E-Financial
TLcom Secures First Close of $150mn Pan-African Tech Fund
TLcom, the Africa-focused venture capital firm, has today announced a first close of $70mn for its $150mn Africa focused tech fund, firmly positioning the investor to become the largest independent VC firm fully dedicated to the continent.
With a first close in line with the total size of its TIDE Africa Fund closed in 2020, TLcom’s second fund sees participation from Allianz, the world’s largest insurance company, through AfricaGrow, its joint venture with DEG Impact (German Investment Corporation), as well as a host of new and returning investors including Bertelsmann, King Philanthropies, the TLcom team and FBNQuest from the private sector, and major DFIs such as CDC Group (the UK’s development finance institution), IFC, Proparco and Swedfund. A second close of the fund is expected later in 2022.
With its new fund, TLcom will expand its existing focus on fast-growth, tech-enabled African startups to Egypt, as well as strengthen its long-standing presence across East and West Africa. With ticket sizes ranging from $500,000 – $15mn, TLcom expects to add an additional 20 early-stage startups to its portfolio with an emphasis on Seed and Series A stages and will target entrepreneurs tackling some of the continent’s most complex challenges in sectors including fintech, mobility, agriculture, healthcare, education and ecommerce.
Speaking on the launch of the new fund, Maurizio Caio, Nairobi-based Founder and Managing Partner at TLcom, says, “Since the closing of our previous fund, African tech has secured more high-value financing rounds, exits and M&As than ever before and this is only just the beginning.
“It is becoming increasingly evident that our sector has broken into a new era of maturity driven by very strong business fundamentals that African founders are demonstrating not only in the fintech space, but across a huge number of the continent’s largely underserved markets.”
“As we partner with some of the world’s leading global investors for our new fund, this is not only an endorsement of the massive value generation upside on the continent, but also of our proven track record in identifying and supporting entrepreneurs successfully winning and redefining Africa’s key verticals.
“In order to contribute to unlocking the next phase of Africa’s huge economic upside, we’ll be mobilizing our new fund to strengthen our partnership with African founders, with a special emphasis on female entrepreneurs, as well as our role as the leading local partner of choice for global VCs increasingly looking at Africa.”
The entrepreneurs supported by the TIDE Africa Fund have amassed huge traction in recent years with total revenues across its portfolio growing 3x since investment, over 2,300 jobs created and significant up-rounds secured with participation from leading global investors including Softbank, Owl Ventures and Index Ventures.
“To-date, TLcom’s portfolio companies have raised more than half a billion dollars of capital in addition to funding issued by the TIDE Africa Fund and on average, new investments secured from these startups were priced at 5x the valuation of the initial investment received from TLcom. In 2021, the investor also announced the first unicorn in its portfolio following Andela’s $200mn Series E funding at a valuation of $1.5bn.
Abhinav Sinha, Director and Head of Technology and Telecom at CDC (soon to become British International Investment (BII)), says “We are excited to expand our partnership with TLcom. The fund’s focus on business fundamentals coupled with deep understanding of local context has been instrumental in identifying market shaping businesses and innovative entrepreneurs in Africa.
“We are confident that our continued relationship will further amplify TLcom’s ambitions to accelerate impact to consumers and businesses across Africa’s diverse markets.”
Martin Ewald, Lead Portfolio Manager Impact Investments, AfricaGrow/Allianz Global Investors, adds “One thing is clear to those who are close to the African VC market: it will grow. We at AfricaGrow believe much more is possible in terms of capital influx into the continent especially in the VC space. There is considerable upside for everyone if investment activities accelerate even more: African businesses can boost productivity, gain in terms of competitiveness and technological edge and tens of millions more Africans could gain stable employment while generating returns for investors.”
Launched in 1999, TLcom currently has in excess of $350mn worth of funds under management across primary and secondary funds and boasts one of the leading portfolios in African tech featuring 12 startups including Andela, Ajua, Autochek, Ilara Health, Kobo360, Okra, Pula, Seamless HR, Shara, Terragon Group, Twiga Foods and uLesson.
