Africa’s Venture Capital Firm 54 Collective Faces Liquidation Amid Mastercard Grant Mismanagement Scandal

Africa’s Venture Capital Firm 54 Collective Faces Liquidation Amid Mastercard Grant Mismanagement Scandal

54 Collective, a venture capital firm that aimed to revolutionize investment and scale ideas to early-stage ventures throughout Africa, is currently on the edge of collapse following allegations of mismanaging over $42 million from Mastercard. What began as a nonprofit initiative to fund African startups has spiraled into a full-blown financial scandal involving unauthorized transfers, […] The post Africa’s Venture Capital Firm 54 Collective Fac…

Mastercard Foundation reportedly accuses 54 Collective of $4.6M funds diversion

On Techpoint Digest, we discuss Mastercard allegedly accusing 54 Collective of $4.6M fund diversion, an ex-Paystack executive redesigning fitness wearables, and BasiGo expanding EV 6 beyond Nairobi.

"The grant was not terminated due to a breach,” says ex-54 Collective CEO

In February 2025, over 40 employees at 54 Collective, an early-stage venture studio that helped African founders build their startups, received shocking news. Their firm was shutting down, and they were being laid off. At the time, it was almost unheard of for an African venture firm to lay off employees and shut down, but when Mastercard Foundation pulled its funding, the capital to support the venture studio dried up.  It was not only bad news…

South African Court Provisionally Liquidates 54 Collective Amid Mastercard Foundation Scandal

A South African High Court has provisionally liquidated venture firm 54 Collective—formerly Africa Founders Ventures (AFV)—following allegations of serious financial misconduct tied to a $106.5M grant from the Mastercard Foundation. Driving the news The Mastercard Foundation accused the firm of mismanaging over $42M disbursed between 2023 and 2024, prompting legal action and a forensic audit. […] The post South African Court Provisionally Liquid…

South African Court provisionally liquidates 54 Collective amid allegations of financial misconduct - Innovation Village | Technology, Product Reviews, Business

In a dramatic turn of events, a South African High Court has provisionally liquidated the venture firm 54 Collective, formerly known as Africa Founders Ventures NPC (AFV), following grave allegations of financial misconduct. The allegations were brought forward by the Mastercard Foundation, which had entrusted the firm with a $106.5 million charitable grant aimed at supporting small and medium-sized enterprises (SMEs) across Africa. According to…