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Tag: Y Combinator

  • Rank Capital Named 7th Fastest-Growing Fintech in Africa by Financial Times

    Rank Capital Named 7th Fastest-Growing Fintech in Africa by Financial Times

    Rank Capital, a proprietary investment platform providing professional wealth management and investment services, has been named the 7th fastest-growing financial technology company, the 6th in Nigeria and the 12th overall fastest-growing company in Africa on the Financial Times’ annual “Africa’s Fastest Growing Companies” list. 

    The annual ranking, compiled by the Financial Times in collaboration with Statista, identifies the top 100 African companies that have shown the highest compound annual growth rate (CAGR) in revenues. Rank Capital’s high placement underscores its rapid growth and the viability of its unique community-powered model in the Nigerian financial services sector. It also places it among an elite group of African startups that have maintained high-velocity growth despite global economic headwinds. 

    Rank Capital is a subsidiary of Rank, an integrated financial services and Proprietary Investment Holding firm, on a mission to make prosperity common for Africans. At the core of Rank’s success is a fundamental belief: human connection is the greatest leverage. Before institutions existed, communities built wealth together through trust, contribution, and shared systems. Rank’s mission is to prove that while technology changes the landscape, it doesn’t change this human truth – it scales it. Over the last 12 months, Rank has paid out more than $100 million to users across various communities. 

    Femi Iromini, CEO and Co-Founder of Rank, said, “Rank Capital’s ranking is a powerful validation of our mission to make prosperity common. By blending modern technology with the age-old power of social trust, we are proving that community-powered wealth-building is not just viable – it is the future. This milestone belongs to our users and partners who believe that we can rise faster when we rise together.”

    The recognition follows a transformative period for the wider company, which recently rebranded from ‘Moni’ to Rank and completed the strategic acquisitions of AjoMoney and Zazzau Microfinance Bank (now Rank MFB). These acquisitions complete a comprehensive financial ecosystem designed to serve users at every stage of their economic journey; Rank Microfinance Bank provides inclusive banking at scale while creating meaningful impact where it matters most, Rank Capital delivers sophisticated wealth management solutions and Rank App, a money app for communities to save, invest and spend together. Together, they offer a seamless environment for users to transition from basic banking to high-level wealth creation. 

    With backing from prominent investors including Y Combinator, Good Water Capital, Arash Ferdowsi (Co-founder of Dropbox), Ventures Platform, Magic Fund and Voltron Capital, Rank continues to scale its operations, ensuring that ambitious dreamers across Africa have the capital and structures they need to thrive. 

    Starting in Nigeria, Rank is leveraging the demographic weight and digital fluency of young people across Africa to unlock wealth-creation opportunities at scale. By building systems that harness human connection, Rank is redefining the future of finance in Africa  – one where prosperity isn’t just achieved alone, but together.

  • Curacel secures $3 million seed funding to power new insurance experiences and expand into North Africa

    Curacel secures $3 million seed funding to power new insurance experiences and expand into North Africa

     Curacel, Africa’s leading insurance infrastructure provider, has raised $3 million in seed funding to roll out new technology solutions designed to power the next generation of insurance experiences in Africa. The new funding will also support the company’s expansion into North Africa.

    The seed funding round included Tencent, AAF Management (invested in Sure, Flutterwave), Elefund (invested in Robinhood, Pie Insurance and Sure), Blue Point Capital Partners, Pioneer Fund, Olive Tree Capital and Y Combinator, as well as James Park (CEO of Fitbit), Olugbenga ‘GB’ Agboola (CEO of Flutterwave), Babs Ogundeyi (CEO of Kuda) and other strategic investors. Top executives from Covergenius, Zopper and Pie Insurance will also join Curacel’s advisory board as part of the round.

    The combination of a fast-growing population, a rising middle class and increasing access to financial services across the continent means more Africans can experience a wider range of products and services. From buying cars to accessing accommodation, these experiences come with various risks and insurance companies play a huge role in making it easier to manage the risks and enjoy these experiences with confidence. However, with insurance penetration across the continent still under 3 percent, many Africans are having to take on these entirely by themselves.

    At the same time, the paper-based approach and antiquated technology that powers many insurers’ processes is time-consuming, unduly expensive and prone to fraud and waste. African insurers lose more than $12 billion per year to fraudulent, wasteful and abusive claims, which makes them understandably cautious and risk-averse with the customer they choose to serve. 

