VC Trends Watch: May 29—June 02, 2023

Good news-ish: we are currently at $1.2b on the funding tracker. Have you caught up with all the startups that raised funding last month? Do check out previous Friday posts if you haven’t.

And now to the thrust of this post: Here’s what happened in the African VC scene between May 29 and June 02, 2023.

Egypt’s FinTech, Paymob, Secured Payment Provider Certification In KSA

Last week, Paymob, a prominent financial services enabler in the MENA region, announced that it has obtained Saudi Arabia’s Payment Technical Services Provider (PTSP) certification, enabling its full operation in the kingdom. 

This certification allows Paymob to offer its secure and seamless payment gateway services to merchants in Saudi Arabia. With its local office in Riyadh established earlier this year, Paymob aims to establish a strong presence in the kingdom.

The fintech company collaborates with businesses of all sizes and provides an omnichannel payment infrastructure that accepts various payment methods, including bank cards, mobile wallets, QR payments, instalment plans, buy-now-pay-later (BNPL), and consumer finance options.

25 African Start-ups Selected for the Inaugural AWS FinTech Africa Accelerator

African fintech start-ups, numbering 25, have been selected to participate in the groundbreaking AWS FinTech Africa Accelerator, held under the umbrella of the AWS Start-up Loft Accelerator.

The program focuses on empowering fintech and fintech-adjacent start-ups operating in Africa. It offers a comprehensive range of resources including strategy guidance, tech team management, product development support, and assistance in fundraising endeavors.

After an extensive selection process, these 25 start-ups will embark on a 10-week journey, commencing in June. They will benefit from technical review workshops, receive up to $25k in AWS technical credits, and gain access to invaluable sector expertise and personalised mentorship from renowned industry players like AFTS, Lendsqr, and Vestbee.

With the goal of fostering successful businesses, this cohort comprises start-ups from Nigeria, Kenya, Ghana, Uganda, South Africa, Cameroon, and Egypt.

Pitch2Win Invites Web2 and Web3 Start-ups to Compete for $10K Prize

TechCircle Limited, in collaboration with SGgrow and SGverse, announced the launch of Pitch2W, an event providing a platform for innovative start-ups in the Web2 and Web3 space to showcase their revolutionary ideas.

With a substantial prize of $10k at stake, 10 selected start-ups will have the opportunity to present their innovations and products to a panel of expert judges. Pitch2Win offers invaluable exposure, potential investment opportunities, and coveted mentorship support for participating start-ups.

The event, which will be held in Lagos, Nigeria on July 11, will bring together builders, investors, founders, and industry experts from around the world. It will also feature engaging pitch competitions, panel discussions, fireside chats, and presentations.

The top three start-ups will be awarded prizes. The first-place winner will receive 10k, while second and third-place winners will get $5k and $3k respectively. 

Deal Street Wrap-Up

  • Zofi Cash, a Ugandan salary advance financial platform developed to address employees’ challenges of financial emergencies, raised a $1m pre-seed round from Nigeria-based investors, Advancly.
  • Morocco-based health tech start-up, DataPathology, raised $1m from Azur Innovation Fund. 
  • Morocco-based home services marketplace, PrestaFreedom, raised MDH 11,000,000 ($1.1m) from Azur Innovation Fund.

Until Friday next week!

About GetFundedAfrica

GetFundedAfrica is a cloud-based technology platform specializing in developing software that helps businesses to fundraise, grow, and tell their stories. Whether you want to raise funds ranging from $100k to $50m, scale your business or share your entrepreneurial journey, sign up for free at

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