Banks cannot be everything to everyone. There are limits within formal banking environments that make it difficult for these financial institutions to serve all customers. For instance, many people seeking loans or favourable savings products struggle to provide collateral or afford the fees that would satisfy the regulations and requirements governing a traditional financial institution….
In June 2022, Mdundo.com, a music streaming business with a Kenyan base, reported 20.3 million monthly active users, exceeding the revised monthly target of 19 to 20 million subscribers and increasing by 74% from June 2021. For the fiscal year that ends in June 2025, the company, which unveiled its 2025 strategic direction in June…
According to recent data from the Russian cybersecurity company Kaspersky, social engineering and phishing scams were far more common in Africa in Q2 2022 than they were in Q1 2022. 10,722,886 phishing assaults were discovered in Africa in Q2 by the company’s security solutions, a 234 percent increase over the first quarter. The fastest surge…
A $5.6 million Series A fundraising round, headed by Mucker Capital, was successfully completed by Proto, a Canadian company that offers artificial intelligence (AI) customer experience solutions. Current shareholder Yolo Investments also participated in the round. The company helps contact center operators automate client interactions in their local tongues, including the National Bank of Rwanda,…
Global crypto bank Xend Finance, based in Nigeria, has announced the release of SwitchWallet, a free public wallet infrastructure, and XendBridge, a crypto payment API. A platform that offers everyone access to the global money market so users may save and invest in safe currencies has been developed by Xend Finance, which in 2019 participated…
In order to concentrate on reels, Facebook will discontinue its live shopping function in October. Beginning on October 1, 2022, you won’t be allowed to hold any new or scheduled Live Shopping events on Facebook, according to Meta’s blog. However, you won’t be able to make product playlists or tag products in your Facebook Live…
The second annual bootcamp for aspiring African game developers, GameUp Africa 2, has started. GameUp Africa 2 is a training program for prospective game creators that is run by Maliyo Games, a renowned game development studio. Its goals are to upskill African youth in the fundamental skills needed for Android game creation while supporting the…
Homzmart, an online marketplace for furniture and home goods located in Egypt, has raised a $23 million pre-Series B investment, increasing its total capital to roughly $40 million. In 2020, former Daraz COO Mahmoud Ibrahim and former Jumia head of logistics Ibrahim Mohamed founded Homzmart, a platform that enables furniture suppliers and merchants to communicate…
Cashlinq is a banking platform software as a service developed by Mugonat Systems Inc., a Zimbabwean software development and consultancy company that offers enterprise software solutions, website services, mobile apps, e-commerce, and chatbots. Cashlinq aims to empower entrepreneurs across the continent to offer superior banking services by making it simple for them to access high…
ZohoDay – Austin, Texas — Zoho Corporation, a leading global technology company, announced achieving a rate of 38% year-over-year growth and surpassing the 80 million user mark. In addition to ongoing global expansion, the company continues to grow its product portfolio and make investments in automotive, robotics, and health care technologies. Zoho also celebrated opening 59 new global hub-and-spoke…
A $1 million seed round extension has been announced by Youverify, an identity verification firm with offices in San Francisco and Lagos, to increase its capacity from 400 million to 2 billion identities. LoftyInc Capital and Orange Digital Ventures (ODV) took the lead in the expansion round. Along with Octerra Capital, other investors included Plug…
A US$2.5 million seed round has been raised by the Cape Town-based Skrmiish, a mobile “play-to-earn” software that allows players of all skill levels to earn money in every match they play across the AAA+ games they like. MoneyMatch, a feature created by Skrmiish and released in 2021, enables users to earn real money in…
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African businesses can now manage all of their operations and data in one digital space thanks to the Nigerian startup GreenBii, which was created as an offshoot of the ed-tech platform Traindemy. The company behind Traindemy, which provides consumers with access to online courses offered by technical and vocational schools to help them develop marketable…
African startups, accelerators, and incubators are invited to the Japan Innovation Bridge (J-Bridge) Launch event with the theme: “The Future of Innovation in Africa – Securing Business Opportunities Through Collaboration with Japanese Companies” by the Japan Ministry of Economy, Trade, and Industry (METI) and the Japan External Trade Organization (JETRO). A business platform called Japan…
