Grace Ashiru
Ghanaian fintech startup Affinity Africa has raised $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 Capitall, Finca International, Attijariwafa Ventures, Impact Assets, and early supporter Eldon Capital.
Founded in 2022 by Tarek Mouganie, Affinity Africa operates using a branchless model powered by a mobile and web app, an agent network, and proprietary technology to deliver a wide range of banking services. These 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 attracted over 50,000 customers in Ghana, with 65% being first-time bank users and 60% women from the informal sector.
This latest funding will help Affinity Africa strengthen its presence in Ghana and expand into new markets, with the goal of bridging the financial inclusion gap across Africa. The company plans to improve its platform and services to better serve underserved and unbanked individuals, as well as micro, small, and medium enterprises (MSMEs).
Tarek Mouganie, Founder and CEO of Affinity Africa, said: “The strong, sustained growth we have seen since the launch of our mobile app demonstrates the local demand for a better banking experience, free from absurd fees and endless queues. This oversubscribed funding round is a testament to the belief in our vision and the opportunity to create real, lasting change, starting in Ghana.”
Andre de Haes, Founder and Managing Partner at BACKED VC, commented: “We couldn’t 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 translated into extremely impressive early user numbers.”
This investment highlights the growing confidence in fintech solutions that tackle the unique financial challenges faced across Africa, positioning Affinity Africa as a key player in the region’s digital financial ecosystem
Tarek Mouganie, Founder and CEO of Affinity Africa, said: “The strong, sustained growth we have seen since the launch of our mobile app demonstrates the local demand for a better banking experience, free from absurd fees and endless queues. This oversubscribed funding round is a testament to the belief in our vision and the opportunity to create real, lasting change, starting in Ghana.”
Andre de Haes, Founder and Managing Partner at BACKED VC, commented: “We couldn’t 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 translated into extremely impressive early user numbers.”
This investment highlights the growing confidence in fintech solutions that tackle the unique financial challenges faced across Africa, positioning Affinity Africa as a key player in the region’s digital financial ecosystem.
Maha Bennani, CEO and Founder of LNKO, stated: “We’re excited to welcome Beltone Venture Capital as our partner in this next phase of growth across Africa. With their proven track record in supporting successful D2C startups, we are confident that this collaboration will accelerate our mission to make high-quality, stylish eyewear accessible to more people across the continent.”
Ali Mokhtar, CEO of Beltone Venture Capital, said: “This equity investment in LNKO marks an important step in our African expansion strategy. By partnering with LNKO, we are supporting a visionary company with tremendous growth potential. Their innovative approach to eyewear and commitment to community empowerment align perfectly with our goal of backing transformative businesses across the region.”
This investment highlights the increasing interest in the African eyewear market and underscores LNKO’s potential to lead in providing accessible and stylish eyewear solutions throughout the continent.
