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Nigeria s digital cargo provider MVX raises $1 3 million
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Alexander O. Onukwue
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Nigerian financial data startup Mono has raised a seed round of $2 million from a number of investors including Entrée Capital and Lateral Capital.
Babs Ogundeyi, co-founder and CEO of Kuda; Gbenga Oyebode, partner at The Continent Venture Partners; and Eric Idiahi, co-founder and partner at Verod Capital, also invested according to TechCrunch.
Mono was founded in 2020 by Abdul Hassan, a former product manager at Paystack, and Prakhar Singh. The company’s technology enables businesses and individuals to gain access to financial information, such as account statements, stored at commercial banks. Mono is one of out a number of startups creating open banking solutions in Nigeria.
Lami Technologies secures Ksh. 192 million seed funding to enhance insurance products in Kenya
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Lami Technologies, Kenyan insure-tech start-up, has received Ksh. 192,330,000 ($1.8 million) in seed money, to help provide tailored and affordable insurance products to the average African consumer. Lami also stated that it intends to use the seed investment to hire more people, improve its technology and grow its presence across Africa.
The investment round was led by Accion Venture Lab, a seed-stage investment firm that supports financial services targeted at underserved markets. Other VCs that participated include AAIC, Consonance, P1 Ventures, Acuity Ventures, The Continent Venture Partners and Future Africa.
Kenya’s Lami raises $1.8M to scale API insurance platform across Africa
Africa’s insurance market stands at a 3% penetration rate, per a McKinsey study in 2018 comparing six insurance regions on the continent. If the South African market is excluded, this number drops to a measly 1.12%.
Unlike other parts of the world, most African insurance providers neglect the importance of tailored and affordable insurance products to the average African consumer. Lami Technologies, a startup out of Kenya armed with $1.8 million in seed money, is looking to change that.
The round was led by Accion Venture Lab, a seed-stage investment firm that supports financial services targeted at underserved markets. Other VCs that participated include AAIC, Consonance, P1 Ventures, Acuity Ventures, The Continent Venture Partners and Future Africa.
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