What is Susu?
Susu operates within the microfinance and digital savings space, drawing inspiration from traditional African financial intermediaries, particularly in Ghana. The company provides an informal yet secure platform for individuals to save money and access limited credit facilities. Established in 2019 and based in France, Susu aims to modernize and expand access to financial services, leveraging technology to serve a demographic that may be underserved by conventional banking institutions. Its business model appears focused on building trust and accessibility in financial management.
How much funding has Susu raised?
Susu has raised a total of $7.1M across 3 funding rounds:
Debt
$1.2M
Other Financing Round
$1M
Other Financing Round
$4.9M
Debt (2022): $1.2M with participation from BPI France
Other Financing Round (2022): $1M, investors not publicly disclosed
Other Financing Round (2023): $4.9M supported by Launch Africa Ventures, Plug and Play Tech Center, and INCO Ventures
Key Investors in Susu
Launch Africa Ventures
Launch Africa Ventures is a prominent Pan-African venture capital fund focused on addressing the funding gap for Seed and pre-Series A startups across Africa. With a decade of experience in venture building, the firm invests in diverse sectors and regions, supporting innovative solutions to significant challenges on the continent. Founded in 2020, it has successfully raised over US$36 million and invested in 133 startups across 22 countries. The company emphasizes the importance of entrepreneurship and innovation in transforming Africa's economic landscape.
Plug and Play Tech Center
Founded in 2006, Plug and Play Tech Center is an early stage investor, accelerator and corporate innovation platform with global headquarters in Sunnyvale, California with additional locations across the globe.
INCO Ventures
INCO Ventures is an investment entity that participates in funding rounds, likely focusing on companies with social or technological impact, aligning with the broader mission of fostering innovation and development.
What's next for Susu?
The recent major strategic investment of $4.9M positions Susu for accelerated growth and market expansion. This substantial capital infusion, following earlier rounds including debt financing, suggests a maturing business model and increasing investor confidence. The company is likely to focus on scaling its operations, enhancing its technological infrastructure, and potentially broadening its service offerings to capture a larger market share. Strategic partnerships, possibly with entities like BPI France or other financial technology enablers, could also be a key component of its future development, aiming to solidify its position as a leading microfinance innovator.
See full Susu company page
