Kenyan fintech Raise shuts down, migrates users to Carta
- Raise announced its shutdown and will migrate users to Carta.
- The startup struggled to find a scalable business model within the African venture capital ecosystem.
- Raise facilitated over $20 million in fundraising transactions by mid-2020.
The closure of Raise highlights the challenges faced by fintech startups in Africa, particularly in finding sustainable business models. While the migration to Carta may provide some continuity for users, it raises questions about the viability of similar startups in the region and the support needed for them to thrive.
