In the latest Y Combinator winter batch, only three African startups made the cut, signalling a shift from previous cohorts.
Cleva, specialising in cross-border payments and recently securing a $1.5 million pre-seed, and Miden, a product of Tyrus Technologies offering APIs for virtual MasterCard and Visa payment cards, are the disclosed startups. Additionally, a Kenyan traveltech is reportedly part of the batch.
It’s noteworthy that YC has limited its investment to a maximum of three startups in this batch, a change possibly initiated since the 2023 winter batch. This adjustment aligns with Y Combinator’s trend, as it had reduced cohort size by 40% in 2022, citing market conditions.
Delving into the startups, Cleva, founded in August 2023 by Tolu Alabi and Philip Abel, former Stripe and AWS employees, facilitates international payments globally.
Officially registered as a Money Service Business (MSB), Cleva claims to have processed over $1 million in monthly payments, experiencing significant revenue growth.
On the other hand, Miden, launched in 2022 by Tyrus Technologies, focuses on virtual card solutions and embedded finance.
With over 50,000 cards issued as of October last year and monthly transaction volumes exceeding $1.5 million, Miden boasts a 100% customer retention rate.
This Y Combinator cohort’s smaller size reflects the accelerator’s adaptability, as explained by Lindsay Amos, YC’s head of communication.
Both Cleva and Miden showcase the diversity and innovation emanating from the African tech scene, addressing global challenges in cross-border payments and virtual card programs.
Related Posts
Educatly plans MENA expansion after banking seed funding
Rubyx secures $440k loan from Proparco
