Welcome to TechCrunch Fintech (formerly The Interchange)! This week, we’re exploring some exciting fintech startups in Africa, discussing how Mint’s closure has benefited Copilot, and why VCs are investing heavily in a specific expense management startup.
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The headline news
Despite a recent drop in venture funding in Africa, this past week brought positive developments for the region’s fintech ecosystem. Our reporter Tage Kene-Okafor highlighted Uber’s leading role in a $100 million investment in African mobility fintech Moove, pushing the startup’s valuation to $750 million. He also covered Zone‘s $8.5 million funding round to expand its decentralized payment infrastructure. Additionally, Annie Njanja shared the success story of Tanzanian payments company Nala, which pivoted to offer remittance services in 2021 and later launched a B2B payment platform.
Analyzing the trends
Following Intuit’s decision to shut down budgeting app Mint, opportunities emerged for startups in the space. Christine Hall discussed how Copilot experienced significant growth in the last four months, culminating in a $6 million Series A funding round led by Nico Wittenborn’s Adjacent. Another noteworthy mention was Monarch Money, whose co-founder noted that Mint’s closure led to their gain.
Financial updates
Non-traditional industries continue to attract investor attention. Expense management startup Coast targets businesses with field personnel and fleets, boasting a 550% revenue growth last year and securing $25 million in new equity funding.
Digital bank Onyx Private shifted focus to B2B, raising $4.1 million last year. However, the startup recently announced the termination of bank operations and account closures.
Swiss fintech nsave, facilitating banking access in regions with unstable banking sectors or high inflation, secured $4 million in seed funding.
Other noteworthy stories
Despite fintech’s recent growth, Ramp CEO Eric Glyman believes the industry still has untapped potential. In a recent interview, he mentioned that even with Ramp’s growth, they have only captured a small fraction of their market share. Fun fact: Ramp and Deel both celebrated their fifth anniversaries this week.
The U.S. Justice Department’s antitrust complaint against Apple takes aim at the tech giant’s extensive financial operations.
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