Socium, founded in 2021 by Samba Lo and Serigne Seye, provides payroll, recruitment and workforce management software to businesses across 21 Francophone African countries.
Adding fuel to the fire, regulators were reportedly incensed by Paystack’s public launch event, “An Evening with Paystack,” which one CBN insider described as “a slap in the face of the regulator.”
The newest funding round - confirmed to Launch Base Africa by Verdant IMAP, the investment firm that structured and arranged the transaction - marks a significant milestone for the fintech.
"Growth at all costs will not win the day in this business cycle. Unit economics, product-market fit and clear paths to profitability are the keys to survival."
Each selected company will receive up to $225,000 in non-dilutive grant funding, as well as technical assistance and commercial support from a network of partners.
Reports from the preceding year suggested Bankly was seeking to raise USD 4 million in a mix of equity and debt, though the outcome of this fundraising effort remains uncertain.
Socium, founded in 2021 by Samba Lo and Serigne Seye, provides payroll, recruitment and workforce management software to businesses across 21 Francophone African countries.
Sixteen months later, on a hot July day in 2026, Egypt's finance minister, Ahmed Kouchouk, returned to a company whose public frustration had once laid bare the country's industrial bureaucracy.
