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Now
View all 20What is happening in capital markets this week, and what it means for founders and investors.
NowDSCR Is Not the Number That Sets Emerging-Market Project Debt
Recent financings in West Africa, India and Egypt show lenders using more than a headline coverage ratio to determine debt capacity. Sponsors need to test a stack of constraints before circulating models, because the DSCR-supported amount may not be the amount a lender will provide.
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NowA Platform Launch Does Not Stop the Same Invoice Being Financed Twice
PIF launched Tawrid on 20 September 2026 to connect Saudi buyers, suppliers and funders around approved invoices. The launch matters, but Turkey, India and Brazil show that technology is the visible layer of invoice finance. The harder work is shared verification, committed buyer participation, lender confidence and terms that smaller suppliers can actually afford.
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NowWhat Loads Knows That Fairplay’s $100m Facility Must Prove
Fairplay’s US$100 million facility from Community Investment Management LLC is a major vote of confidence in Mexican fintech lending. But the sharper lesson comes from comparing it with Loads, whose roughly 35-day trade loans can turn about nine times a year. Debt works best when the assets beneath it repay predictably, quickly and transparently. When they do not, the debt line can become smaller, more expensive or harder to use precisely when a lender needs it most.
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View all 24Direct answers to the questions founders and investors actually search. Ask, and we will find it.
How Investors Read Your Pitch Deck
A reviewer scans for clarity, proof and momentum, then tests whether your story survives hard questions on market, model and execution.
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What is refinancing risk with a mini-perm loan? The debt-capacity test
The main risk in a mini-perm loan is not simply that interest rates rise before refinancing. It is that a new lender may lend less than the outstanding balance, leaving the borrower to inject equity, accept harsh extension terms, sell or default.
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How long does a Series A raise take in Africa? Not until the cash lands
A well-prepared African Series A process can be planned over six to nine months, but AVCA data shows the wider journey from seed to Series A took 16 months at the median for companies in the 2023-2024 cohort. MarketForce’s experience, reported in fundraising lessons published by co-founder Tesh Mbaabu, shows why founders must plan around cash received rather than headline funding: $8 million of its announced equity component was never wired after investors faced failed capital calls. The practical response is to use 18-24 months of seed runway, 12-18 months remaining cash before preparation, and nine months as minimum formal-process runway as planning heuristics, not evidence-based rules or universal benchmarks.
Read the answerWhat is a standard Series A round size in Africa? $5m and $75m can both be right
Partech recorded 95 African Series A rounds averaging $7m in 2025, making $5m-$10m the strongest current shorthand range. But Workpay and Nawy show why the headline can deceive: Workpay raised $5m for sequenced software expansion, while Nawy’s widely cited $75m package included $23m of mortgage debt. The right raise depends on the proof a company must create, the cost of getting there and which spending genuinely requires equity.
Read the answerGuides & Fixes
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What Can Still Stop Funds After Investment Documents Are Signed?
The Family Office Liquidity Playbook: Vetting the Next Cheque
Why a US$100m data centre build may need US$169m to stabilise
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Angles
View all 47Investigations and essays that change how you see a subject.
Economic DevelopmentWhy Tangier made cars while Wisconsin waited for LCDs
Institutional InvestmentThe Door Marked ‘Refinancing’ Is Narrower Than It Looks
Venture CapitalWhat a VC Is Really Saying When It Says ‘Not a Fit’
InfrastructureThe Most Expensive Days of a Cyber Outage May Come After Restart
InsightDon't Raise on Empty. Don't Wait for Perfect Metrics Either
energy & infrastructureDSCR Is Not the Number That Sets Emerging-Market Project Debt
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