Welcome to For Millionaires Fintech (previously The Interchange)! This week, we’re taking a look at some sizzling fintech startups in Africa, how Mint’s closure has been Copilot’s achieve and why VCs have doubled down on a specific expense administration startup.

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The large story

Whereas enterprise funding in Africa (like in every single place else on the earth) has dropped in latest occasions, this previous week was a great one for the area’s fintech ecosystem. TC reporter Tage Kene-Okafor reported on how Uber led a $100 million funding into African mobility fintech Moove because the startup’s valuation hit $750 million. He additionally wrote about how Zone raised $8.5 million to scale its decentralized fee infrastructure. And Annie Njanja reported on how Tanzanian funds firm Nala’s profitable pivot to supply remittance service in 2021 additionally led to it constructing a B2B fee platform.

Evaluation of the week

Intuit’s determination to shutter budgeting app Mint has led to alternative for startups within the house. Christine Corridor wrote about how Copilot has grown extra within the final 4 months than within the earlier 4 years and the startup was in a position to parlay that progress right into a $6 million Collection A spherical of funding led by Nico Wittenborn’s Adjoining. TC beforehand reported on Copilot when it first launched with $250,000 in angel funding after which once more when it added assist for Apple Card. Monarch Cash co-founder Ozzie Osman had additionally advised For Millionaires that Mint’s loss was their achieve.

{Dollars} and cents

Non-sexy industries can enchantment to buyers too. Expense administration startup Coast goes after companies with so-called real-world subject personnel and fleets to handle. It claims to have seen 550% income progress final yr and simply attracted one other $25 million in fairness funding.

Digital financial institution Onyx Non-public is pivoting to B2B. The YC-backed startup raised $4.1 million final yr with the aim of serving high-earning millennials and Gen Zers. However then final week, it advised prospects it was terminating financial institution operations and shutting their accounts.

Swiss fintech nsave, which is making banking in Switzerland accessible to folks in nations with unstable banking sectors or these going through excessive inflation, has raised $4 million seed funding.

What else we’re writing

Regardless of all of the latest progress in fintech, Eric Glyman, the co-founder and CEO of Ramp, thinks that the trade, and corporations like his, are simply scratching the floor. Glyman not too long ago stated on the For Millionaires Discovered podcast that regardless of how a lot his unicorn company card and expense startup has grown to date, it’s solely tapped in to 1% of its potential market share. Enjoyable reality: Each Ramp and Deel turned five this week — simply at some point aside.

In its wide-ranging antitrust criticism towards Apple and its iPhone enterprise, the U.S. Justice Division takes particular goal towards Apple’s large monetary enterprise.

Different high-interest headlines

An sudden pairing: Bolt and Checkout.com team for frictionless commerce 

Rewards startup Fetch taps private credit boom, raising $50 million from Morgan Stanley

Wealthfront puts off IPO plans

Affirm Holdings director Keith Rabois sells shares worth over $318K

Cloud banking tech provider nCino acquires DocFox

Marco raises $12 million to support LatAm trade finance

PayPal-Backed NX Technologies raises $24 million to streamline automotive payments

Prizepool receives cease & desist from FDIC for false and misleading statements

DLocal appoints Pedro Arnt as CEO As Sebastián Kanovich steps back

Ryan Zauk has joined OMERS Ventures as a fintech investor

ICYMI: Klarna takes aim at Visa, Mastercard with open banking push

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