Nigeria launched a $618 million fund on Tuesday to support tech and creative sectors for young investors who struggle to raise capital in Africa’s largest economy.
The fund – targeting 15 to 35-year-olds – comes at a time when there are concerns locally about the failure of U.S. startup-focused lender SVB Financial Group, which has supported startups in Nigeria.
So far only Chipper Cash, a cross border payments startup, has said it had $1 million in SVB. Some of the biggest startups, including e-commerce firm Jumia and Africa-focused fintech firm Flutterwave, told Reuters they had no exposure to the bank.
So far only Chipper Cash, a cross border payments startup, has said it had $1 million in SVB. Some of the biggest startups, including e-commerce firm Jumia and Africa-focused fintech firm Flutterwave, told Reuters they had no exposure to the bank.
But most startups still struggle to attract funding because banks demand that they provide collateral, which they do not have.
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