# Affinity Africa Finance

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/affinity-africa-finance

- Industry: Financial Services
- Headquarters: Accra, Ghana
- Website: www.affinityafrica.com
- Total disclosed funding: $8M
- Latest round: Seed (Feb 11, 2025)
- Investors on record: 9

## About

Affinity Africa Finance Limited is a digital banking company focused on delivering affordable financial services to underserved populations and micro, small, and medium enterprises in Africa.Founded in 2022 in Accra, Ghana, Affinity Africa Finance Limited specializes in providing digital banking solutions. The company has engaged in two significant deals to date, with its most recent deal occurring on February 11, 2025. Affinity Africa has raised a total of USD 8.00 mn, primarily through its SEED funding round, which attracted investors including Grazia Equity, Backed VC, and several others. The company was established by a team with backgrounds in finance and technology, although specific founder details are not disclosed.Affinity Africa offers a comprehensive suite of digital banking products designed to provide affordable financial services to underserved and unbanked populations, as well as micro, small, and medium enterprises (MSMEs). The core product offerings include personal and SME accounts, savings accounts, payment processing, money transfers to banks and mobile wallets, investment options, and loan services. These offerings are powered by a proprietary technology platform that enables 24/7 banking access, catering to both digitally savvy individuals and those with limited digital literacy. The platform aims to drive financial inclusion by providing cost-effective services with no monthly fees or transaction charges. Affinity Africa primarily serves the Ghanaian market but is targeting international expansion to reach more customers across the African continent.Affinity Africa generates revenue primarily through its transaction-based model, which is characterized by seamless digital banking interactions between the company and its customers. The business structure may involve direct-to-consumer transactions where individual clients utilize the platform for banking services such as savings, payments, and loans without incurring traditional banking fees. For example, customers can open accounts and make transactions without monthly charges, thereby increasing usage frequency and customer retention. The blend of personal and SME-focused services, along with a commitment to affordability, positions Affinity Africa as a key player in the financial services sector within Ghana and potentially in other markets as it expands.In February 2025, Affinity Africa raised USD 8.00 mn in SEED funding, co-led by Grazia Equity and Backed VC, with participation from other new investors. This funding will be utilized to expand digital banking services, enhance accessibility, and increase access to credit for underserved individuals and small businesses in Ghana. The company is actively designing upcoming products aimed at improving financial inclusivity and accessibility, with plans to launch these initiatives throughout 2025. Additionally, Affinity Africa is targeting geographic expansion beyond Ghana to reach other markets in Africa, although specific regions have yet to be disclosed.

## Funding rounds

- Seed, Feb 11, 2025, $8M — Grazia Equity, Attijariwafa Bank, ImpactAssets, Backed VC, FINCA Ventures, Enza Capital Management, Launch Africa Ventures, Renew Capital, Eldon Capital Management

## Investors

- Grazia Equity (https://capitalatlas.ai/funds/grazia-equity) — Seed
- Attijariwafa Bank — Seed
- ImpactAssets — Seed
- Backed VC (https://capitalatlas.ai/funds/backed-vc) — Seed
- FINCA Ventures (https://capitalatlas.ai/funds/finca-ventures) — Seed
- Enza Capital Management (https://capitalatlas.ai/funds/enza-capital-management) — Seed
- Launch Africa Ventures (https://capitalatlas.ai/funds/launch-africa-ventures) — Seed
- Renew Capital (https://capitalatlas.ai/funds/renew-capital) — Seed
- Eldon Capital Management (https://capitalatlas.ai/funds/eldon-capital-management) — Seed