African startups are making significant progress. In this context, the digital economy platform FollowICT highlights the top startup news across Africa over the past week.
Yellow Card Raises $40 Million to Expand Stablecoin Payment Infrastructure
Africa-founded fintech startup Yellow Card has secured $40 million in strategic equity financing to accelerate the expansion of its institutional stablecoin payments business. The funding round attracted major investors, including SC Ventures, Sony Innovation Fund, Polychain Capital, and Blockchain Capital.
The latest investment brings the company’s total equity funding to more than $120 million and significantly increases its valuation compared with its 2022 valuation.
The new capital will be used to expand Global USD Accounts, a platform that enables businesses to hold U.S. dollar balances, convert between stablecoins, manage treasury operations, and transfer funds through domestic payment networks across more than 50 countries.
Following its strong footprint across Africa, Yellow Card also plans to expand its stablecoin payment infrastructure into Latin America and the Asia-Pacific region, connecting more banks, fintech companies, and enterprises to its digital payment network.
Moove Raises $250 Million at a $2.1 Billion Valuation
Lagos-founded mobility startup Moove has raised $250 million in a Series C funding round, reaching a valuation of $2.1 billion. The round was led by Mubadala Investment Company, with participation from Woven Capital and several global investors.
The funding marks a major step in the company’s transition from financing ride-hailing vehicles to building the physical infrastructure needed for autonomous robotaxi fleets, including charging, maintenance, and fleet management facilities.
Moove plans to expand its autonomous vehicle workforce to around 500 employees by the end of the year while accelerating its global market expansion.
Founded in 2020, the company has grown from operating just 76 vehicles in Lagos to approximately 42,000 vehicles across 29 cities in 13 countries. It is now Uber’s largest global fleet partner, generating around $420 million in annual recurring revenue.
South African Fintech Moment Raises $22 Million
South African fintech startup Moment has raised $22 million in a Series A funding round to build one of Africa’s most advanced payment infrastructure platforms.
The company provides enterprise merchants with comprehensive payment collection solutions, including recurring payments, billing integration, failed payment recovery, and customer engagement tools.
The funding round was led by AlphaCode Venture Partners, with continued backing from General Catalyst and MultiChoice, alongside new investor Canal+.
The fresh capital will help Moment strengthen its payment network, enhance its technology platform, and accelerate expansion across African markets while simplifying digital commerce for businesses.
Moroccan Startup WATTSC Launches EV Charging Management Platform
Moroccan startup WATTSC has launched watt.ma, a platform designed to manage and monetize electric vehicle charging infrastructure across Morocco.
The platform enables operators and businesses to monitor charging stations, manage charging sessions, organize billing, and track operational performance through a unified interface.
Built on the open OCPP 1.6J protocol, watt.ma supports charging stations from multiple manufacturers while offering live station monitoring and QR code payment functionality.
The company aims to provide the operational layer needed to improve charging station efficiency and help investors maximize returns from electric mobility infrastructure.
Rank Launches Community Finance Products for Zero-Interest Capital
Nigerian fintech startup Rank, formerly known as Moni, has introduced three community-powered financial products aimed at expanding access to zero-interest financing for individuals, entrepreneurs, and small businesses.
The new products, Money Circles, Tribe, and Perks, digitize Africa’s long-standing community savings model while preserving its collaborative financing approach.
The launch follows Rank’s acquisition of AjoMoney and Zazzau Microfinance Bank, strengthening its position in community-based financial services.
The company aims to address Nigeria’s financing gap, where only a small percentage of small businesses have access to formal bank loans due to strict collateral and lending requirements.
Somalia Launches National Startup Network
Somalia has launched a National Startup Network to strengthen the country’s innovation ecosystem, improve collaboration among entrepreneurship support organizations, and create more opportunities for startups.
The initiative was unveiled during the BIC Somali Innovation Forum as part of the EU-funded BIC Somali Project, implemented by the United Nations Industrial Development Organization (UNIDO).
Three leading innovation hubs, iRise Hub, SIMAD iLab, and HarHub, signed a memorandum of understanding to establish a collaborative network that will harmonize incubation practices and expand startup support nationwide.
Since the launch of the BIC Somali Project, more than 500 entrepreneurs have received business training, over 200 startups have participated in incubation programs, and the initiative has attracted more than 3,600 applications.
12 Nigerian EdTech Startups Join Mastercard Foundation EdTech Fellowship
CcHUB, in partnership with the Mastercard Foundation, has selected 12 startups for Cohort 4 of the Mastercard Foundation EdTech Fellowship in Nigeria to support innovative and inclusive education technology solutions.
The selected startups are TrainDTrainer Ltd, Talktu, DAWN AI STUDY, and Efiwe, which focus on solutions for learners with disabilities; Ileemore Technologies Limited, Skillup Africa, and Lena, which improve access to education in underserved and rural communities; Heels and Tech, NursePadi, Skilladder AI, and Lalitah, which empower girls and young women through education and skills development; and Ribara Analytica, which develops data-driven education and workforce intelligence platforms.
Each startup will receive up to $100,000 in equity-free funding, along with technical assistance, business strategy support, ecosystem connections, and pilot opportunities to validate and scale their solutions.
Since its launch, the Mastercard Foundation EdTech Fellowship has supported 72 startups across Africa, enabling their solutions to reach more than 1.7 million learners and advancing inclusive education across the continent.