Panache Ventures, the Canadian pre-seed venture fund, has formed a strategic partnership with Kora, the Africa-focused fintech firm, intending to help African tech founders secure venture capital funding. The collaboration was announced at a recently concluded event in Lagos, Nigeria, jointly hosted by Panache Ventures and Kora, in a response to the difficulties African tech entrepreneurs encounter when seeking funding, which often impede their operations and expansion.
In the same gathering, PiggyVest’s CEO, Somtochukwu Ifezue, hinted at the possibility of the fintech company going public in the coming years.
Founded in 2017, Kora serves as a payment gateway for local and international merchants, easing payments across several African markets, such as Nigeria, Ghana, and Kenya. The fintech platform supports multi-currency transactions, facilitating cross-border payments for business owners in these countries.
In addition to this, Kora caters to various sectors, including gaming and betting, hospitality, e-commerce, and travel. It even launched a feature enabling users to accept USD payments, called the USD card-acquiring feature, in March 2023.
Kora penetrated the UK market in 2022, opening an office in association with the West Midlands Growth Company, an entity of the Birmingham government. This partner organization aims to spur regional investment and boost economic growth for the West Midlands and the UK at large.
During the event, Kora’s CEO, Dickson Nsofor, underlined the objective of the alliance with Panache Ventures. Nsofor stated, “Through forging partnerships, offering mentorship, and providing guidance concerning funding opportunities, our intention is to cultivate groundbreaking startups that will reshape Africa’s technology scene.”
Prashant Matta, General Partner at Panache Ventures, who spearheads the firm’s investment in Kora, also addressed the gathering. Matta recognized the entrepreneurial drive prevalent in the African tech domain and noted that collaborations and dialogues resulting from the event will prove vital for the region’s innovative startups.
