FinTech news in senegal category

It’s why Julaya launched its services in the west African country and has since expanded into Senegal, where mobile market penetration is around 80% as well as other countries in the UEMOA (West African Economic and Monetary Union) region, which also have prevalent mobile money usage. Proceeds from this financing round will assist the fintech in further expansion plans across Francophone West Africa as it plans to open offices in Benin, Togo and Burkina Faso, hire talent and boost product development including the launch of a credit product targeting 200,000 SMEs in the UEMOA region. EQ2 Ventures, Kibo Ventures, angel syndicates Unpopular Ventures and Jedar Capital, existing investors Orange Ventures, Saviu, 50 Partners and Ivorian business angel Mohamed Diabi and professional football player Édouard Mendy also invested in the round. The company, which facilitates B2B payments for businesses in Francophone West Africa, mainly via mobile money channels, has raised a total of $7 million in the financing round.

Wave, an African fintech that offers mobile money services in Senegal and Ivory Coast, laid off about 15% of its workforce last month. Thus, the layoffs affected almost 300 employees, most of whom worked in Wave’s new markets: Burkina Faso, Mali and Uganda. The Senegal-based startup likely has enough money in the bank for the next few years, and last week, it secured a €90 million syndicated loan from the International Finance Corporation (IFC), Lendable, Norfund and other lenders in one of the largest debt deals on the continent. journalist first got a whiff of the layoff news on LinkedIn, where Jessica Chervin, a former Andela executive who joined Wave as an expansion lead in March, wrote that she was leaving the company.

These challenges befall millions of micro-retailers across the continent, and Betastore, a B2B retail marketplace for informal retailers, is working to resolve in Nigeria, Ivory Coast and Senegal.