldman Sachs through the 2008 crisis, and helped launch a $30B AI infrastructure fund.

Why is OpenAI bringing in a figure like Ogunlesi now?

The AI giant is navigating a pivotal phase:

- A $150B valuation
- Transitioning into a public benefit corporation (PBC)
- Fierce competition from rivals like Anthropic and Musk-backed ventures

What makes Ogunlesi a perfect fit?

His expertise in big infrastructure bets:

- AI demands massive compute power.
- His $30B fund focuses on building data centers and energy infrastructure—key to scaling OpenAI’s capabilities.

OpenAI’s board has also undergone significant changes:

The board now includes:

1) Sam Altman, back after the 2023 leadership crisis
2) Larry Summers, former US Treasury Secretary
3) Bret Taylor, ex-CEO of Salesforce

Ogunlesi brings a strategic depth that aligns with OpenAI’s ambitions.

In his own words:

“[Thoughtful] strategies and investment in infrastructure will be key to unlocking AI’s full potential and delivering its benefits responsibly.”

This aligns with OpenAI’s ambition to push boundaries while ensuring AI’s positive societal impact.

But not everyone is on board with OpenAI’s direction.

Continue reading via

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In 2023, LemFi processed $2 billion in transactions annually.Now? This remittance platform handles $1 billion monthly.An...
14/01/2025

In 2023, LemFi processed $2 billion in transactions annually.

Now? This remittance platform handles $1 billion monthly.

And they just raised $53M to go even bigger:

For many emerging economies, remittances are a lifeline.

In 2023, inflows hit $669 billion, outpacing foreign direct investment in many countries.

But over 60% of this market is still controlled by traditional banks, despite rising competition from fintechs.

One of these challengers is LemFi—a platform helping immigrants send money home.

Since launching in 2020, LemFi has grown fast:

+ Over 1M active users
+ Operating in 27 countries

And with $53M in Series B funding, they’re gearing up for even more growth.

So, what’s driving LemFi’s explosive growth?

One word: scale.

The platform now handles $1B in payments monthly—a 6x increase from its 2023 annual volume.

Its Asian corridor alone processes $160M monthly, growing 30% month-on-month.

Another factor is Trust.

Fraud is a massive issue in remittances, often driving up costs for users.

“Fraud can drive up costs, which gets passed on to customers,” says CEO Ridwan Olalere.

LemFi’s advanced fraud detection keeps costs low and trust high.

Its focus on user experience has also fueled growth.

- 70% of early users still use LemFi.
- 60% of customers are active yearly.
- Word of mouth continues to drive adoption in immigrant communities.

In Europe, LemFi is stepping on the gas.

They’ve partnered with Modulr to expand operations and are securing a license in Ireland.

These moves will help them scale even faster and connect with more immigrants globally.

LemFi’s growth also caught the attention of top investors.

Highland Europe led its $53M Series B, with participation from:

1. Y Combinator
2. Left Lane Capital
3. Palm Drive Capital
4. Endeavor Catalyst

The round closed in just 4 months.

What’s next for LemFi?

Continue reading via

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Ham Serunjogi, co-founder and CEO of , on the danger of complacency.
10/01/2025

Ham Serunjogi, co-founder and CEO of , on the danger of complacency.

2023: African startups raised $2.9 billion2024: African startups raised $2.2 billionWith a 25% drop in funding, what tre...
08/01/2025

2023: African startups raised $2.9 billion
2024: African startups raised $2.2 billion

With a 25% drop in funding, what trends stood out in 2024?

Here are the key trends that defined the African startup funding landscape in 2024:

East Africa led the pack.

For the 2nd year in a row, East Africa was the top funding region, raising $725M (one-third of all capital deployed).

Kenya alone attracted $638M, 88% of the region's total. Climate tech giants like d.light, SunCulture, and Basigo played a huge role.

West Africa made a comeback...

Rising to second place with $587M raised after ranking fourth in 2023.

Nigeria received the highest amount in the region, pulling in $400M+—comparable to Egypt and South Africa.

The ‘Big Four’ still dominated.

Kenya, Nigeria, Egypt, and South Africa collectively attracted 84% of all African startup funding in 2024.

- Kenya: $600M+
- Nigeria: $400M+
- Egypt: $400M
- South Africa: $300M+

However, regional dynamics tell different stories.