    Curacel makes it easier for insurers to distribute their products, automate their claims processes, and drive revenue growth by giving them easy-to-use technology solutions that have been specifically designed to drive up insurance inclusion on the continent. With Grow, Curacel’s embedded insurance product, more than 100 banks, fintechs, logistics companies and other tech-enabled companies, including ALAT (Nigeria’s first digital bank), Providus, PalmPay, Float, etc and others are empowered to increase their recurring revenues by offering digital insurance products that are seamlessly embedded into their existing products and services, driving much-needed insurance penetration and customer loyalty. 

    Leading insurers like AXA Mansard, Liberty Health, Old Mutual and Jubilee Heath also leverage Curacel’s market leading technology to improve the efficiency and accuracy of their claims processes. The company’s AI-powered infrastructure means claims can be submitted and processed in real time, helping insurers to reduce their claims cycle by more than 70 percent and process up to 10x more claims. 

    Curacel has processed more than $100 million worth of claims, working with more than 20 insurers and more than 5,000 service providers in 8 countries across the continent. In 2022, Curacel grew its transaction volume by 600 percent and increased its revenue by 500 percent. Starting with Egypt and Morocco, the new funding will enable the company to roll out its services in North Africa and deepen its presence in other parts of the continent.

    According to Henry Mascot, CEO and co-founder of Curacel, “We are bullish on the potential of the right technology in the right places to close the protection gap across Africa and emerging markets. It is an exciting time for us as we secure the capital to deliver the vision and onboard the people who have built these technologies at scale in more mature markets, and we are looking forward to delivering more technology solutions to drive up insurance inclusion.”

    Omar Darwazah, Managing Director and General Partner at AAF Management, said “at less than 3%, the insurance penetration rate in Africa is one of the lowest in the world, presenting an incredible market opportunity for Henry and the team at Curacel to bridge that insurance gap. We are excited to participate in the company’s Seed round and join Curacel’s mission in building easy-to-use technology solutions for insurers to distribute their products on the continent.” 

    Serik Kaldykulov, General Partner at Elefund, said “Africa remains a relatively untapped market when it comes to insurance and technology presents the best opportunity to reach new users and deliver excellent services. Curacel has built a suite of solutions and an impressive track record of success that makes us very excited to be supporting them on their mission to use technology to drive up insurance inclusion in Africa.” 

  • Remedial Health secures $4.4 million in seed funding to provide access to credit for neighbourhood pharmacies in Nigeria

    Remedial Health secures $4.4 million in seed funding to provide access to credit for neighbourhood pharmacies in Nigeria

     Remedial Health, a healthtech startup that develops solutions to make Africa’s pharmaceutical value chain more efficient, has raised $4.4 million in seed funding to accelerate its expansion across Nigeria and to provide access to credit for inventory purchases for its growing customer base of neighbourhood pharmacies, Proprietary Patent Medicine Vendors (PPMVs) and hospitals in the country. 

    The seed funding round was led by Global Ventures – a leading MEA venture capital firm, that re-invested after participating in the previous round. Tencent, Y Combinator, Cathexis Ventures, LightSpeed Venture Partners Scout Fund, Ventures Platform, Alumni Ventures and True Capital Management also participated in the round which included prominent angel investors such as Guillaume Luccisano and Christopher Golda.

    Remedial Health provides a range of solutions, including its digital procurement and PMR (patient medication records) platforms that make it easier for neighbourhood pharmacies, PPMVs and hospitals to access affordable and authentic retail medicines. Healthcare providers can source vetted medications at prices the same, or better, than open-air medicine market prices – with 24 hour delivery to their practice via Remedial Health’s logistics network. In addition to procurement, pharmacies and PPMVs can access credit to fund inventory purchases and provide loans and salary advances for employees.

    Since January 2022, Remedial Health has seen 600 percent increase in sales volumes and the company now covers 16 of Nigeria’s 36 states. This new funding will support the rollout of its services across the rest of Nigeria, and also lay the groundwork for expansion across Africa in 2023.

    The impact of various global events from the last three years – from the COVID-19 pandemic to rising inflation – has led to a sharp increase in the price of medicines in Nigeria. For neighbourhood pharmacies and Proprietary Patent Medicine Vendors (PPMVs) that represent the main source of medicines for the majority of Nigerians, these price increases mean there is added pressure to balance the need to provide lifesaving medicines to their communities and the need to run their businesses effectively. There is also the challenge of an opaque supply chain where manufacturers have limited or delayed visibility into what is happening on the frontlines, which means pharmacies and PPMVs are often left to make do with what they can get, rather than what they need. 

