Nigeria’s Grey and Anchor, Egypt’s Zeew get early cheques; CTSE nets $5 mn

 Nigeria’s Grey and Anchor, Egypt’s Zeew get early cheques; CTSE nets $5 mn

Nigerian fintech Grey has raised $2 million in seed funding from Y Combinator, Soma Capital, Heirloom Fund and True Culture Fund, besides some angel investors.

The two-year-old venture founded by Idorenyin Obong and Femi Aghedo said it will use the money to launch into new markets and extend its product suite to both remittances and person-to-person and business-to-business payments.

Grey allows its users to receive foreign payments in their preferred foreign currency and withdraw directly to mobile money or their local bank account.

The firm has also expanded into East Africa, starting with Kenya and partnered payments giant Cellulant and edtech firm Moringa. The firm said in a blog post that it plans to expand into more East African countries in the coming months and has also included support for Ugandan Shillings on the app, bringing the total number of supported currencies to six.


Nigerian fintech enabler Anchor has secured $1 million in a pre-seed funding round from Byld Ventures, Y Combinator, Luno Expeditions, Niche Capital, Mountain Peak Capital and some angel investors.

The venture was floated in February this year. It is positioned as a banking-as-a-service platform and was founded by Segun Adeyemi, Olamide Sobowale and Gbekeloluwa Olufotebi. Adeyami is co-founder and former chief of fintech venture Amplify, which was acquired by Nigerian digital bank Carbon three years ago.

Three months ago, Anchor started testing in private beta. On Monday, it said it has come out of the stealth mode and launched in public beta now.

The seven-month-old startup provides API and tools for businesses to build, embed and launch banking products. It said the API it provides can enable bank account creation, fund transfer, savings products, card issuance and other services.


Zeew, an Egyptian-origin e-commerce enabler that has operations in Eastern Europe, has topped up its seed funding with $630,000 from Plug and Play, Poland Prize and a group of angel investors, bringing the total funds it has raised in the past couple of years to $1 million.

Founded by Mohamed Ghaith in 2017, Zeew started as a last-mile delivery venture for flower shops and other merchants. It subsequently expanded into categories like food ordering, grocery and pharmacy.

The company later changed its business model to become an enabler for online ordering with white-labeled backend for third-party merchants.

Currently, Zeew is present across 100 countries, with merchants in different verticals including logistics, food and grocery, restaurants, pharmacy, etc.

Last year, it closed two rounds of seed funding starting with around $230,000 from Estonian angels in January 2021 followed by $170,000 from Sanabil 500 MENA Seed Accelerator, a joint initiative of Sanabil Investments and 500 Startups.

Cape Town Stock Exchange

Cape Town Stock Exchange (CTSE), a fintech capital raising platform, has secured ZAR85 million ($5 million) in funding via an oversubscribed round led by Imvelo Ventures, a venture capital investment company founded by Capitec Bank and Empowerment Capital Investment Partners.

Existing backers Lebashe Investment Group, Pallidus Alternative Investments, Shaolin Investments and Gary Stroebel also took part in the round.

Vivek Sinha

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