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African fintech start-ups Float and Asaak have been gaining traction recently and have recently secured funding from venture capitalists, signifying a shift in the African tech landscape.

Float and Asaak are two of the most promising African fintech start-ups and have paved the way for the future of African fintech.

This article will examine the history and present state of these two start-ups and their impact on the fintech industry in Africa.

Overview of African fintech

Africa has experienced significant growth over the past few decades, with technological advancement opening up vast business opportunities. In addition, the digital revolution in Africa has led to increased access to financial services as manifested by budding fintech start-ups. This has enabled African citizens to utilize financial inclusion by leveraging mobile payment systems, peer-to-peer payments, microloans and currency exchange services.

In recent years, many African fintech start-ups have received investment funding from venture capitalists and other investors who recognize the potential of this disruptive technology. Two examples of these rapidly growing companies are Float and Asaak – two African fintech start-ups that have recently gained international attention and investment after receiving major financial boosts.

Float is focusing on using cutting edge technology to make fintech available to all Africans regardless of their current status in society or developing countries; it is doing this by connecting existing banks directly with existing customers through its modern mobile banking system, enabling easy access anywhere at any time. Asaak on the other hand is providing a microlending platform for small business owners who cannot access traditional bank financing, capitalizing on digital innovation in its operations.

These two companies exemplify how disruptive technologies can provide economic opportunities to those at the socio-economic margins and open up new markets across Africa while driving an overall improvement in financial inclusion efforts on the continent.


Float, one of two African fintech start-ups gaining traction in technology, has recently announced that it has secured a $50 million Series A funding round.

This funding will further the company’s mission of helping small business owners access capital, providing them with the financial tools needed to succeed. Float has a vision to make it easier for small businesses to access capital and grow in Africa, and this recent funding is a huge step towards achieving that goal.

Overview of Float

Float is an African fintech start-up providing cost-effective and secure banking, payment and remittance services in closed economies. The company focuses on leveraging technology to provide access to financial services to unbanked individuals, savings groups and microenterprises — many of whom would not otherwise have access. Founded in 2017 by former venture capital investor Tashi Dorji, Float has raised $5 million from various investors.

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Float’s platform enables users to make payments and accept any currency with its proprietary e-payment gateway — expanding the reach beyond local currency and borders — and withdraw money whenever they need it from any bank or digital wallet. Float also offers remittance services that allow African migrant workers to send money back home quickly and securely through their interactive mobile app or web platform. The funds are conveniently transferred directly into recipient’s personal bank account or EFT enabled digital wallet at significantly lower costs than the traditional providers.

In addition, Float offers low-cost banking tools such as interest bearing accounts, current accounts, line of credit facilities, overdrafts and loan syndication across peers in other countries without cost constraints or additional paperwork commonly associated with international transfers.

Funding and growth

Float and Asaak, two African fintech start-ups, have gained significant funding to verticals of the future in Africa. Float has secured €14 million whereas Asaak has secured €23 million as part of their financial growth.

This investment will allow Float and Asaak to continue to grow and expand their services into new regions across the continent. The funding will also enable the companies to strengthen their existing businesses by improving their existing technology platforms and subsequent product offerings.

Float is a mobile payments start-up that supports digital wallets for cross-currency payments and money transfers. Asaak is a digital marketplace for businesses that allows them to access financial products without paperwork.

The investments made by major organizations such as Eurazeo Growth signal optimism about Africa’s future path regarding technology, especially regarding payment solutions and access to service capital provided by fintech start-ups. Furthermore, this provides great potential for investors looking at opportunities in Africa related to financial services.


Float and Asaak, two African fintech start-ups, have recently gained substantial funding. As a result, float, based in Nigeria, and Asaak in Ghana have been recognized as leading technologies in African fintech. In addition, these two companies have raised the bar for future African fintech start-ups, showing the potential of African fintech on the world stage.

Look at Float and Asaak’s role in the African fintech landscape.

Overview of Asaak

Asaak is an African fintech start-up from Ghana that provides financial services to individuals, small businesses, and institutions throughout the continent. The company was founded in 2018 by CEO Afua Osei, former Google Africa Director Srdjan Srdanovic, COO, and CFO Claire Methley to create a comprehensive financial platform. Asaak has gained traction amongst African users due to its seamless experience and competitive prices on traditional banking activities such as payments, deposits, loans, and investments.

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Asaak prides itself on its scalability – providing technology solutions to individuals and small business owners, corporate customers, government agencies, NGO’s and other institutions looking for better banking infrastructure solutions. Through their mobile App (available on both Android and iOS), businesses can access a wide range of services from transfers at no charge between businesses residing in Ghana with transactions limit up to $1000 US dollars per day or $3000 on monthly subscription; biometric authentication for admissible customer identification; online payment through MasterCard debit cards; bulk payments processing with automated reconciliation across multiple channels such as SWIFT, ACH etc.; conversion of notes into digital assets; plus foreign exchange support for currency transfers at real-time rates.

At present Asaak supports payment flows in seven African countries including Ghana & Nigeria plus others countries like South Africa soon are joining the network. In addition the company is working on deepening its existing coverage throughout West & East African markets by forming strategic partnerships drawn from the tech space ensuring consistently excellent services delivered directly over the cloud while expanding the product offerings into country specific needs.

These advancements have not gone unnoticed as Float (Ventures Platform) LLC & investX Capital have recently co-led a $6Million seed round funding, enabling Asaak’s expansion across Sub-Sahara Africa during 2021+. This strategic move puts Asaak in competition with other well established players within African Fintech arena whose current customer base surpass 10 million users combined between them (Eg: MFS Africa).