The company’s highly experienced and growing team – which is also 50% female at a senior leadership level – consists of Founder and Managing Partner Maurizio Caio based in Kenya, Senior Partner Dr. Omobola Johnson based in Nigeria, and Partners Andreata Muforo in Kenya, and Ido Sum in the UK.
With its offices based in Kenya, Nigeria as well as the UK, TLcom invests across all stages of the venture capital cycle and manages a broad portfolio of tech-enabled startups addressing a range of sectors including agriculture, education, data analytics and logistics.
Ijeoma Agboti, Managing Director at FBNQuest Funds, closes “FBNQuest Funds is pleased to have participated in the first close of TLcom’s 2nd edition pan-African Tech Fund (TIDE Africa Fund II). This follows our first close commitment to the manager’s maiden fund (TIDE Africa Fund I).
“Our decision to back TLcom on its second fund was based on the fund manager’s demonstrated track record of investing in high growth tech companies with strong business fundamentals and implementing value creation strategies that improve the operations and profitability of these companies.
“We remain confident that TLcom is well-positioned to continue to deliver on our shared objective to provide capital, the required operational support and access to international partnerships to technology companies in the Africa region through the TIDE Africa Fund II. At FBNQuest Funds, we recognize the transformational role that technology must play in narrowing the gap between industries in Africa and the rest of the world, and we are keen to play a pivotal role in enabling this growth.”
In recognition of its exceptional contributions to innovative financial solutions for Micro, Small, and Medium Enterprises (MSMEs), Fidelity Bank Plc has been awarded the 2025 Development Bank of Nigeria (DBN) Innovation Award in the Deposit Money Bank (DMB) category.
This prestigious accolade celebrates Fidelity Bank’s commitment to addressing the unique challenges faced by MSMEs, a vital segment in Nigeria’s economic growth.
Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, commented on the award, reaffirming the bank’s dedication to empowering Nigerian entrepreneurs: “At Fidelity Bank, innovation is at the heart of our strategy to support MSMEs.
“This recognition underscores our commitment to developing scalable, inclusive, and technology-driven financial solutions that create positive outcomes for our nation’s entrepreneurs. We are honored to receive the DBN award and dedicate it to our loyal customers for their continued support.”
The award was presented at the 2025 Service Ambassadors’ Awards ceremony in Lagos, themed ‘Enhancing Partnership for MSME Resilience and Growth.’ Tony Okpanachi, Managing Director of DBN, emphasized the importance of financial institutions in transforming unbankable ideas into viable businesses through advisory services.
“You, our partners, are acknowledged and celebrated for your outreach to entrepreneurs and businesses seeking to scale. We appreciate you for your role in converting unbankable ideas into bankable businesses,” Okpanachi stated.
He noted that the award aims to recognize partners who make a significant impact, focusing on storytelling and the positive changes they bring to Nigeria.
This award joins a series of landmark initiatives by Fidelity Bank aimed at supporting MSMEs. Earlier in May, the bank signed a Memorandum of Understanding (MOU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to facilitate the expansion of Nigerian MSMEs across Africa.
Additionally, Fidelity Bank launched the Fidelity SME Hub in Gbagada, Lagos—a multifunctional facility equipped with training halls, meeting rooms, networking spaces, and studios for music, photography, and content production.
This hub is designed to foster innovation, collaboration, and capacity-building, essential elements for strengthening Nigeria’s SME ecosystem and driving economic growth.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
United Bank for Africa (UBA) Plc, Africa’s Global Bank, has launched a new feature called Advance Top-Up on its USSD banking platform *919#, which is designed to provide instant access to airtime and data for its customers especially when they are out of call credit or disconnected from the internet.
The new feature which was unveiled at the UBA head office in Marina recently, allows customers to borrow airtime or data directly from their mobile devices, offering a fast, dependable solution.
Shamsideen Fashola, group head, Retail and Digital Banking, UBA, who spoke during the official launch, described the feature as a timely addition to the bank’s digital offerings and a testament to the its customer-first approach.
“At UBA, we are constantly looking for ways to make banking and everyday services more accessible for our customers. With the launch of Advance Top-Up on our USSD platform, *919#, we are giving our customers the power to stay connected without interruption, regardless of time, location, or airtime balance,” Shamsideen said.