Not every region saw growth.

- North Africa: Funding dropped by 35%, with Egypt down 37%.
- Southern Africa: Fell by 36%, with 99.4% of funds going to South Africa.
- Central Africa: Barely registered on the radar.

But a second-half rebound saved the year.

After a sluggish start, $1.4B was raised in H2 2024, an 80% increase over H1.

It was the second-best half-year since the funding winter began in mid-2022.

Equity stabilized, and debt declined.

Debt funding fell by 40% YoY. At the same time, equity funding dropped just 11%.

But exits are growing:

2024 saw 22 public exits, up from 20 in 2023.

And the $1M club remained resilient.

With 188 ventures raising $1M or more in 2024, just 10% lower than in 2023.

We had two new unicorns fore Christmas.

1. Moniepoint (Nigeria)
2. Tyme Group (South Africa)

Both reached billion-dollar valuations in Q4.

More via, Africa: The Big Deal.

Njoku Emmanuel On the Reciprocal Benefits of Good Leadership:
06/01/2025

Njoku Emmanuel On the Reciprocal Benefits of Good Leadership:

Last week, these 9 African startups collectively raised over $200 million:5. Z.Systemsz.systems is a retail tech startup...
23/12/2024

Last week, these 9 African startups collectively raised over $200 million:

5. Z.Systems

z.systems is a retail tech startup transforming B2B trade and distribution across FMCG and other retail sectors.

Amount raised: $1M
Lead investor: MNF Ventures
Location: Morocco
Type of investment: Equity funding

4. PBR Life Sciences

PBR Life Sciences is a healthcare data analytics startup leveraging AI and big data to provide pharmaceutical companies with actionable insights for better decision-making across African markets.

- Amount raised: $1M
- Lead investor: Launch Africa
- Location: Nigeria
- Type of investment: Equity funding

3. Juicyway

Juicyway is a fintech startup focused on enabling seamless international payments for African entrepreneurs and individuals engaging with the global economy.

- Amount raised: $3M
- Lead investor: P1 Ventures
- Location: Nigeria
- Type of investment: Equity funding

2. Sourcefin

Sourcefin is a fintech startup providing tailored financing solutions and supply chain support to small and medium-sized enterprises (SMMEs).

- Amount raised: $8.2M
- Lead investor: Futuregrowth Asset Management
- Location: South Africa
- Type of investment: Equity funding

1. Tymebank

Tymebank is a digital banking platform offering accessible and scalable banking solutions across emerging markets.

- Amount raised: $250M
- Lead investor: Nu Holdings Ltd. (Nu)
- Location: South Africa
- Type of investment: Equity funding

Nigerian healthtech startup MyChekker secured funding from the Lagos Angel Network (LAN). Moroccan fintech Talaty also raised funds from Renew Capital and Witamax Invest to expand its AI-driven solutions in Francophone Africa.

Truk Rwanda and Senegal’s Couvoir Amar received USD 1.55 million from Incofin Investment Management through its Nutritious Foods Financing Facility (N3F).

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This fintech recently became a unicorn.It took over 10 years, and a $250M Series D pushing their valuation to $1.5B.This...
19/12/2024

This fintech recently became a unicorn.

It took over 10 years, and a $250M Series D pushing their valuation to $1.5B.

This is the story of how TymeBank went from idea to unicorn.

📸:

Tyme Group just became Africa's newest unicorn. After raising $250M in Series D, bringing its valuation to $1.5B. Here’s...
17/12/2024

Tyme Group just became Africa's newest unicorn.

After raising $250M in Series D, bringing its valuation to $1.5B.

Here’s what you need to know about this milestone and what’s next for Tyme:

The funding breakdown:

1. $150M: Nu Holdings (NuBank’s parent company) for a 10% stake.
2. $50M: M&G Catalyst Fund.
3. $50M: Existing shareholders.

This takes Tyme’s total capital, which has been raised to nearly $600M since its inception in 2019.

Who is Tyme Group?

Founded in 2019, Tyme operates a hybrid banking model combining digital services with physical touchpoints.

It focuses on emerging markets and operates under two brands:

1: TymeBank (South Africa, 10M users)
2: GoTyme (Philippines, 5M users, launched 2022).

