Ghanaian fintech startup Affinity Africa has secured $8 million in seed funding to enhance its digital banking services across the nation and the African continent, where mobile money is increasingly prevalent. This funding round marks the inaugural African investments for European venture capital firms Grazia Equity (Germany) and BACKED VC (London). Additional participants include Enza Capital, Launch Africa, Renew Capital, Finca International, Attijariwafa Ventures, and Impact Assets, with Eldon Capital as an early supporter.
Andre de Haes, founder and managing partner of BACKED VC, emphasized the firm’s founder-centric approach, expressing confidence in Affinity’s CEO, Tarek Mouganie. He highlighted Mouganie’s extensive experience, noting, “He started his career investing in banks through the 2008 financial crisis, became an expert in regulation and strategy, and has built a world-class banking software stack for Affinity from the ground up. His ability to connect with and understand customers has driven impressive early user numbers.”
Launched in October 2024, Affinity Africa combines digital banking with physical touchpoints through an agent network of over 30 representatives. These agents engage with small businesses to onboard them onto the platform, facilitating the transition for new digital banking users. Since its inception, Affinity has attracted more than 50,000 customers, with 65% being first-time users of formal banking products and over 60% comprising women in the informal sector. Notably, 26,000 customers were acquired via agents, while 24,000 joined through the mobile app; of the agent-acquired users, 55% have transitioned to app usage, indicating strong digital adoption post-onboarding.
The platform offers a range of services, including savings, payments, investments, and transfers to both banks and mobile money wallets. In January 2025, 89% of deposit inflows originated from mobile money top-ups, with bank transfers accounting for the remaining 11%. Approximately 90% of Affinity’s revenue is derived from loans, while the remaining 10% comes from fees and commissions on services such as utility bill payments and internet subscriptions.
With the new funding, Affinity Africa aims to refine its hybrid growth strategy, focusing on agent-led onboarding and education to drive digital literacy and encourage app adoption, thereby scaling its impact across Ghana and beyond.
Egyptian social e-commerce platform Taager has successfully raised $6.75 million in a pre-Series B funding round to accelerate its expansion across the Middle East and North Africa (MENA) region and enhance its technological infrastructure. The investment round was led by Africa-focused tech growth fund Norrsken22, with participation from Endeavor Catalyst, Beltone Venture Capital, and existing investors including 4DX Ventures, RAED Ventures, BECO Capital, and Breyer Capital.
Founded in December 2019 by Abdelrahman Sherief, Ahmed Ismail, Ismail Omar, and Mohamed Elhorishy, Taager operates as a social e-commerce marketplace that empowers online sellers and traders by providing a comprehensive suite of backend services. These services encompass operational and logistical support, such as storage and shipping, as well as an online marketplace that connects sellers with wholesalers.
Over the past five years, Taager has built the fundamentals of social commerce from the ground up, refining its business model to become more capital-efficient and scalable, while improving core unit economics. The platform has attracted over 45,000 merchants and reached millions of consumers, highlighting its significant impact on the e-commerce landscape in the region.
The newly secured funds will enable Taager to scale its operations, aiming for a fivefold growth in the coming years. This strategic expansion aligns with the company’s mission to revolutionize social e-commerce in the MENA region by addressing challenges faced by social sellers, such as complex supply chains, lack of capital, and limited access to a geographically diverse consumer base.
Global social e-commerce revenue is projected to reach $2.5 trillion by 2025, with the MENA region alone accounting for over $14 billion, representing more than 30% of all e-commerce sales in the area. Taager’s innovative approach positions it to capitalize on this growing market by blending social media interaction with online shopping, effectively transforming the customer journey and offering a seamless path to purchase.
This investment not only underscores the confidence of international investors in Taager’s business model but also highlights the potential of the MENA region as a burgeoning hub for social e-commerce innovation.
