Launch Africa Ventures, a leading pan-African venture capital firm, has announced significant investments in two fintech startups, Cauri Money and Kredete. The move underscores the firm’s commitment to supporting innovative solutions that address the continent’s financial challenges.

Cauri Money, founded in 2019 by Senegalese entrepreneurs Lamine Tall and Serigne Tall, is transforming financial services for the Senegalese diaspora. Beyond traditional remittance services, Cauri Money offers a suite of financial products including bill payments, mobile top-ups, and the ability to hold a Senegalese bank account. The platform aims to provide a comprehensive financial solution for Senegalese living abroad, simplifying their interactions with their home country.

Kredete, launched in 2021 by Adeola Adedewe and Hakeem Oriola, is addressing Africa’s massive credit gap through a digital lending marketplace. The platform connects borrowers and lenders, streamlining the lending process from application to repayment. By leveraging AI and data analytics, Kredete aims to reduce risk and improve efficiency for lenders, while expanding access to credit for borrowers.

Both Cauri Money and Kredete align with Launch Africa Ventures’ investment thesis of backing high-growth technology companies that are driving positive impact in Africa. The venture capital firm, founded in 2020 by Zachariah George and Janade du Plessis, with Margaret O’Connor as chairperson, has established itself as a key player in the African tech ecosystem.

Launch Africa Ventures closed its inaugural fund in March 2022 at US$36.3 million, and is currently deploying capital from its second fund. The firm has a strong track record of investing in early-stage startups and providing mentorship and support to its portfolio companies.