Cascador and Sterling launch $200m fund to back SME loans
Cascador and Sterling Bank's new $200m credit backstop fund covers part of lenders' losses, so Nigerian SMEs can borrow up to $1m with less collateral.
Ecosystem
“You already had your chance”: The silent shame of online dating after divorce in Africa
Divorced individuals, widows, and single parents in Africa face significant social stigma and privacy risks when using mainstream dating platforms. In response, specialized platforms like Runo are emerging to offer tailored environments, digital privacy safeguards, and community verification for second-chance dating.
Five months after running out of capital, Chimoney gets a new owner
Financial technology startup Chimoney has been acquired by CapitalSage Vantage Limited, five months after announcing its closure due to capital depletion. The acquisition revives the cross-border payment platform, settles outstanding obligations, and secures a regulated pathway for international expansion.
Nigerian startup funding fell 97% in September. Here's why
Nigerian startups raised $364 million in August and just $11.3 million in September. One mega-deal explains most of the swing, and the underlying picture is weaker than either month suggests.
Did African startups raise $1.4bn or $2.2bn this year? It depends who is counting
Two credible trackers put Africa's nine-month startup funding $800 million apart. The gap comes down to what each one counts, and both agree on the trend that matters: equity is back, debt is cooling.
Microsoft reportedly shuts engineering at its Nairobi Africa Development Centre
Engineers at Microsoft's Africa Development Centre in Nairobi were told on 12 October that their roles are going. Microsoft calls it a "proposed" change and says it will keep staff in Kenya, but has not said how many jobs are affected.
👨🏿🚀TechCabal Daily – Moove-ing on
Six years after launching vehicle financing for ride-hailing drivers in Lagos, mobility fintech Moove is exiting the Nigerian market. The company is handing over eligible vehicles valued at ₦35 billion to current operators, ending vehicle payment obligations as it shifts focus toward international markets and autonomous robotaxi fleets.
The Nigerian founders who turned travel frustrations into a fintech
Oluwatomi Ayorinde and Chizaram Ucheaga launched Timon to solve the payment barriers faced by African travellers. By offering multi-currency travel cards, the startup has processed over $47 million across 16 African markets.
Almost half of Nigerian workers earn less than $150 monthly, report finds
A national salary study reveals that 46 out of every 100 Nigerian workers earn below ₦200,000 ($150) per month. The data highlights systemic wage pressures, currency inflation impacts, and income disparities across the formal and informal workforce.
Infinite Partners raises $169.3 million to back South African growth businesses
South African private equity firm Infinite Partners has secured R2.8 billion ($169.3 million) for its Core Equity Fund II, exceeding its initial fundraising target. Backed entirely by domestic institutional investors, the fund provides capital to established mid-market enterprises across digital infrastructure, software, and financial services sectors.
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How Lagos Life turned a viral game into an ad business
Lagos Life transformed from a browser simulation game into a commercial venture by monetising virtual real estate. By renting out virtual roadside billboards and lagoon plots to real-world brands, the platform turned viral user engagement into an ad revenue stream.
If AI prompts can build your product, will African VCs still invest?
As generative artificial intelligence tools lower software development costs, African venture capitalists are shifting their evaluation criteria. Investors now prioritize proprietary datasets, local market defensibility, and clear execution capabilities over easily replicable code.