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South African fintech Franc raises $300,000 in seed funding

South Africa fintechs
The funds raised are a part of its major round of seed investment

South African fintech startup Franc has raised $300,000 in funding during the first half of the year. The funds raised are a part of its major round of seed investment, a local media reported.

Franc was established in 2018 by Sebastian Patel and Thomas Brennan. The startup is a robot-advisor largely focused on helping people who are new to equity funds in the market.

The startup is currently operating in South Africa. It is reported that another South African fintech startup AuthGate is seeking to raise capital. It is a self-funded startup and is preparing to raise its first capital, media reports said.

Fintech is rapidly evolving in the country and more international investors are considering to put their money into new startups. It appears that Kenya, Nigeria and South Africa have attracted $3.9 billion venture capital deals during the period between 2012 and 2019, media reports said.

In fact, a report titled Venture Capital in Africa: Mapping Africa’s start-up investment landscape noted that 2019 was the best year for venture capital investments in Africa since 2014. In this context, AVCA’s board Chair, ‘Tokunboh Ishmael, told the media, “Africa’s VC industry continues to grow from strength to strength and we expect 2020 to be another strong year despite global macroeconomic headwinds. The continent’s VC ecosystem showcases the best of African innovation and entrepreneurship, which has the potential to be a key source of solutions to Africa’s intractable problems and a gamechanger for the continent’s development trajectory. AVCA remains committed to supporting the VC industry by charting its growth and providing authoritative research on the asset’s fundraising, deal, and exit activities.”

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