About seven acquisitions took place in the African tech ecosystem in Q1 2023, according to BD Funding Tracker. Although both parties denied the $40 million acquisition, the conversations reportedly started during the fintech's seed fundraising cycle. The intra-South African fintech acquisitionSouth African neobank Fin acquired Thuthukani, a Pretoria-based fintech startup for an undisclosed amount. According to BD Funding Tracker, funding for African tech startups plunged by 36.8% compared to the same period last year. The acquired company is then either integrated into the acquiring company or operates as a subsidiary.

Source: The North Africa Journal April 13, 2023 14:01 UTC