The $2 million ticket into the Guinean fintech is modest, but it signals growing development-finance appetite for the unglamorous plumbing that connects global money-senders to mobile wallets and cash agents on the continent
The back-to-back funding rounds signal rising investor interest in Egypt’s fintech sector, particularly in startups digitising traditional financial practices.
The company aims to formalize Egypt’s highly fragmented used car market — estimated at $10 billion — by introducing standardized pricing, digital financing, and secure ownership transfers.
Black will work closely with Okoudjou, the executive team, and shareholders to steer Onafriq’s growth strategy, with a particular focus on expanding cross-border capabilities and forging global partnerships.
The company recorded impressive growth in 2024, adding over 1 million users who placed more than 15 million investment orders worth approximately EGP 170bn ($3.4bn).
We looked through our data and uncovered a jarring reality: in 2025, Nigerian VCs are eerily quiet—even after some announced headline-making fundraises. For local founders, this isn’t just a data point; it’s a big concern.
In August 2024, Qardy closed a seven-figure pre-seed funding round backed by investors including White Field Ventures, Vastly Valuable Ventures, and a number of angel backers.
The EDFI loan follows a separate $12 million investment last year from Vancouver-based Key Carbon — formerly Carbon Neutral Royalty — with backing from private equity firm Cartesian.
The $2 million ticket into the Guinean fintech is modest, but it signals growing development-finance appetite for the unglamorous plumbing that connects global money-senders to mobile wallets and cash agents on the continent
