Renew Capital, a company that invests in businesses that create positive impacts, has chosen Ghana for its first investment in Africa. They’re partnering with Affinity, a fintech company, to help it grow not just in Ghana but across the entire continent.
This marks Renew Capital’s debut investment in Africa, coming hot on the heels of their latest tech fund launch, Renew Venture Lab Fund 2, in February 2024. Their goal is to back businesses in Africa that use technology to grow and don’t require heavy physical assets.
Before Renew Capital jumped in, Launch Africa Ventures had already invested in Affinity and included it in their group of supported companies. However, Renew Capital is bringing a fresh wave of support to help Affinity achieve its expansion dreams.
Renew Capital focuses on backing innovative companies with big potential for growth. They manage investments for a group called Renew Capital Angels.
In February 2023, they started the Renew Venture Lab Fund series, aimed at giving a boost to early-stage tech companies. The latest in this series, Renew Venture Lab Fund 2, will be scouting for around 50 tech startups all over Africa.
Renew Capital is excited about what Affinity can achieve, especially in Ghana. JC Oelofse, Renew Capital’s investment head, highlighted that this investment marks their first step into Ghana and they’re eager to support Affinity’s goal of reaching more people with financial services.
There are still millions in Africa who lack access to basic financial tools, and Renew Capital wants to change that.
Affinity, which has been operating digitally since 2010, has been expanding its services steadily. They acquired a microfinance business in Ghana back in February 2020 and got a savings and loan licence from the Bank of Ghana by March 2022.
Their services include everything from basic banking like current and savings accounts to more advanced services like investments, transfers, payments, and loans.
The CEO and founder, Tarek Mouganie, emphasised that Affinity’s strategy revolves around making financial services affordable and accessible through digital channels.
With Renew Capital’s backing, Affinity aims to continue its mission of promoting financial inclusion across sub-Saharan Africa. They’re dedicated to reaching individuals and small businesses that have been left out of traditional banking systems.
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