Panache Ventures, a Canadian venture capital firm specialising in early-stage investments, has partnered with Kora, an African fintech company, to facilitate venture capital access for African tech entrepreneurs. The alliance was unveiled at a recent event in Lagos, Nigeria, co-hosted by both entities, addressing the funding challenges faced by African tech startups that often hinder their growth and scalability.

At the same event, the CEO of PiggyVest, Somtochukwu Ifezue, alluded to the potential of the fintech firm becoming a publicly-traded entity in the foreseeable future.

Established in 2017, Kora operates as a payment platform for merchants both within Africa and internationally, simplifying transactions in key African markets including Nigeria, Ghana, and Kenya. The platform is adept at handling transactions in multiple currencies, thereby enabling seamless cross-border commerce for entrepreneurs in these regions.

Moreover, Kora serves a diverse range of industries such as gaming, hospitality, e-commerce, and travel. In March 2023, it introduced a USD card-acquiring feature, allowing users to process payments in US dollars.

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Expanding its reach, Kora established a presence in the UK market in 2022 by opening an office in collaboration with the West Midlands Growth Company, a Birmingham government initiative aimed at driving investment and economic development in the West Midlands and the broader UK.

Kora’s CEO, Dickson Nsofor, emphasised the purpose of partnering with Panache Ventures during the Lagos event. Nsofor expressed the goal of nurturing innovative startups that are poised to transform Africa’s tech landscape through strategic partnerships, mentorship, and guidance on funding avenues.

Prashant Matta, a General Partner at Panache Ventures who leads the firm’s investment in Kora, also spoke at the event. Matta acknowledged the vibrant entrepreneurial spirit within the African tech sector and highlighted the importance of the collaborations and discussions fostered at the event for the future of the region’s pioneering startups.