A Ghanaian Upstart, Affinity Africa has raised $8 million in seed funding to expand its financial products nationwide, as stated by Techcrunch. Affinity Africa is a digital banking platform committed to providing Ghanaians with affordable and accessible financial services.
Individuals and micro-enterprises are both supported by the Ghanaian fintech. Customers can access free savings and current accounts with no transaction limits, and users gain credit scoring based on their transaction history.
Who is the founder of Affinity Africa?
Founder and CEO Tarek Mouganie comes from a fourth-generation Ghanaian family of Lebanese descent. He gained a bachelor’s and doctorate in the UK before starting his career in finance and academia. When Mouganie returned to Ghana 10 years ago, he wanted to tackle Africa’s financial inclusion problem.
Eventually, his friends and family raised $2 million to obtain a microfinance bank in 2020. They also included money from his London house, which he sold. The organization received a savings and loans license, used as a trial for its current banking solutions.
Affinity raised another $3 million in a pre-seed round to improve this license. After months of testing, it launched its app last October, following approval from the Bank of Ghana. After a few months of its launch, the fintech entity spent over $15 million in loans across various products, with instant loans expanding 30% month-over-month and a non-performing loan (NPL) rate of 3%.
Affinity Africa’s $8 million seed round
The Ghanaian fintech’s $8 million seed round was led by European VC firms Grazia Equity (Germany) and BACKED VC (London), making it their first African investment. Enza Capital, Launch Africa, Renew Capital, Finca International, Attijariwafa Ventures, and ImpactAssets, also participated in the seed round and joined Eldon Capital, an early backer.
“At Backed, we are founder-first, and we couldn’t think of a better person to build Africa’s local bank than Tarek,” said Andre de Haes, founder and managing partner at Backed.
Image: Affinity Africa/Alan Compton
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