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…