KIFC announces new FinTech Fund for Africa

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The Kigali International Finance Centre (KIFC) announced plans are in the works for a new FinTech-focused venture fund sponsored by Vusi Thembekwayo’s MyGrowthFund Venture Partners which will be domiciled in the Rwandan Financial Centre. The fund will be initially capitalized with $50 million which will be invested in fintech startups with proven technologies operating in Africa. Ultimately, according to reports, the fund is aiming to raise a total of $120 million.

In the robust venture investing cycle seen in Africa over the last couple of years, the fintech sector has attracted the most capital and seen most of the largest venture deals on the continent. Last year, analysts estimate that the sector attracted a total of $2.3 billion in investments, almost three times the amount raised by fintech startups in 2020. Some 75% of the $100 million-plus investments in 2021 were made in the fintech sector.

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