FUNDING | Ghanaian Fintech, Affinity Africa, Raises $8 Million After Crossing 50,000 Users and Over 30% MoM Growth

Ghanaian fintech startup, Affinity Africa, has secured $8 million in an oversubscribed seed round to expand its presence locally and enter new markets.

The funding round was led by:

• Grazia Equity and
• BACKED VC

with participation from:

• Enza Capital
• Launch Africa
• Renew Capital
• Finca International
• Attijariwafa Ventures
• Impact Assets, and
• notable angel investors, alongside early backer Eldon Capital.

Founded in 2022 by Tarek Mouganie and publicly launched in 2024, Affinity operates using a branchless model powered by a mobile and web app, an agent network, and a proprietary technology platform to deliver a full range of banking services more efficiently and accessibly.

As reported by BitKE in 2023, Affinity Africa was among the 23 African startups chosen to be part of the inaugural cohort of its VISA Africa Fintech Accelerator.

Following months of stealth testing, the fintech officially launched its app in October 2024 after receiving approval from Bank of Ghana, the country’s apex bank. The startup has onboarded over 50,000 customers, according to its founder and CEO, Tarek Mouganie.

Notably, 65% of its users were previously unbanked, and more than 60% are women working in the informal sector.

The fintech serves both individuals and micro-enterprises. Customers receive free savings and current accounts with no transaction limits, and the platform begins credit-scoring users based on their transaction history.

After several months of use, Affinity offers lines of credit with monthly interest rates ranging from 3% to 7%. The Accra-based fintech has disbursed over $15 million in loans across various products, with instant loans growing at a rate of 30% month-over-month and a non-performing loan (NPL) rate of 3%.

Customers can also take advantage of other banking services, including savings, payments, investments, and transfers to both banks and mobile money wallets.

Loans make up over 90% of Affinity’s revenue, with the remaining 10% derived from fees and commissions on services such as utility bill payments and internet payments via USSD and the mobile app. According to Mouganie, the company’s revenue has grown by 37% month-over-month over the past six months.

Affinity intends to use the raised capital to expand its presence in Ghana ahead of its planned International growth, further advancing financial inclusion across Africa.

“The strong, sustained growth we have seen since the launch of our mobile app shows how much local customers needed a better banking experience, without absurd fees and endless queues,” said Mouganie.

“As a customer-centric, technology-driven, fully fledged financial institution, we offer affordable, easy-to-use products, backed by a unique business model that attracts a growing base of deposits while offering the cheapest instant loans in the region.”

Meanwhile, Andre de Haes, Founder and Managing Partner of BACKED, emphasized that his firm takes a ‘founder-first’ approach.

“We could not think of a better person to build Africa’s local bank than Tarek.

He started his career investing in banks through the 2008 crisis, becoming an expert in regulation and strategy, and has built a world class banking software stack for Affinity from the ground up.

He has a unique ability to connect with and understand customers, which has materialised into extremely impressive early user numbers,” he said.

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