Fintech in Africa Surges, Copilot Benefits from Mint's Demise, Coast Attracts Investors

This week, TechCrunch Fintech highlights Africa's fintech ecosystem, including Moove's $100 million funding and Zone's $8.5 million raise. We also cover the impact of Mint's closure on startups like Copilot, which has seen significant growth and secured a $6 million Series A. Non-hot industries are also attracting investors, with cost management startup Coast raising $25 million. Other news includes Onyx Personal's pivot to B2B, nsave's $4 million seed funding, and Ramp CEO Eric Glyman's insights on the industry's potential.

Fintech in Africa Soars, Copilot Capitalizes on Mint's Closure, and Coast Attracts Investors

Africa's Fintech Landscape Flourishes

Despite a global downturn in venture funding, Africa's fintech ecosystem has experienced a surge of activity this week. Uber led a $100 million investment in Moove, an African mobility fintech, propelling its valuation to $750 million. Zone, a decentralized payment infrastructure provider, secured $8.5 million in funding. Nala, a Tanzanian fintech company, has pivoted successfully into remittance services and developed a B2B payment platform.

Copilot Emerges from Mint's Shadow

Intuit's decision to discontinue its budgeting app Mint has created opportunities for startups in the space. Copilot has witnessed exponential growth in the past four months, attracting a $6 million Series A funding round led by Nico Wittenborn's Adjoining. Monarch Cash co-founder Ozzie Osman attributes the company's growth to Mint's demise.

Coast Targets Niche Market for Cost Management

Non-glamorous industries can also captivate investors. Coast, a cost management startup targeting companies with global workforces and fleets, has reported a 550% increase in revenue and recently secured $25 million in equity funding.

Onyx Private Pivots to B2B

YC-backed digital lender Onyx Private, which initially aimed to serve high-earning millennials and Gen Zers, has pivoted to B2B. The startup has discontinued its consumer banking operations and closed its accounts.

nsave Expands Banking Access in Unstable Markets

Swiss fintech nsave has raised $4 million in seed funding to provide banking services in Switzerland to individuals from countries with unstable banking systems or high inflation.

Ramp's CEO Foresees Vast Market Potential

Despite Ramp's significant growth as a unicorn company offering corporate cards and expense management, co-founder and CEO Eric Glyman believes the fintech industry has barely scratched the surface. He estimates that Ramp has tapped into only 1% of its potential market share.

Justice Department Scrutinizes Apple's Financial Services

In its antitrust lawsuit against Apple, the U.S. Justice Department has taken aim at the company's extensive financial services offerings.

Additional Notable Headlines

• Bolt and Checkout.com partner for frictionless commerce.
• Rewards startup Fetch secures $50 million from Morgan Stanley for credit growth.
• Wealthfront postpones IPO plans.
• Affirm Holdings director Keith Rabois sells over $318K in shares.
• Cloud banking tech provider nCino acquires DocFox.
• Marco raises $12 million to support LatAm trade finance.
• PayPal-backed NX Systems secures $24 million to streamline automotive payments.
• Prizepool receives cease-and-desist order from FDIC for misleading statements.
• DLocal appoints Pedro Arnt as CEO, replacing Sebastián Kanovich.
• Ryan Zauk joins OMERS Ventures as a fintech investor.
• Klarna targets Visa and Mastercard with open banking push.

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