Brass, Baxi and Sendbox. These are some of the names that made the headlines this week.
Brass, being a Nigerian digital bank, closed a $1.7m funding round while pan-African payments company, MFS Africa, acquired Nigerian fintech startup Baxi.
Also, this digest will cast the story of Sendbox, a Nigerian e-commerce fulfilment startup, that raised a US$1.8 million seed funding round.
Let’s get into details.
Brass’ $1.7m funding raiser
Nigerian fintech startup Brass closed a US$1.7 million in funding to accelerate its expansion into South Africa and Kenya.
The fintech startup was founded last year by Sola Akindolu and Emmanuel Okeke.
Since inception, the startup equips SMEs with a full-stack, commercial-grade banking service across various business classes.
During the week, Pan-African payments company, MFS Africa, acquired Nigerian fintech startup Baxi.
In 2014, the startup was founded by Degbola Abudu and Folu Majekodunmi.
According to the deal’s book, the acquisition will facilitate MFS Africa’s expansion into Nigeria.
Sendbox’s $1.8m seed round
Sendbox, Nigerian e-commerce fulfilment startup, raised a US$1.8 million seed funding round to help it open up new markets for small-scale merchants.
Sendbox was founded in 2018, as an e-commerce fulfilment platform for merchants in Africa.
The platform offers affordable local and international deliveries for small-scale businesses that sell online and on social media platforms but lack delivery capabilities.
Nigeria in Techstars Toronto accelerator
Nigerian prop-tech startup, Rent Small Small, made entry, during the week, into the Techstars Toronto accelerator programme.
Joining the cohort, the startup secured a US$120,000 in funding and assistance in scaling.
In 2018, Rent Small Small was founded as an online platform that allows users to identify homes to rent and pay rent monthly.
Alerzo acquires Shago Payments
Ibadan-based retail-tech startup, Alerzo, finalised the acquisition of Lagos-based fintech company Shago Payments.
The development comes as the two-year-old startup looks to build on already impressive growth that saw its annualised September transaction volume exceed US$155 million.
Alerzo is an all-in-one technology and services platform that transforms how Nigeria’s informal retail stores operate.
Nigeria’s Sparkle closes $3.1m
Finally, Nigerian startup Sparkle closed a US$3.1 million seed funding round.
The new raiser is expected to help it invest in infrastructure and enter new regions.
According to sources familiar with the startup’s operation, it offers comprehensive support for individuals, including flexible payments, savings and analytics to provide greater freedom, flexibility and control over finances and lifestyle.