UBA’s Advance Top-Up which is now live on *919#, joins a wide range of services on the platform, which include airtime and data purchases, money transfers to UBA and other banks, account balance checks, card blocking and freezing, online transaction controls, bill payments, and more.
Fashola emphasised the simplicity and convenience of the solution, adding that “You don’t need to download an app or visit a data centre. Just dial *919#, follow the prompt, and you’re immediately connected. It’s simple, fast, and reliable.”
Alero Ladipo, Bank’s Group Head, Marketing and Corporate Communication, added that the feature was developed based on real feedback from customers and their evolving needs.
“Our users asked for a way to stay connected when they have no airtime, and as always, we have come up with a quick solution, right there on their phones, instantly, with no fuss, and no need for internet connectivity. Whether for emergency communications or business continuity, *919# puts instant connectivity in every customer’s hands,” she explained.
She explained that only recently, the bank unveiled its newly improved Point of Sale (POS) Terminal as well as the UBA MONI App to redefine the digital payment landscape and empower small and Medium Scale Enterprises across Africa.
Economic and Financial Crimes Commission (EFCC) has said that it has uncovered a series of cyberattacks targeting Nigerian banks, with six financial institutions falling victim to highly coordinated hacking efforts by cybercriminals.
Ola Olukoyede, chairman, EFCC
Ola Olukoyede, chairman, EFCC who disclosed this during an interview posted by TVC, asserted that the anti-graft agency has recovered billions of naira and launched a robust investigation into insider collusion fueling the fraud.
He stated that the attacks were not isolated incidents but part of a sophisticated operation involving both local and international actors.
Olukoyede confirmed that ₦9.7 billion, ₦6.7 billion, and ₦3.7 billion were successfully recovered in three separate cases, preventing what could have been catastrophic losses for the affected banks.
He lamented that the methods employed by the criminals are alarming, noting that they use specialised devices.
The perpetrators, often in collaboration with insiders within the banks, gain unauthorised access to internal banking platforms.
The EFCC boss added that once access is granted, an external accomplice—frequently operating from overseas locations such as Eastern Europe or the United States—takes over the bank’s systems remotely.
He highlighted that what makes these operations especially dangerous is the active participation of bank staff.
According to him, in all the cases investigated, the EFCC has found strong evidence of insider collusion, prompting the agency to call on bank executives to audit their internal processes and personnel.
He said, “One major crisis we may face in the near future—if we don’t act decisively, which we are already doing—is the escalating issue of bank fraud.
“As I speak to you now, about six banks have been hacked by young individuals. I won’t mention their names to protect their image. In one case, we were able to recover about ₦9.7 billion for a major bank.
In another, we recovered about ₦6.7 billion, and in a third case, ₦3.7 billion was saved. This is the kind of work we are currently doing.
“Here’s how the fraud typically happens: the perpetrators use a device which they connect to the bank’s system—often with the help of insiders, particularly some bank staff. Once this device is connected, a collaborator outside Nigeria—whether in Eastern Europe, America, or elsewhere—can remotely control the bank’s platform.
“Just like a bank officer can transfer funds in and out of an account, these criminals can also move billions of naira within seconds.
“They often distribute the stolen money across multiple customer accounts, gain back-end access to these accounts, and then move the funds into digital wallets or through POS terminals, withdraw the cash, and vanish.
“The alarming part is that many banks remain vulnerable to these attacks. However, it’s important to emphasize that these fraudulent activities are not the fault of the banks themselves, but rather of some complicit staff members.
“In every single case we’ve investigated, there has been clear evidence of insider involvement. That is why we have urged bank executives to look inward. These attacks cannot be successfully carried out without the active connivance of their staff.
“This issue has drawn our full attention at the EFCC. We are working tirelessly to combat it. However, because of the potential impact on public confidence and economic stability, we are deliberately not making too much noise about it. We do not want to trigger panic or a rush to withdraw funds.”
“Nonetheless, rest assured that we are on top of the situation,” he stated.
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