Ghanaian fintech Affinity Africa has raised $8 million in a seed round led by European firms Grazia Equity and BACKED VC.
The digital bank serves individuals and micro-enterprises with free savings and current accounts, no transaction limits, and a built-in credit-scoring system.
Why it matters
The Accra-based startup has disbursed over $15 million in loans, with instant loans growing 30% month-over-month and a low non-performing loan (NPL) rate of 3%.
By the numbers
- 50,000 customers onboarded since launch, with 26,000 joining via agents and 24,000 through the app.
- 55% of agent-acquired customers have transitioned to using the mobile app.
- Deposit inflows have grown 54% month-over-month, with 89% coming from mobile money top-ups.
- Loans drive 90% of revenue, while fees and commissions on services like bill payments make up the remaining 10%.
The big picture
Affinity’s hybrid model relies on a network of 30 agents who meet small businesses in person, easing their transition into digital banking.
The fintech is now refining its strategy to use agents primarily for onboarding and digital literacy.
What they’re saying
- “This shift has led us to rethink our agency strategy—focusing on using agents for onboarding, initial education, and driving digital literacy to encourage app adoption. We’re excited to refine this hybrid growth approach as we scale,” said founder and CEO Tarek Mouganie.
- “We couldn’t think of a better person to build Africa’s local bank than Tarek,” said Andre de Haes, managing partner at Backed VC, one of Affinity’s investors.
Source: Techcrunch
