The announcement places Julaya among the first digital finance providers in Francophone West Africa to re-emerge from a regulatory freeze that has paralysed the region’s fintech sector since the beginning of May.

Jumia’s liquidity position declined by $23.2 million in the quarter, leaving it with $110.7 million in cash and short-term deposits. At the current burn rate, the company has roughly five quarters of runway before needing additional funding.

Alongside the fintech award, the Milken Institute and Motsepe Foundation announced a new $2 million prize focused on AI and manufacturing in Africa.

In a market still defined by currency shocks, regulatory overhauls and capital flight, getting a lead investor on board is often the difference between a round closing — or stalling.

“Several Senegalese fintech companies are at risk of collapse. Many people will lose their jobs.”

The latest funding round will allow the company to localize its course content for new markets, enhance platform accessibility, and bolster recruitment efforts.

Platos Health (formerly Zest), a Nigerian health-tech startup focused on preventive care, has secured $1.4 million in pre-seed funding to scale its AI-driven metabolic health platform...

Most of the fund’s backers are non-African entities, including Denmark, France, Germany, and the U.S.

The iSupply deal follows Bokra’s recent 3 billion Egyptian pound ($58.9 million) sukuk issuance, the first of its kind for the fintech.

The decision to widen its geographic reach comes amid growing appetite for risk capital in West Africa’s underserved frontier markets.

The expansion follows a record year for Digital Africa, which facilitated 29 startup deals in 2024 across 18 African countries.

The fund is targeting a total raise of $200 million and is designed to address a critical financing gap faced by African SMEs, particularly those navigating challenging macroeconomic conditions.