Affinity Africa secures $8 million seed funding, led by Backed VC
Deal News | Feb 20, 2025 | Goodwin
Affinity Africa, a Ghanaian fintech company that provides banking solutions to the underserved and unbanked populations, has successfully raised $8 million in seed funding. The investment round was led by Backed VC, a frontier tech venture capital fund that invests in exceptional seed-stage founders in Europe. The round also saw participation from investors such as Grazia Equity, Enza Capital, Launch Africa, Renew Capital, Finca International, Attijariwafa Ventures, ImpactAssets, and Eldon Capital. The funding will aid Affinity Africa in enhancing its digital banking platform capable of leveraging both online and offline distribution channels to make banking affordable for individuals and MSMEs. Goodwin's London and Cambridge Technology team, headed by Adam Thatcher and Emily Townsend, advised Backed VC in this transaction. Backed VC is known for its investments in fintech companies, having supported firms like Thought Machine and BCB Group.
Sectors
- Fintech
- Venture Capital
Geography
- Ghana – Affinity Africa is a Ghanaian fintech company.
- United Kingdom – Backed VC is based in Europe, and Goodwin's London and Cambridge Technology team advised on the investment.
Industry
- Fintech – Affinity Africa is a fintech company focused on providing banking products to underserved and unbanked populations in Ghana.
- Venture Capital – The article involves the investment activities of Backed VC, a venture capital firm.
Financials
- $8 million – The total amount raised by Affinity Africa in seed funding.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Affinity Africa | Target company | Company | A Ghanaian fintech company providing banking solutions to underserved populations. |
| Backed VC | Lead investor | Company | A frontier tech venture capital firm investing in seed-stage companies. |
| Goodwin | Legal advisor | Company | The law firm advising Backed VC on this investment. |
| Grazia Equity | Investor | Company | One of the investors in the seed funding round. |
| Enza Capital | Investor | Company | One of the investors in the seed funding round. |
| Launch Africa | Investor | Company | One of the investors in the seed funding round. |
| Renew Capital | Investor | Company | One of the investors in the seed funding round. |
| Finca International | Investor | Company | One of the investors in the seed funding round. |
| Attijariwafa Ventures | Investor | Company | One of the investors in the seed funding round. |
| ImpactAssets | Investor | Company | One of the investors in the seed funding round. |
| Eldon Capital | Investor | Company | One of the investors in the seed funding round. |
| Adam Thatcher | Lead Lawyer | Person | A member of Goodwin's Technology team advising on the investment. |
| Emily Townsend | Lawyer | Person | A member of Goodwin's Technology team advising on the investment. |