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Stanbic Kenya to raise $100 million to back startups in rare VC-style move.
Stanbic Bank Kenya, the country’s sixth biggest bank by assets, plans to raise $100 million (KES12.9 billion) to finance startups across East Africa, a rare move for a commercial bank in a sector dominated by venture capital and development finance institutions (DFIs).
Through its Catalytic Fund, the bank plans to back startups and small and medium enterprises (SMEs) in agritech, the creative economy, healthtech, and manufacturing sectors that typically struggle to raise capital.
Stanbic’s move signals a shift in Kenya’s banking sector, which has kept its distance from founders struggling to raise funds for government equities. By raising capital for onward lending to startups in the region, the bank could test whether commercial banks can support ventures requiring patience and local insights to grow. Read More…
