TGIF. 
Lovable, the poster startup for “vibe coding” has change into a unicorn after eight months in enterprise. Yesterday, the corporate raised $200 million Sequence A at a $1.8 billion valuation. It beforehand raised $7.5 million pre-seed funding in October 2024 when it got here out of stealth, and $15 million pre-Sequence A later this February.
With $75 million in annual recurring income (ARR), traders valued Lovable at 24X a number of. Within the historical past of hockey-stick growths, that is as hockey-stick as it could get.
We surprise which startup’s subsequent? Cursor? Bolt.new? It appears AI vibe coding startups have discovered insane product-market match. Test in case your developer is a vibe coder at this time.
Let’s dive in.
- Pembani Remgro needs a controlling stake in Mawingu Networks
- Wabeh, Kenyan BNPL startup, pauses operations
- UBA needs $103 million from shareholders
- Funding Tracker
- World Vast Internet 3
- Alternatives
Web
South African fund strikes to take 35% of rural web pioneer, Mawingu Networks
Kenya’s Mawingu Networks wasn’t at all times fibre and stuck wi-fi. It began as an underdog, utilizing low cost, artistic tech like previous TV frequencies to beam web to those communities.
The corporate has spent the final decade doing what the massive telecom operators wouldn’t: bringing web entry to rural communities. Quickly, world backers like Microsoft and the US Growth Finance Company, which loaned Mawingu over $4 million, noticed potential and helped the corporate get began.
Right now, Mawingu is a a lot greater participant, and it’s buying and selling a few of its independence for scale.
Right here’s the tea
: South Africa’s Pembani Remgro Infrastructure Fund II (PRIF II), a non-public fairness car, needs a 35% controlling stake within the web firm. The deal continues to be pending approval from the Comesa Competitors Fee (CCC).
ICYMI: In 2024, Mawingu raised $15 million in debt funding to broaden its fibre and wi-fi footprint in Kenya and purchase Habari, a Tanzanian web service supplier (ISP). This cope with PRIF II may mark a turning level for Mawingu.
Why does this matter? As a result of Mawingu is making an attempt to amp up web entry. If it succeeds, the strategy to web growth and rural entry may change throughout Africa. That is greater than a deal. It’s a check of whether or not a small, purpose-driven firm can win a sport constructed for giants.
Mawingu’s rural-first strategy may show defensible or susceptible. And with new homeowners and larger expectations, there may be extra concern as as to if Mawingu can develop with out dropping sight of its mission.
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Startups
Wabeh, a Kenyan BNPL startup, pauses operations because it battles excessive mortgage defaults
Wabeh was presupposed to make smartphone possession painless, only a 30% deposit, a number of installments, and a model new cellphone is yours. The startup positioned itself as a good friend to the on a regular basis Kenyan shoppers and small retailers, creating entry to buy-now-pay-later (BNPL) for units. However now, this bridge is cracking.
Right here’s what occurred: In July, Wabeh, a Kenyan buy-now-pay-later (BNPL) startup, quietly paused operations with its vendor community, citing a must “simplify” its operational mannequin. Behind that PR lingo are rising buyer defaults, money circulation pressure, and no digital credit score licence from the Central Financial institution of Kenya (CBK).
The startup’s retail companions say reimbursement charges are collapsing. Like it’s with BNPL companies, the mortgage defaults are crippling the enterprise; lower than half of the units financed on Wabeh receives a commission again. In a enterprise the place you pay for units upfront with the hope that customers return the favour, that may be a damning sentence.
Right here’s what to know: Wabeh isn’t a lender, at the very least not on paper. But it surely operates as one—fronting money to distributors, managing repayments, and locking telephones when individuals fall behind. This sidesteps CBK’s rules. Wabeh took on credit score danger with out the instruments, capital, or protections lenders have.
This labored whereas reimbursement was excessive and the market was huge open. Now, each are slipping. And with new guidelines—just like the Enterprise Legal guidelines (Modification) Invoice, 2024—that would place BNPL fashions underneath CBK’s purview, the corporate’s middle-ground mannequin is operating out of room.
But, mortgage default isn’t peculiar to Kenyan BNPL companies like Wabeh. Throughout banking and micro-lending, the defaults are hitting new highs, and credit score suppliers are in a race to plug the a number of leaks. Wabeh needs to pause, suppose, and take a look at once more.
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Banking
UBA needs $103 million from shareholders
2025 is the 12 months when Nigerian banks are hungry for extra. UBA, a tier-1 Nigerian lender, plans to lift ₦157 billion ($103 million) in contemporary capital by a rights difficulty of three.15 billion new shares to shareholders.