Quality African companies looking for finance now have access to capital through the cutting-edge crowdfunding website GoGetta. With merely R1000 or more, local and foreign angel and venture capital investors can now choose from pre-screened possibilities and make rapid, risk-free investments to acquire shares in a variety of African companies. Co-founder of GoGetta Sthembiso Zwane…
The HerMeNow accelerator program has asked women-led social entrepreneurs in Africa and the Middle East and North Africa to apply if they are creating significant solutions for culture, attitude, and education. The three-month HerMeNow program, which is entirely virtual, offers technical, financial, and mentorship support to 10 women-led social entrepreneurs in the accelerator phase as…
The third Google News Initiative Innovation (GNI) Challenge winners have been revealed by Google, and they include 34 media platforms. These award winners, who come from Turkey, the Middle East, Israel, and Africa, were chosen for their commitment to advancing inclusion, equality, and diversity in the journalistic sector. 21 awardees from ten African countries were…
The Fintech Incubation Programme was introduced by Co-creation Hub in Rwanda in December 2021, with the first cohort’s completion scheduled for July 2022. The second cohort of beneficiaries is about to be accepted into the project, which is supported by Google, the Mojaloop Foundation, and the Rwandan government. Eight (8) startups will receive support from…
TeamApt, a fintech business in Nigeria, announced its Series B investment in July 2021. Global Ventures, Oui Capital, Kepple Africa Ventures, Gbenga Oyebode, and a few more angel investors and venture capitalists participated in the round. The Oui Capital Mentors Fund II, a $30 million fund, is being launched today by Oui Capital, one of…
A $250k pre-seed round of funding has been raised by EVOLUTICS, a Nigerian start-up that provides software solutions to insurance providers for life, general, and health insurance. The round was led by Mercurial Advisory and Dinku Transnational of Dubai. The money will be used to give industry participants access to digital infrastructure for life, general,…
Nairobi, August 1 – The 2022 SweepSouth Report on Pay and Working Conditions for Domestic Workers for Kenya and South Africa has been released. This is the fifth year that SweepSouth has released their annual report, each year painting a picture of what domestic workers go through and endure. This year, the survey was sent…
The future of African banking is digital. A 2021 Fiserv report showed that “78% of people under the age of 40 would stay with their bank if it went all digital, compared to only 47% of people over 40”. Africa has the youngest population in the world, with over 70% of sub-Saharan Africa under the age…
Outsource Monetic Group, an American and Senegalese fintech based in Atlanta, GA, announced this week the completion of a pre-seed funding round with 500 Global, a San Francisco-based startup accelerator. The fintech also announced the start of the pilot phase of its private ATM network, KaliSpot, in Senegal and Côte d’Ivoire. The KaliSpot network is…
Michanic, a South African mobile car service and repair platform, has received US$400,000 in debt capital from the MultiChoice Innovation Fund to assist it in further developing its technology and expanding across the country. Michanic, founded in 2016 by Lesetja Dikgale, allows users to request instant service and repair quotes from its online platform, saving…
Aerobotics, a South African agri-tech startup, has launched a new yield management platform, providing growers with tools to measure, manage, and protect their yields. Aerobotics, founded in Cape Town in 2014, uses aerial imagery from drones and satellites and combines it with machine learning algorithms to provide tree and wine farmers with early problem detection…
Qwili, a hybrid hardware-software startup based in Cape Town, has raised US$1.2 million in an oversubscribed seed funding round to support the launch of its low-cost NFC smartphone. E4E Africa, a venture capital organization focused on entrepreneurs, led the funding round, which included funds and angel investors in addition to Strat-Tech, Next Chymia, and Untapped…
Applications for the second year of DMZ’s incubator program, which aims to support early-stage tech startups, are now open. DMZ Cairo, which will open in 2021, will provide the next generation of tech entrepreneurs with the tools they need to build, launch, and scale highly impactful startups in Egypt’s capital. The Academy of Scientific Research…
Safaricom customers can now purchase tokens for coding lessons through the mobile operator’s financial services platform, M-Pesa. Customers will be able to activate the coding lessons on their children’s tablets, laptops, and desktop computers after making a successful purchase. Safaricom will collaborate with Kodris to see this new business venture through to completion. “We are…