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Jem’s $8.4M round to help scale WhatsApp-first HR & EWA
South African HR tech startup Jem (formerly Smartwage) has raised an $8.4 million Series A led by fintech-focused venture capital firm Quona Capital. The round also saw participation from existing investors, including Founder Collective and local early-stage funds.
Founded by Simon Ellis and Alex Lunsche, Jem bridges a digital chasm for Africa’s deskless and frontline workforce. Roughly 97% of South Africa’s employed population can be called frontline and deskless, staffing sectors that include logistics, security, facilities management, and others.
Rather than requiring workers to download data-hungry standalone apps, Jem operates inside WhatsApp, enabling frontline staff to access digital payslips, apply for leave, submit timesheets, and receive company announcements via an app most already use.
Beyond administrative HR workflows, Jem leverages its integration with corporate payroll systems to deliver earned wage access (EWA) and fair financial products. Frontline employees can draw a portion of their earned salary before payday at a fraction of the cost charged by informal microlenders, offering a buffer against predatory debt traps.
The new capital will accelerate product development, expand Jem’s financial wellness offerings—such as low-cost insurance products—and scale operations across emerging markets.
Jem co-founder and CEO Simon Ellis is a familiar face to our community. He previously joined us on the BigFive Digital Podcast (Episode 19) and took the stage as a featured speaker at our 2024 BigFive Summit in Cape Town to unpack the mechanics of digitizing Africa’s deskless workforce.
Here is our quick daily roundup of the African tech and business stories we think you should be aware of, but probably didn’t have the time to read. [Original sources included.]
More big money for African infrastructure projects
Ghana-based Genser Energy secured a $529 million credit facility arranged by RMB, Absa, and Standard Bank to expand its West African gas and power network, convert facilities to combined-cycle generation, and advance its 470MW Ivorian power plant.
This capital injection reflects a broader regional surge in mega-infrastructure funding, alongside recent multi-billion-dollar investments such as the $7.8 billion Ethiopian Airlines Bishoftu airport expansion, Uganda’s $4 billion oil and gas initiatives, and major transport infrastructure along the Lobito Corridor.
Empower Africa
Ninety One fund targets Africa’s credit gap
Asset manager Ninety One successfully closed its Africa Credit Opportunities Fund II at $404 million, exceeding its initial target. The vehicle provides tailored private debt and growth capital solutions to middle-market businesses and critical infrastructure projects across the continent, addressing a growing funding gap in African credit markets.
African Economy Inc.
What’s behind the threatened SA TikTok boycott?
South African TikTok creators are planning a platform boycott on September 1 to protest their exclusion from direct monetization programs, such as the Creator Rewards Program. Despite generating massive engagement, African creators cannot monetize directly, prompting calls—supported by Communications Minister Solly Malatsi—for equal financial opportunities.
Explain.co.za
Saudi edtech AILA raises $3 million
Saudi EdTech startup AILA has raised $3 million in Pre-Series A funding led by Rua Growth Fund, with participation from Jo Academy, 500 Global, Bunat VC, and Fikr Ventures. The capital will accelerate regional and international expansion while scaling its AI-native personalized learning and assessment tools.
Zawya
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The Africa B2B Tech Report is published by BigFive Digital, a Cape Town-based independent media company focused on The Business of African Tech.
The report is produced by Charles Laughlin, BigFive Digital’s Co-founder & Chief Content Officer. Charles is a globally experienced tech journalist, podcaster & conference producer.