Funding and growth

African fintech start-ups Float and Asaak have recently gained significant funding that underscored the rise of the African fintech sector. As a result, both companies had seen impressive growth in recent months.

Float is a Nigerian start-up offering small businesses payment processing and trade finance solutions. With their funding from prominent venture capital firms such as GSMA Ecosystem Accelerator Funding Partners, Float has enabled more than 500 businesses to manage their finances more efficiently and make payments to suppliers faster and more conveniently.

Asaak is one of the continent’s leading digital banking platforms, offering low-cost banking services to the underbanked population in Africa by providing digital savings and loans products. They recently obtained a $20 million Series A funding led by Quona Capital, bringing their total investments to $21 million. This new investment has allowed them to significantly increase its presence across multiple African markets, investing in technology improvements and launching new products.

With this surge of financial support from international investors, both African fintech start-ups are showcasing their potential to shape the future of financial services throughout Africa and beyond. Their continued success will ensure they play a major role in driving progress on financial inclusion in years to come.

African fintech start-ups Float and Asaak gain funding

Float and Asaak, two innovative African fintech start-ups, recently gained significant funding. This is significant as these two companies are paving the way for the future of African fintech. Furthermore, by showing that African fintech companies can survive and thrive, they are inspiring other African entrepreneurs to launch fintech start-ups and take advantage of the growing industry in the continent.

Let’s take a closer look at Float and Asaak’s impact on the African fintech market.

Impact on African fintech

The African fintech industry is rapidly emerging, with start-ups like Float and Asaak gaining significant traction. Float’s AI powered platform enables financial inclusion by facilitating transactions across Africa’s digital payments ecosystem, while Asaak provides investment services in the continent’s largest markets. These fintech companies are paving the way for increased financial access and opportunities for African individuals and businesses.

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The successful funding of African fintech start-ups such as Float and Asaak signals a new wave of innovators in the technology sector who are committed to helping drive economic growth. This new injection of capital into the African market opens up access to previously unavailable resources, which will have a profound effect on how businesses operate soon. Through these companies, citizens have more options for making payments securely online and gaining access to asset classes such as investments in stocks and bonds that may have been previously inaccessible.

The arrival of float and Asaak also brings an increase in competition within the sector—traditional methods of banking can now be challenged by alternative providers who offer lower fees and higher interest rates, enabling citizens to make decisions based on price transparency rather than simply opting for bigger institutions they may not necessarily trust. The potential impact here is immense – it could mean that members of communities with less buying power or knowledge can now access financial services at their fingertips; this boosts overall financial inclusion and creates potential career opportunities, particularly among younger generations.

As we witness a shift towards digital products and services consumers use worldwide, African countries cannot afford to fall behind. Therefore, African finance technology bridging gaps that traditional methods could not fill is something to be celebrated; not only does it provide those without bank accounts with accessible financial activities but it creates an accessible path for entrepreneurs who wish to use innovative tools when managing their finances or developing innovative means for their businesses operations using available resources.

Impact on African economy

The recent investments in African fintech start-ups Float and Asaak have the potential to revolutionize the African economy in a major way. Float, an online payments platform, and Asaak, the first digital bank in West Africa, will allow more Africans to access fast, secure transactions and financial services.

In addition to offering banking services that are more accessible to remote areas of Africa, these investments provide an opportunity for communities to gain better economic stability.

Float’s technology and products are designed for easier banking processes such as money transfers and payments within and outside Africa. This would mean people could securely carry out international transactions without high foreign exchange rate costs. Furthermore, people would no longer need to wait hours or days for credit checks or wait for a trip to the local bank branch for their cash withdrawals.

Asaak’s local banking services bring both long-term savings and investment opportunities that were not easily available before – providing people with the means to build wealth at faster rates through stocks, mutual funds, and other financial products. This could give a much larger portion of African citizens access to the capital they need to start businesses, invest in property purchases or grow their resources more efficiently over time.

Overall, these investments represent a fundamental shift towards sustainable economic growth within Africa – creating more opportunities for entrepreneurs and citizens alike while accelerating the digital transformation of traditional finance on continent-wide scale.


African Fintech start-ups Float and Asaak have successfully broken through the barriers the continent has faced regarding access to funding. As a result, these two companies are paving the way for the future of African fintech and showcasing the continent’s potential to the world.

In this article we will look at how these companies have made such a successful move and how other African fintech start-ups can learn from their approaches.

Summary of Float and Asaak’s impact

Two African start-ups, Float and Asaak, have significantly impacted the African fintech space. Float, founded in 2018 and headquartered in Kenya, provides an open banking platform for financial institutions to create innovative services while enhancing customer experience. Similarly, Asaak, founded in 2018 and based in Nigeria, provides a digital wallet allowing users to make payments, send money, save personal data on the cloud and apply for loans.

Through their efforts, both companies have achieved great progress towards developing digital banking solutions; encouraging consumers and businesses to embrace the concept of mobile banking in Africa. In addition, both start-ups have secured considerable funding from venture capitalists – a testament to their potential to empower citizens across Africa with easy access to financial services.

With more Africans expected to join banks by 2022 – thanks to advances with mobile penetration rates – it is without a doubt that Float and Asaak will continue leading the way for other fintech firms on the continent as they provide innovative solutions suited for this changing regional market.