Renaissance Capital offers support to Nigeria tech, fintech startups
Following the inauguration of the Nigerian tech and fintech virtual conference held on the 9th of September 2021, Renaissance Capital (Ren Cap) has said it is committed to supporting the tech ecosystem in Africa.
The company said its new mission is to accelerate the African tech and fintech space by focusing on large corporate to intensify its efforts to boost Africa’s tech ecosystem having worked with Fawry, Fairmoney and GlobalAccelerex.
“As we’ve always done in public markets, we will once again lead with knowledge and transparency to help reduce the friction with sourcing equity or debt capital for tech companies, driving exits, mergers and acquisitions, by connecting entrepreneurs with financiers and strategic investors around the world.” Adesoji Solanke, Director, Equity Research Analyst, Frontier / SSA Banks & Fintech at Renaissance Capital.
2021 has been a breakout year for the Africa tech ecosystem. Since the beginning of the year, there has been a landmark fundraising transactions which attracted global venture investors such as SoftBank, Sequoia and Tiger Global.
These investments brought about new unicorns coming to life, like Flutterwave, OPay and Wave being which all happen to be in the fintech space.
According to Global Finance Magazine, Ren Cap is a top broker in Nigeria with almost 70 percent market share in value terms. Across Africa, tech companies have raised over $2.5 billion over 450 deals, which is more than double what was raised in august 2020 and more than 30 percent above what was raised at the end of 2020.
There is a wide range of solutions that entrepreneurs are looking forward to provide within the fintech environment. These include agency banking, digital wealth management, open banking, offline and online acquiring, digital lending among others.
On venture funding in Africa, Nigeria, Kenya, South Africa and Egypt are the leading countries. While Nigeria tops the list with a 43 percent share with $952 million raised across over 110 transactions, other startups with headquarters in these countries have closed about 90 percent of total funds raised in Africa.
Renaissance Capital is committed to supporting the ecosystem in three primary ways which include Advisory across equity, financing, debt, mergers and acquisitions, Tech and Fintech Research and Venture Investing.
“We have strengthened our team significantly over the past month to focus on these new initiatives and we continue to invest in our Africa franchise as we remain firmly committed to supporting investors and founders like we’ve been doing for well over a decade in Africa.” Adesoji said.
Highlights of the conference was panel discussions on various topics including digital asset and wealth management with Odunayo Eweniyi, Co-founder and COO, PiggyVest, Razaq Ahmed, Co-founder and CEO, CowryWise, Tosin Osibodu, CEO, Chaka, Eric Idiahi, Chairman, Tangerine Financial as panelists.
Mobile money and agency banking was discussed by Tosin Eniolorunda, founder and CEO, TeamApt, Olaoluwa Awojoodu, CEO E-settlement limited, Elsa Muzzolini, GM, Commercials Mobile Financial Services, MTN Nigeria, and Tunde Ogungbade, GMD Accelerex Holdings.
Also, on venture capital, panelists who include Omobola Johnson, senior partner, TLcom capital, Iyinoluwa Aboyeji, managing partner, Future Africa, Ruby Nimkar, principal, Green House Capital, Wale Ayeni, acting global head, International Finance Corporation discussed, among other panel discussions.
The conference happened to be the first proper conference, as the company has built investment banking teams across Africa and currently has a number of ongoing transactions.