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VC firm, Rali Cap, secures US$30m to support African fintech startups

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A global venture collective investment platform, Rali Cap, has announced securing a US$30 million to support B2B and API-first fintech startups across Africa.

Hayden Simmons, General Partner, Rali Cap, confirmed the development in a statement, noting that FT Partners, Breyer Capital, Propel VC, Better Tomorrow Ventures, Bain Capital, Lateral Capital, a few family offices, and HNIs took part in the investment.

Rally Cap, formerly Rally Cap Ventures, was founded in 2020 by Hayden Simmons.

Formed as a global community of tech players, the VC invests in exclusive portfolio of top-tier early-stage venture funds in Latin America and sub-Saharan Africa.

Some of its portfolio companies include firms in many African cities, Latin American ecosystem, and a number of Asia-based startups.

Read also:Nigeria’s tech community, Black Girls in Tech, partners Crowdforce to build women’s capacity in industry

Speaking on the reason of targeting African fintech startups, Hayden said:

“Because of Africa’s fragmented character, it’s still too challenging to create B2C products from different regions that target a large enough total addressable market (TAM).

“APIs offer more efficient market expansion since they can help B2C fintech underwrite consumers at the last mile, sew together numerous calls, and facilitate cross-regional development.”

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