Cape Town-based venture capital firm HAVAC has successfully completed its third investment in the Kenyan fintech business Tanda. Investment from the company’s $20 million HAVAC Universum Core African Fund is being made in conjunction with three more investors, including DFS Lab, as part of a current pre-series A investment.
With the continuous assistance of HAVA-C, Tanda is well-positioned to continue resolving two of Africa’s biggest growth concerns.
These difficulties include digitizing retail payments to enable speedier, more affordable, and more feasible transactions as well as providing unbanked Africans and small companies with access to crucial financial services like lending, savings, and wealth management. Tanda is in a good position to keep overcoming these difficulties.
Over the next 15 months, the company will be able to expand operations in Kenya and East Africa, speed up product development, and invest in important strategic partners thanks to the finance.
In addition, Tanda is launching a new brand identity to more accurately reflect its expanding product line.
These include Tanda Trader, an app that enables businesses to receive payments, sell digital goods, and obtain financing; Tanda Pocket, a digital wallet with virtual cards that can be used to make purchases, track finances, and set a budget; and Tanda I/O, an API library that streamlines how businesses collect and distribute payouts across mobile networks, agents and utility service providers.
The revelation follows recent HAVAIC investments in ShopEx, FinAccess,, and Talk360, which expand the venture capital firm’s portfolio of 17 early-stage African digital companies with high potential.
Presently, the portfolio companies managed by HAVAIC serve five million clients globally across more than 180 nations. The portfolio was successful in securing 110 million dollars in fresh funding in 2021, increasing its revenue by 160 percent.
Until this day, HAVIAC has conducted four successful international exits, delivering annualized profits well beyond its annual aim of 30%.
Techbuild’s take
Since its first introduction in 2018, Tanda has built one of Africa’s largest open agent networks that is accessible to all financial service providers, optimized interactions between customers and businesses, and opened up the ecosystem so that other developers may add new products.
The business has handled over four million transactions in the last four years. Additionally, it has aided over 800,000 people, over 100,000 developers, like Twiga Foods and Bento, as well as over 30,000 businesses.
The funding comes after two earlier rounds, in 2019 and 2020, all of which were spearheaded by HAVAC, the original investor in Tanda.
Don’t miss important articles during the week. Subscribe to techbuild weekly digest for updates
