Ivory Coast fintech Julaya, Egypt’s CreditFins get funding

 Ivory Coast fintech Julaya, Egypt’s CreditFins get funding

Abidjan-based fintech startup Julaya has raised $2 million in a pre-Series A funding round to expand regionally across western Africa.

The company secured the capital from a number of investors including corporate venture capital firms Orange Ventures and MFS Africa Frontiers. Saviu Ventures, Launch Africa, 50 Partners Capital and a few angel investors pitched in, too.

Julaya was founded three years ago by French fintech firm LemonWay’s former executives Mathias Léopoldie and Charles Talbot. It seeks to digitize financial transactions for small merchants as well as small and medium enterprises.

The startup allows companies to digitize payments to workers and suppliers rather than dealing with cash with disbursements tied to mobile money and mobile banking wallets.

Julaya had previously raised around $800,000 across a pre-seed and seed investment round from angel investors in 2018-19. The firm claims it processes over $1.5 million transactions monthly for around 50 customers.

Julaya is the second Ivorian tech startup to raise funding this year after Moja Ride, which roped in Mobility54 Investment SAS, a corporate venture capital arm of Toyota Tsusho Group, as an investor.

CreditFins

Cairo-based credit card management platform CreditFins has raised an undisclosed amount in a pre-seed funding round led by Flat6Labs, AUC Angels, TA Telecom Holding and other unnamed angel investors.

CreditFins joins around 50 Egyptian tech startups that have raised funding this year, according to data collated by The Capital Quest.

The fintech startup helps users repay their credit card dues with lesser outgo as compared to what one would pay to banks for repaying the same.

The venture was co-founded last year by chief executive Sherif Radi, chief commercial officer Norhan El Sakkout and chief product officer Gamal Sadek.

Radi previously led TA Telecom and worked with companies such as NowPay and Orange. El Sakkout started her career at BPE Partners (earlier Beltone PE) and worked with LimeVest Partners, Endeavour Egypt and TA Telecom. Sadek, also a TA Telecom alumnus, had previously co-founded two other tech ventures GeoData2AI and Bey2ollak.

Vivek Sinha

The Capital Quest