Bereket Engida, a self-taught Ethiopian programmer, has raised USD 5 million in seed funding for his authentication startup, Better Auth, developed entirely from his bedroom in Addis Ababa before relocating to the United States.

As reported by TechCrunch, an American technology news website, the funding round attracted top global investors, including Peak XV (formerly Sequoia Capital India and Southeast Asia), Y Combinator, P1 Ventures, and Chapter One. The deal marks Peak XV’s first direct investment in an African founder.

Better Auth is an open-source authentication framework designed to help developers manage user sign-ins, roles, and permissions with more flexibility and scalability than traditional services like Auth0, Firebase, or NextAuth. The platform has already gained significant traction globally, with over 150,000 weekly downloads, 15,000+ GitHub stars, and a community of 6,000+ developers on Discord.

According to Bereket, the idea emerged after he repeatedly encountered limitations in existing authentication tools during his remote software jobs. He began building Better Auth using TypeScript, focusing on modular features like team-based roles and customizable user management systems — all available through a few lines of code.

“Most authentication tools store user data externally and lack customization at scale,” said Engida. “I built Better Auth to offer developers more control, with an open-source base and a plug-in structure for advanced features.”

The tool, released on GitHub in September 2024, quickly gained attention among developer communities, especially in the AI startup ecosystem. Better Auth is currently free to use, but the startup plans to introduce a paid enterprise infrastructure that allows cloud hosting and additional integrations.

Bereket, who began programming at 18, is now planning to hire a small team to expand the platform while preserving its community-driven foundation. The startup recently graduated from Y Combinator’s Spring 2025 batch, making it the third Ethiopian-founded company to join the renowned accelerator, after Avion and BeU Delivery.

“Building Better Auth from Ethiopia proves that world-class developer tools can come from anywhere,” said Engida. “It’s a signal to other Ethiopian innovators that global tech markets are within reach.”

Qore Technologies, a Nigerian fintech solutions provider known for its transformative work in digital financial infrastructure, has officially entered the Ethiopian market. The company’s expansion aims to support Ethiopia’s growing digital banking movement by introducing scalable, cloud-based solutions tailored to the needs of local banks and fintech institutions.

“At Qore, we believe Africa’s path to prosperity runs through digital automation — and there’s no better place to start than financial services, the backbone of any economy. Having contributed meaningfully to the evolution of Nigeria’s fintech infrastructure, expanding into Ethiopia — the continent’s second most populous nation — is both a strategic and natural step. Our vision is bold: Africa to leapfrog into first-world status before mid-century. By digitizing and automating financial services, we’re committed to doing our part — one nation at a time,” says Emeka Emetarom, CEO of Qore.

With an impressive track record in Nigeria—where over 50% of Other Financial Institutions (OFIs) rely on Qore’s flagship product BankOne—Qore has grown into a continental force, already operating in markets like Kenya, Ghana, Gambia, Democratic Republic of Congo, Tanzania, and Senegal.

Now, the fintech infrastructure provider, Qore, is extending this proven capability to Ethiopia, where the financial sector has seen rapid digital transformation in recent years. More banks and customers are increasingly bypassing physical cash, paper trails, and brick-and-mortar branches in favor of digital banking experiences. However, legacy systems and costly, foreign-made solutions continue to hinder the ability of local institutions to compete effectively and meet rising customer expectations.

Qore aims to change that. Its arrival in Ethiopia brings access to a full-stack financial services platform designed specifically for the African market. The platform delivers a suite of digital tools including capabilities for core and digital banking, lending automation, instant card issuance, merchant services, agent banking, and seamless third-party integration.

These services are already powering over 520 financial institutions including 19 commercial banks and 500 microfinance banks and fintechs, processing 250 million transactions monthly, managing ₦155 billion ($103.3 million) in balances, and ₦150 Billion ($100 Million) in loans monthly. The platform is trusted by tier-1 institutions including Zenith Bank, Access Bank, First City Monument Bank, and United Bank for Africa and has now been deployed with Akufada, a prominent Ethiopian microfinance bank

According to Michael Hoodfar, COO of Qore, “Ethiopia stands at a pivotal moment in its banking evolution. By adopting Qore’s purpose-built, cloud-native core banking platform, Ethiopian banks are uniquely positioned to rapidly bypass traditional challenges and deliver exceptional digital financial services. At Qore, we’re committed to empowering these banks not only to grow but to lead. Transforming customer experiences, expanding financial inclusion, and driving Ethiopia forward on its path to becoming a thriving digital economy.”

