A series of developments involved Japanese and Japanese-affiliated companies strengthening their presence in Africa. Nigeria-based Yellow Card completed a $40 million fundraising round, while Moove raised $250 million, among a number of initiatives accelerating local expansion.
Nigeria-based stablecoin trading platform Yellow Card raised $40 million from multiple investors, including Standard Chartered's CVC arm SC Ventures and Sony Innovations Fund. Total funds raised have exceeded $120 million, with the company aiming to expand its payments network through Global USD Accounts.
Nigeria-based Moove raised $250 million in a Series C round to expand its business, including the use of affiliated autonomous vehicles. The company was valued at $2.1 billion and is proceeding with fleet and charging-infrastructure expansion, as well as the development of autonomous-driving hubs.
Kenya-based Peach Cars received a total of ¥600 million in loans from Japan Finance Corporation and Shoko Chukin Bank. The funds will be used to expand its network of locations, improve vehicle inspection capacity and provide vehicle financing.
South Africa-based Dunlop Tyres South Africa completed 17 billion rand of investment over 3 years in its manufacturing facility in KwaZulu-Natal. The investment expanded production capacity and introduced new technology enabling the manufacture of ultra-low-rolling-resistance tires.
Côte d'Ivoire-based Olam Agri acquired ASAF, a natural rubber processing company, expanding annual processing capacity to approximately 352,000 tonnes. The government is promoting investment in secondary processing and supporting efforts to strengthen access to raw materials.