    By leveraging Remedial Health’s tech-enabled platform, neighbourhood pharmacies, PPMVs and hospitals can benefit from group/bulk buying discounts, time-saving and improved efficiency, access to credit to improve their earnings, as well as additional revenue from providing financial services and other primary healthcare services. Manufacturers also benefit from an efficient supply chain, a clear and instant route-to-market for their products and real-time intelligence on product utilization to improve decision-making on forecasting, production and distribution.

    According to Samuel Okwuada, CEO and co-founder of Remedial Health, “Neighbourhood pharmacies and PPMVs have the potential to be the face of a thriving healthcare system in Africa, and we believe that technology can play a significant role in making this vision a reality. The funds that we have raised and the strategic support from our investors will enable us to deliver the solutions to address various challenges that have hampered these businesses’ growth for many years, and make it easier to safeguard lives and livelihoods across the continent for years to come”

    Sacha Haider, Principal at Global Ventures, said, “The market opportunity to serve community pharmacies across Africa is significant; in Nigeria alone, 500,000 community pharmacies drive over 80% of a 70 billion dollar market in annual pharmaceutical sales. The team at Remedial Health is proactively addressing challenges including price opacity, poor drug quality control and a very fragmented supply chain, head on to create a tech-enabled, pharmacy-centered healthcare network that has allowed over 25% in cost reductions at the point of care. We are excited to partner with Sam on his mission to improve access to quality and affordable healthcare in Africa through optimized pharmaceutical supply chains”.

  • Duplo secures $4.3 million seed funding to transform business-to-business payments in Nigeria

    Duplo secures $4.3 million seed funding to transform business-to-business payments in Nigeria

     Duplo, a business-to-business payment platform that makes it easier for African businesses of all sizes to pay each other, has raised $4.3 million in seed funding to launch new products and expand into new business verticals in Nigeria. The seed funding round included Liquid2 Ventures, Soma Capital, Tribe Capital, Commerce Ventures, Basecamp Fund, and Y Combinator. Oui Capital also re-invested after participating in the previous round.

    Since going live in January 2022, Duplo has seen great traction with FMCG distributors and finance teams of midsize and enterprise businesses, helping them to digitise and simplify the way money moves between them and their business partners. FMCG distributors can onboard retailers in their network on the Duplo platform, making it easier for them to collect payments digitally and access real-time insights into business performance. They can also automate payments to vendors, manufacturers and suppliers, with instant payments enabling them to transact in larger quantities.

    For finance teams, Duplo’s end-to-end solution automates the back office processes of generating and processing invoices, receiving and approving bills, collecting and disbursing funds, and completing account reconciliation. Duplo works seamlessly with all major accounting and ERP platforms such as Microsoft Dynamics, SAP, QuickBooks and Sage, and payments processed through Duplo are automatically synced with these platforms in real-time. With Duplo, businesses can cut time spent on admin tasks such as account reconciliation by up to 50 percent and reduce payment-related costs by up to 85 percent. In the last 3 months, the company has increased the number of businesses on its platform by 1000%. Total Payment Volume has also increased by 4200% in the last 5 months.

    According to the World Bank, B2B payments in Sub-Saharan Africa represents a $1.5 trillion market. However, the process of making and receiving payment remains largely manual, which makes it expensive and highly inefficient for businesses. Invoices are also not standardised and they are typically issued and received manually, which increases the administrative burden on business owners, taking more time and effort that can be invested into their businesses. 

    A recent report from Duplo which included the surveyed opinions of more than 1,000 business owners from Kenya, Nigeria, South Africa and Egypt also highlighted that 44 percent of businesses still have to wait more than 24 hours to receive payments from business customers and partners. 34 percent take up to 7 days to receive payments, 17 percent take up to 30 days and 3 percent take more than 30 days to receive business payments. This presents a significant challenge for businesses who are often unable to maximise sales and growth opportunities available to them due to cash flow restrictions induced by complex payment processes.

    According to Yele Oyekola, CEO and co-founder of Duplo, “we have seen a lot of innovation in consumer payments in Africa in recent years but business-to-business payments have largely stayed the same. We strongly believe that there is a great opportunity to catalyse growth and maximise business opportunities across the continent by removing the bottlenecks that hinder the seamless flow of money between businesses and we are excited to have raised funding from this exciting group of investors to deliver this much-needed transformation”. 

    Peter Oriaifo, Principal at Oui Capital said, “The Duplo team has built an incredible suite of products that improve how businesses make and receive payments from each other, and  the growth that the company has experienced since our initial pre-seed investment in 2021 has been nothing short of impressive. It is for this reason that we are excited to back Duplo once more.