In essence, for each 13 shares an present shareholder already owns, they’ve the fitting to purchase one new share at ₦50 ($0.03) per share, in comparison with the market value of ₦50.50 ($0.03). This quantities to a reduction of fifty kobo on the shut of enterprise on Wednesday, July 16, 2025. UBA’s shares closed at ₦46 ($0.03) per share on Thursday.
Why does this matter? UBA had beforehand raised ₦239 billion ($157 million) throughout a rights difficulty in November 2024. Nigeria’s Central Financial institution says business banks with worldwide licences should elevate their capital base to at the very least ₦500 billion ($328 million) earlier than the March 2026 deadline. The apex financial institution periodically mandates recapitalisation efforts to make sure banks are able to supporting the expansion and growth of the native financial system. UBA, which operates in 24 African nations, is conducting a rights difficulty to lift new capital and meet the CBN’s capitalisation targets.
Zoom out: 2025 has been bullish for Nigerian financial institution shares. Yesterday, GTCO grew to become the primary banking inventory on the Nigerian Alternate (NGX) to cross ₦100 Naira ($0.06) per share, only a week after itemizing on the London Inventory Alternate (LSE). Traders are clearly shopping for into this recapitalisation period.
Huge image: 4 banks have accomplished their recapitalisation drives: Entry Financial institution, Zenith Financial institution, Lotus Financial institution, and EcoBank. For UBA, a second capital elevate will inch it nearer to the ₦500 billion ($328 million) objective. Smaller lenders unable to lift sufficient capital by the deadline must pursue mergers, acquisitions, or have their licences downgraded.
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Insights
Funding Tracker
This week, Moroccan startup Ora Applied sciences raised $7.5 million in a Sequence A spherical led by Azur Innovation Administration, with participation from native strategic traders. (Jul 15)
Listed here are the opposite offers for the week:
- Lagos-based credit score restoration startup BFREE secured $3 million in debt funding from the Verdant Capital Hybrid Fund. (Jul 14)
- South African crypto funds resolution supplier MoneyBadger raised S$400,000 in a pre-seed spherical of funding. (July 17)
- Nigerian authorized tech startup PocketLawyers secured an undisclosed funding from Nubia Capital to broaden its AI-powered authorized instruments throughout Africa. (July 15)
- Cairo-based fintech startup PALM secured a seven-figure pre-seed funding led by 4DX Ventures, with participation from Plus VC and world angel traders. (July 15)
Comply with us on Twitter, Instagram, and LinkedIn for extra funding bulletins. Earlier than you go, what are the three tiers that outline Africa’s AI readiness on the worldwide stage? Learn right here.
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CRYPTO TRACKER
The World Vast Web3
Supply:
|
Coin Identify |
Present Worth |
Day |
Month |
|---|---|---|---|
 Bitcoin |
$120,658 |
+ 1.87% |
+ 14.33% |
| Ether |
$3,643 |
+ 8.65% |
+ 43.25% |
| XRP |
$3.62 |
+ 16.63% |
+ 66.81% |
| Solana |
$183.55 |
+ 7.01% |
+ 23.30% |
* Knowledge as of 06.30 AM WAT, July 18, 2025.
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Alternatives
- MEST Africa has opened functions for its 2026 AI Startup Programme. The 12-month coaching and incubation programme will equip West African software program builders aged 21–30 with the talents to construct scalable AI startups. Chosen members will bear seven months of hands-on coaching in Ghana beginning January 2026, adopted by a four-month incubation for probably the most promising groups. Functions shut August 22, 2025. Apply right here.
- Functions are nonetheless open for the 2025 FATE Institute Fellowship, a two-year, part-time and digital programme for skilled Nigerian professionals captivated with entrepreneurship and coverage reform. The fellowship is open to candidates with at the very least 10 years of related expertise and a accomplished or ongoing Grasp’s or PhD in fields like Economics, Legislation, or Political Science. Fellows will work remotely, contribute to analysis on Nigeria’s entrepreneurship ecosystem, have interaction with policymakers, and participate in digital coverage discussions, with no need to depart their present roles. Apply by July 25.
- We’re launching TechCabal Insights Market Researcher
, a software that helps you discover and analyse African tech and enterprise knowledge in seconds. Whether or not you’re searching for startup funding numbers, market traits, or investor exercise, it does the digging for you—quick and precisely. Be the primary to strive it. Be part of the waitlist. - Nithio is providing $50,000–$500,000 in versatile financing to wash power startups in Kenya and Nigeria. Eligible corporations embody photo voltaic dwelling system suppliers, clear cooking ventures, and companies promoting home equipment like photo voltaic fridges or mills. Functions open on July 21; be taught extra.
Written by: Opeyemi Kareem, Ifeoluwa Aigbiniode, and Stephen Agwaibor
Edited by: Emmanuel Nwosu
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