Unlike traditional banking systems that require heavy up-front capital, long deployment timelines, and dedicated IT teams at each institution, Qore’s approach is grounded in the efficiency of cloud technology. The company’s BankOne platform can be deployed in as little as 12 weeks across African countries, drastically reducing time to market.

The model also significantly lowers the total cost of ownership for institutions. Rather than having every bank individually manage infrastructure, security, and maintenance, Qore offers a shared platform where costs and benefits are distributed, allowing even smaller players to operate with the technological sophistication of larger banks.

This growth has been further accelerated through a strategic partnership with Microsoft, under the Digital Natives initiative, which equips Qore with the tools and cloud infrastructure to scale rapidly and securely across Africa.

Smilepay, a digital remittance platform and a proud portfolio company of Kazana Group, is excited to announce the official launch of its global money transfer service, following regulatory approval from the National Bank of Ethiopia (NBE).

This approval officially licenses Smilepay to provide cross-border remittance services in full compliance with Ethiopian financial regulations. The platform is now live and offers individuals and businesses an easy, fast, and secure way to send money to Ethiopia from anywhere in the world.

Smilepay is currently integrated with 29 banks in Ethiopia, enabling users to transfer funds directly to local bank accounts or mobile wallets with unmatched reliability. The platform is built with a strong focus on safety, ease of use, and affordability—making it ideal for both personal and business use.

“Smilepay is unlocking a new chapter of financial connectivity for Ethiopians at home and abroad,” said Muluken M. Bekele, CEO of Smilepay. “We are honored to have earned the trust of the National Bank and are fully committed to delivering safe, fast, and transparent remittance solutions. Continuous innovation is our north star—Smilepay isn’t here to follow trends, but to create them. Whether through traditional channels or next-generation digital rails, we’re building a future where anyone, anywhere, can move money with ease.”

“This milestone reflects our unwavering commitment to driving financial innovation across Africa. Smilepay’s licensing is more than a business success—it’s a step toward empowering communities and strengthening economic ties between the Ethiopian diaspora and their homeland.” Addis Alemayehou, Chairman, kazana Group.

Smilepay is a new financial app designed to make cross-border money transfers faster, more affordable, and more secure—starting with the remittance corridor from the United States to Ethiopia. Whether you’re a member of the diaspora, an expat, a tourist, or anyone with a debit or credit card who needs to send money back home, Smilepay simplifies the process with instant, reliable transfers.

In addition to U.S. users, individuals in the UAE, South Africa, and Canada with dollar-denominated accounts can also use Smilepay to send funds to Ethiopia seamlessly. Support for local currencies such as AED, ZAR, and CAD will be added soon, offering even more flexibility for global users.

Smilepay plans to expand its send-side coverage to include key European countries, making it easier for the African diaspora across the EU to send money home. On the receive side, Smilepay will soon support additional African countries beyond Ethiopia, broadening its footprint across the continent.

As a portfolio company of Kazana Group, Smilepay is committed to delivering trusted, tech-forward financial solutions that improve access, transparency, and reliability across the remittance value chain.

Ethiopian Airlines, Africa’s aviation juggernaut, is hitting turbulence in its ascent toward Vision 2035, its bold strategy to double its fleet, quintuple passenger volumes, and position itself as a global aviation force. While demand for air travel and cargo remains robust, the airline is increasingly constrained by a confluence of industry-wide headwinds: aircraft delivery delays, certification holdups, and deepening engine shortages.

The carrier’s Vision 2035 blueprint is one of the most ambitious on the continent: expand to 271 aircraft, grow its route network to over 200 international destinations, increase annual passenger numbers to 65 million, and scale cargo throughput to 3 million tons. However, the path seems steeper than expected.

In a recent interview with Reuters, Ethiopian Airlines Group CEO Mesfin Tasew offered a candid assessment of current bottlenecks. “We have five aircraft on the ground waiting for engines,” he revealed, citing prolonged engine turnaround times, stretching well beyond the standard three-month maintenance cycle as a growing operational risk. The airline’s Boeing 787 Dreamliner and turboprop fleets are both feeling the pinch, with engine suppliers unable to meet resupply timelines due to global MRO backlogs and component shortages.