Across South Africa and the Philippines, Tyme has:

- 15M customers.
- Raised $400M+ in deposits.
- Provided $600M+ in loans to small businesses.

And the journey isn’t stopping here.

So what’s next for the South African fintech?

Tyme plans to expand into Vietnam and Indonesia in 2024, deepening its presence in Southeast Asia’s emerging markets.

Long-term, it’s eyeing a New York IPO by 2028, with a secondary listing in South Africa.

NuBank’s investment is strategic.

NuBank, Latin America’s largest digital bank with over 100M customers, sees Tyme as key to its global ambitions.

"Tyme is well-positioned to lead digital banking in Africa and Southeast Asia," said NuBank CEO David Vélez.

Continue reading via,

Shola Akinlade on the Perspective-Shifting Power of Exposure.
16/12/2024

Shola Akinlade on the Perspective-Shifting Power of Exposure.

In 2020,  acquired  for $200M.But how did it all begin?This is how two friends with one big idea transformed payments in...
13/12/2024

In 2020, acquired for $200M.

But how did it all begin?

This is how two friends with one big idea transformed payments in Africa.

A Ridwan Olalere On Changing Perceptions of Fraud in Africa.
11/12/2024

A Ridwan Olalere On Changing Perceptions of Fraud in Africa.

Last week, these 11 African startups collectively raised over $15 million:7. SAYeTECHSAYeTECH is an agritech startup dev...
10/12/2024

Last week, these 11 African startups collectively raised over $15 million:

7. SAYeTECH

SAYeTECH is an agritech startup developing agricultural machinery tailored for African smallholder farmers to enhance productivity and efficiency.

- Amount raised: $50K
- Lead investor: MEST Africa Challenge (MAC)
- Location: Ghana
- Type of investment: Equity funding

6. PTS

Premium Technology & Services (PTS) is a fintech that offers digital payment solutions and advanced tools for integrating banking systems.

- Amount raised: $500K
- Lead investor: BMCE Capital Investments
- Location: Morocco
- Type of investment: Equity funding

5. Eyone

Eyone is a digital health startup creating interconnected healthcare ecosystems across Africa.

- Amount raised: $1M
- Lead investor: Sonatel Group (via Véhicule d’Investissement et de Financing - VIF)
- Location: Senegal
- Type of investment: Equity funding

4. Enakl

Enakl is an urban mobility startup revolutionizing transportation in emerging markets through sustainable and collective solutions.

- Amount raised: $1.4M
- Lead investor: Catalyst Fund
- Location: Morocco
- Type of investment: Equity funding

3. Nowlun

Nowlun is a logistics startup transforming freight forwarding with a streamlined, user-centric platform.

- Amount raised: $1.7M
- Lead investor: Nama Ventures
- Location: Egypt
- Type of investment: Equity funding

2. LAfricamobile

LAfricaMobile is a cloud communication startup revolutionizing customer engagement with AI-driven mobile solutions.

- Amount raised: $2.2M
- Lead investor: Bpifrance
- Location: Senegal
- Type of investment: Equity funding

1. HUB2

HUB2 is a fintech redefining digital transactions with a unified API for seamless payments across Francophone Africa.

- Amount raised: $8.5M
- Lead investor: TLcom Capital
- Location: Ivory Coast
- Type of investment: Equity funding

Additionally, Warioba Ventures invested in Tunzaa HQ, while Tunisian fintech Konnect secured funding from Renew Capital. TGPDC raised an equity round from REdimension Capital, and Rwanda’s Biomassters closed funding from Acumen—all undisclosed.

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Introducing The Flip

My name is Justin Norman — I’m the producer and host of a new editorial-style podcast called The Flip. I’m also an American expat, who’s lived in Johannesburg, South Africa for the past two years.

In my pursuit of entrepreneurial endeavors on the continent, I learned very quickly that my “western” upbringing and experience left me not knowing much about operating in South Africa and beyond. My entrepreneurial education, aided and abetted by Silicon Valley-style thought leadership, was not contextually relevant for this market, its nuances or its complexities.

I needed a new frame of reference, which led me to conversations with practitioners across the continent, and those conversations turned into a podcast — The Flip.

The name The Flip comes from the opportunity to flip the script — to question some of the pervasive narratives on entrepreneurship and champion the entrepreneurs building a future inspired by Africa.