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South African digital bank TymeBank lands $109M from UK and Philippines investors

TechCrunch

The onset of the pandemic has led to increased demand for digital banking options across customer income groups around the world. We’ve seen how digital banks like Zolve and Nubank have raised money in recent months to fill this need. This time, a startup from Africa has joined the party. and Philippines.

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South Africa’s Root gets $3M, plans to expand low-code insurance platform to Europe

TechCrunch

Insurance lags behind other financial services in the adoption of digital technologies. Granted, a few unicorns have popped up from the modern digital insurance space such as Tractable and Lemonade; however , this sector hasn’t raced to the stage as quickly as say, payments or lending.

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New South African partnership gets $3M, launches telehealth product

TechCrunch

However , ubiquitous access to such care is scant across Sub-Saharan Africa. There is a real opportunity for digital healthcare platforms to scale access to team-based care across the region. The pandemic has seen such platforms scale globally, and Africa is not exempt. As a Sweden-based telehealth company, Doktor.se

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Casava gets $4M pre-seed to make insurance affordable and accessible to Nigerians

TechCrunch

The general perception of insurance on the continent has been bland for years, and its penetration rate, except South Africa, is subpar. Per a McKinsey study in 2018, Africa’s insurance market stood at a 3% penetration rate; with South Africa excluded, it was 1.12%. In the news today is one such company: Casava.

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African fintech OPay is reportedly raising $400M at over $1.5B valuation

TechCrunch

Last year, the company also said it acquired an international money transfer license with a WorldRemit partnership also in the works. Nigeria is Africa’s most populous nation, and with a large share of its people underbanked and unbanked , fintech is arguably the most promising digital sector in the country.

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Smile Identity expands African footprint with acquisition of Appruve to strengthen ID verification services

TechCrunch

In a statement shared with TechCrunch, Smile Identity said it is “actively fulfilling regulatory requirements to finalize the transaction for the [Inclusive Innovation] affiliated entities in Africa.” Document verification and face recognition and matching comprise Smile Identity’s base-level product that works across Africa.

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This YC Summer batch features the largest group of African startups yet

TechCrunch

Nigeria leads the way again with five startups, while Egypt has four, Morocco has two, and Kenya, Ghana, Zambia and South Africa each have one. Africa has the lowest insurance penetrations globally. FloatPays (South Africa). Some have established businesses in both these regions and also in Africa.

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