Adding to the pressure is the uncertainty surrounding aircraft certification, particularly for the Boeing 737 MAX 7, one of the types Ethiopian is evaluating as it eyes the acquisition of at least 20 regional jets. According to a latest report by ch-aviation, Ethiopian has shortlisted the MAX 7, Airbus A220, and Embraer E2 families, but FAA certification delays are complicating procurement timelines.

Vision 2035 also includes expansive investment in infrastructure—both in physical assets like the planned mega-airport in Bishoftu, and in the airline’s own MRO and cargo capabilities. Yet even as the carrier ramps up these internal systems, it remains partially beholden to global supply chains and regulatory timelines beyond its control.

To mitigate future shocks, the airline is fast-tracking the expansion of its in-house MRO division and actively exploring ways to insulate its operations from global parts shortages. But with multiple aircraft grounded and new deliveries uncertain, Ethiopian’s Vision 2035 may require recalibration—not in ambition, but in timeline.

Despite these pressures, Ethiopian Airlines continues to deliver resilient performance. The carrier posted an 8% increase in annual revenue, reaching USD 5.6 billion, and transported a record 14.5 million passengers in the most recent fiscal year. The fleet grew by 10 aircraft, including the delivery of Africa’s largest Airbus A350-1000, reinforcing the airline’s position as a regional and global aviation leader.

The Federal Auditor General’s Office has flagged a troubling buildup ETB of 32.9 billion  in uncollected receivables across federal government institutions, raising serious questions about financial discipline and accountability in public spending. The report, covering the 2024 Ethiopian budget year, was presented to the House of People’s Representatives by Auditor General Meseret Damte, who expressed concern over the growing delays in settling government advances and receivables.

According to the report, the arrears span 137 federal institutions and 20 revenue and customs branches, with large sums remaining unpaid for years. While some of the receivables have been pending for just under a year, a significant portion dates back between one to five years, and even over a decade in some cases. The accumulation reflects systemic weaknesses in financial tracking and enforcement across several sectors.

Institutions such as the Ministries of Health, Education, and Irrigation and Lowland Areas, along with Wachemo University, were identified as among those holding the largest share of unsettled accounts. The Auditor General noted that failure to clear these balances promptly not only risks waste of public funds but also undermines transparency and effective budget execution.

She emphasized that under existing financial regulations, including Council of Ministers Regulation No. 190/2000, federal institutions are required to settle advances related to operational expenses, travel, and transport within seven days of task completion. The current pattern of delayed settlements, she warned, violates these rules and erodes public confidence in government financial management.

The Ministry of Transport and Logistics of Ethiopia has held high-level bilateral discussions with a delegation from the Republic of Austria, focusing on enhancing investment cooperation in the transport and logistics sector, more in aviation.

The meeting was led by Bareo Hassan, State Minister of Transport and Logistics, and Andreas Richard, State Minister for Finance of Austria. During the discussion, State Minister Bareo highlighted Ethiopia’s rapid economic growth and the substantial progress being made in the transport and logistics sector. He emphasized that the Government of Ethiopia offers a conducive policy environment and robust institutional support for foreign investors interested in these sectors.

In response, Minister Andreas Richard underscored Austria’s extensive experience in the field of aviation and expressed strong interest in forging partnerships within Ethiopia’s growing air transport industry. He noted that Austria is prepared to take concrete steps toward cooperation, including the signing of a Memorandum of Understanding in the near future to facilitate mutual investment efforts.

The delegation was further briefed by Kedilmagist Ibrahim, Advisor to the Minister, on investment opportunities and the enabling legal frameworks in key areas such as port development, railway infrastructure, public transportation, the Addis Ababa Bus Rapid Transit (BRT) system, and aviation services.

Austria possesses strong aviation capabilities marked by a modern, sustainability-focused flag carrier (Austrian Airlines), advanced maintenance innovation (including drone-based aircraft inspections), and a dynamic aerospace manufacturing sector led by firms like Diamond Aircraft and FACC AG. The country is renowned for producing light aircraft, certified engines, and high-tech composite components for global export. Backed by its national Aviation Strategy 2040+, Austria is committed to digitalization, environmental sustainability, and aviation R\&D, making it a credible and strategic partner for Ethiopia working on the aviation growth and modernization.