Skip to main content

Flourish Ventures Opens Office in Nairobi to Strengthen its Presence on the Continent and Further Support Fintech Startup Entrepreneurs

 


The African fintech startup scene is set for a boost after Flourish Ventures, a global fintech venture capital firm, today announced a new office based in Nairobi to help its investment team better serve entrepreneurs across Africa who are building innovations that help advance financial health and economic resilience for people and small businesses. 

With deep fintech industry and country-specific expertise, Flourish is focused on building its investment in Africa and adding to its growing portfolio of a dozen startups located in Nigeria, Ghana, Egypt and Kenya that includes Apollo Agriculture, Fair Money, Financial Services Innovators (FSI), Flutterwave, Lendable, Pula and Paga.

Flourish recently hired Efayomi Carr as Principal, who will manage the company’s operations in Nairobi. Carr is an experienced entrepreneur who previously served as Head of Strategic Finance for Lori, a tech startup that builds cost-saving market infrastructure for the trucking sector in Africa. He joins the firm’s Africa investment team that includes Managing Partner Arjuna Costa and Venture Partner Ameya Upadhyay. 

“We believe Africa is on the cutting edge in the development of innovative and groundbreaking fintech solutions with global relevance, and we are delighted that our Nairobi office will give us greater access across the continent,” said Costa. “Efayomi has a strong network in Africa and will work closely with partners and entrepreneurs to nurture the creative solutions that will enhance the financial wellbeing of households and small businesses across the continent.”

Carr also expressed his optimism in opening the office in Africa due to the strength of the continent’s fintech industry coming off of the back of the Covid-19 pandemic.

“We are a deliberative and thesis-driven investor who want to help fintech entrepreneurs achieve real and broad impact across Africa,” said Carr. “I am excited to take part in the growth of our firm’s African presence and am optimistic that African fintech entrepreneurs will continue to deliver real results and make a positive financial impact for consumers and small businesses.”

This news will be a boon to African startups, who according to the Bitter Bridges Think Tank received total venture capital of $1.31 billion in 2020, up from $1.27 billion in 2019, despite the impacts of the COVID-19 pandemic. 

“The economic uncertainty created by the pandemic has inspired us to renew our focus on African entrepreneurs that are tackling key systemic issues in the financial services industry. We hope that our presence on the ground will enhance our ability to share learnings and best practices across our global portfolio, and accelerate the impact we hope to have on the continent,” said Costa.

In 2020, Flourish released the South African edition of its global research survey – The Digital Hustle: Gig Worker Financial Lives Under Pressure – which tracked the experiences of gig workers who use digital platforms such as e-hailing or delivery apps in an effort to learn more about how these essential workers were faring during the COVID-19 pandemic. The report found that 76% of the 600 surveyed gig workers experienced a large decrease in income since March 2020. 

In addition to financial support, Flourish provides its portfolio entrepreneurs with experts in finance & operations, human resources, legal, and marketing. The firm also hosts ongoing education and networking events and activities for its portfolio community. 

Comments

Popular posts from this blog

Visa and Halotel bring secure and convenient mobile payments for Tanzanians

Visa, the global payments technology company, has announced a strategic partnership with Halotel to enable Visa on mobile payments on Halotel’s HaloPesa wallet in Tanzania.  The service will be rolled out in early 2019 thereby enabling HaloPesa’s one million registered wallet holders to use Visa on mobile to securely make merchant payments and conduct cash deposits and withdrawals at Visa agents. Any HaloPesa customer, including those who do not have a bank account, will be able to benefit from the solution. The aim is to connect more Tanzanians to the global payment system, bringing secure and convenient mobile commerce for consumers and merchants.  “We are excited about this partnership with a key mobile service provider such as Halotel. Our partnership with Halotel will ensure that Tanzanians can pay using Visa on their mobiles at over 40,000 new retailers. It will also help expand financial inclusion for Tanzanian consumers who will now be able to benefit from pa...

Visa Takes a Shot at Financial Goals with New Football Video Game

With FIFA World Cup ™ excitement heating up , Visa (NYSE: V), the Official Payment Technology Partner of FIFA, invites football fans to sharpen their financial skills on the virtual pitch with the new version of the educational video game , Financial Football. Gamers can suit up as the country of their choice and take their best shot for the coveted trophy by correctly answering questions designed to help players make smart, well informed money management decisions. To further Visa’s commitment to uplift lives through the power of sport and the global platform of FIFA World Cup Qatar 2022™ , Visa is working in collaboration with clients and non-profit organizations to make the new version of Financial Football available to as many people as possible. Visa and partners will host events, learning series and promote game availability in more than 100 markets around the world leading up to and following the tournament. With only one-in-three adults estimated to have a basic understan...

Bolt launches its car-sharing service Bolt Drive

Bolt, the leading European mobility platform, launches its car-sharing service, Bolt Drive. The new service allows customers to rent a car for short periods of time using the Bolt app. Bolt will invest €20 million in launching Bolt Drive in Europe this year, starting with a pilot in its home market, Estonia. Bolt is the first mobility platform in Europe to offer car-sharing, ride-hailing and micromobility with scooters and electric bikes in one app. By enabling customers to quickly and conveniently rent a car at the tap of a button, Bolt allows them to be less dependent on personal cars and encourages the use of alternative modes of transport for short-distance trips. Markus Villig, CEO at Bolt, said: “Personal cars are the primary cause of problems in urban transport. They are responsible for traffic, environmental emissions and taking up city space. Bolt’s mission is to help people give up their personal cars by providing a better alternative. For people to switch from ownership to o...