Affinity Africa, a digital banking startup based in Ghana, has raised $8 million in seed funding to further expand its financial products. The fintech, which has onboarded over 50,000 customers since its launch in October, aims to bridge the financial inclusion gap in Ghana, where mobile money dominates.
The company’s digital platform focuses on offering free savings and current accounts, as well as extending lines of credit with low interest rates. Affinity uses mobile money, mobile app, and physical agents to reach underserved individuals and micro-businesses. Its services are tailored to the informal sector, with 65% of its users having never accessed formal banking.
Affinity’s CEO, Tarek Mouganie, comes from a finance background and has used his experience to develop solutions targeting Africa’s $331 billion credit gap. The fintech’s app enables users to access loans, savings, payments, and investment services, with a strong emphasis on low-cost, accessible banking. With this funding, Affinity aims to improve financial accessibility for Ghanaians and expand into other parts of Africa. The startup has also integrated a hybrid banking approach, blending digital services with in-person support from agents, helping to build trust and ensure adoption.
The seed funding round was led by European VC firms Grazia Equity and BACKED VC, with additional backing from Enza Capital, Launch Africa, and other investors.
