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Ghanaian fintech startup Affinity Africa has secured $8 million in an oversubscribed seed funding round to expand its affordable banking services. The round was led by Grazia Equity and BACKED VC, with participation from Enza Capital, Launch Africa, Renew Capital, Finca International, Attijariwafa Ventures, Impact Assets, and early backer Eldon Capital.
Founded in 2022 by Tarek Mouganie, Affinity Africa leverages a branchless model powered by a mobile and web app, an agent network, and proprietary technology to provide a comprehensive suite of banking services. These services include personal and SME accounts, savings, payments, transfers to banks and mobile money wallets, investments, and loans. Since its launch in October 2024, the platform has onboarded over 50,000 customers in Ghana, with 65% being first-time bank users and 60% women in the informal sector.
The recent funding will enable Affinity Africa to deepen its presence in Ghana and expand into new markets, aiming to bridge the financial inclusion gap across Africa. The company plans to enhance its platform and offerings to cater to underserved and unbanked individuals and micro, small, and medium enterprises (MSMEs).
Tarek Mouganie, Founder and CEO of Affinity Africa: “The strong, sustained growth we have seen since the launch of our mobile app shows how much local customers needed a better banking experience, without absurd fees and endless queues. This oversubscribed funding round is a testament to the belief in our vision and the opportunity to create real and lasting change, starting in Ghana.”
Andre de Haes, Founder and Managing Partner at BACKED VC: “We could not think of a better person to build Africa’s local bank than Tarek. He has a unique ability to connect with and understand customers, which has materialized into extremely impressive early user numbers.”
This investment underscores the growing confidence in fintech solutions that address the unique financial challenges within the African continent, positioning Affinity Africa as a key player in the region’s digital financial ecosystem.
Read more on Tech Gist Africa:
Zeepay, a Ghanaian fintech startup, has raised equity funding to support its expansion
Complete Farmer, an agri-tech startup in Ghana, has raised $10.4 million in pre-Series A funding
Berry Health, a Ghanaian health tech company, raises $1.6 million in pre-seed funding
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