African Fintech Startup Fundall, is a financial technology platform that gives consumers the opportunity to save, invest, split bills with their money is set to build the first financial super app on the continent. Their acquisition of the startup’s majority by Emerging Africa Group will play pivotal role in achieving this.
A huge fundamental shift is happening in today’s financial business services. This causes the industry’s reliance on manual services to continually dwindle. And this trend will continue as technology develops and pervades every part of our lives.
However, the idea on how to use new technologies has further created a setback for financial services companies. This includes the space of developing their business and additionally moving away from traditional business means. To further improve accuracy, efficiency, and client experience.
The African Fintech Startup Space Embracing Financial Super Apps
The financial super app in the African fintech startup space is continuously shaping the continent’s booming tech landscape. Africa is one of the world’s fastest-growing app markets. Nigeria, Kenya, and South Africa, the three largest markets in Sub-Saharan Africa, are among the top 30 global app downloaders. And this trend, driven by the pandemic, projects continuity.
AppsFlyer and Google have released a new report that delves into the thriving app business in Sub-Saharan Africa. The analysis indicated that app installs increased by 41%. This is from the start of the pandemic Q1 2020 to Q1 2021, based on a review of 2 billion installs across 6,000 apps.
Furthermore, super apps with their many features, marketplaces, or products, have gained traction as these sectors grow. Fintechs, in particular, have been a shining example of African innovation. This is in regards to how they’ve responded to African difficulties in their own unique way, lighting the way forward for all app marketers to follow.
Emerging Africa Group Investment with Fundall
Emerging Africa Group is one forerunner in the financial services industry. The firm continually reinvents itself to be a groundbreaking startup in the current digital revolution.
The purchase of a majority equity investment in Fundall heightens the status of the firm. The brand stands as one of Nigeria’s most innovative fintech businesses primed to become the “Revolut for Africans.”
Fundall is creating Africa’s first financial super app to help people and businesses spend wisely. Also, manage money, and develop money-from day-to-day living to long-term planning.
This investment comes after Fundall’s previous capital raise in October 2020. The investment was primarily used to fund the acquisition of a microfinance bank. Serving as part of the company’s effort to strengthen its operational framework and license in order to exceed both regulatory and customer service expectations.
Fundall intends to use the new capital to expand its product and service offerings, alongside its online and offline visibility. This will cause a considerable rise in digital transaction processing and service delivery on its platform.
“Fundall is currently leading the innovation in bundling financial services into a single and central platform for people to access personal & business finance in Africa, we are changing the status quo. With one single sign-up to Fundall, customers are able to spend, get credit, use money management tools and invest in mutual funds or stocks from one app. We have seen a similar reflection in the Emerging Africa Group’s strategy via its existing subsidiaries and we believe this investment will leapfrog growth for both brands”, said Taiwo Obasan, CEO Fundall.
Toyin F. Sanni, founder and CEO at Emerging Africa, likewise released the following statement regarding the acquisition,
“We are excited by how digital technology can readily provide scale in terms of processes, distribution and access to financial services and we believe our investment in Fundall will enable us to provide everyday Africans with easy access to powerful and flexible banking and wealth management services typically reserved for the wealthy and ultrarich.
“We are confident that our world-class expertise, innovative products and unique knowledge of the African financial services and business landscape will, combined with cutting edge technology, birth the future of finance in Africa which we believe will revolutionise financial services by giving individuals and businesses accessible control over their financial affairs”, she added.