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But two months into 2020, the pandemic did an excellent job of lowering expectations as investment activities from local and international investors slowed down. Also, all but two deals were solely equity-based: TradeDepot and MFS Africa raised a mix of equity and debt. A handful of local acquisitions and a monumental exit.
Finclusion’s debt financing, which makes up the larger share of the overall round, was provided by local currency funds in Eswatini and SouthAfrica. The fintech intends to grow existing operations in SouthAfrica, Eswatini, Kenya, Namibia and Tanzania and expand into Mozambique and Uganda.
The general perception of insurance on the continent has been bland for years, and its penetration rate, except SouthAfrica, is subpar. Per a McKinsey study in 2018, Africa’s insurance market stood at a 3% penetration rate; with SouthAfrica excluded, it was 1.12%. The local investors involved are all founders.
The dynamics that play into this forecast, aside from the impact of COVID, include a youthful population (the youngest globally), rising smartphone adoption and internet penetration that has led to a burgeoning tech ecosystem backed by local and international VC dollars. Image Credits: Crunchbase/Endeavor.
The SouthAfrica-based company, which currently has a team of 37 people across 18 countries, wants to use this additional capital to scale interactive content across Africa. Over time, it switched to a hybrid model, adopting a publishing role and handling distribution, marketing and operations.
The plan for the company is to provide merchants with access to accounts, cards, local payment networks and lending. Kassim said the company is conducting tests with merchants in Nigeria and SouthAfrica and expects to launch both markets in the near future. . Australia and Asia.
Similar to many edtech startups, uLesson has benefited from the overnight adoption of remote education. There are placement agencies in SouthAfrica and Kenya and offline tutoring marketplaces that send people to student homes, but no clear leader from a digital curriculum perspective.
There are two kinds of restaurants where the majority of our focus is on — the bukkas [local restaurants] and the small restaurants, for instance,” Orda co-founder and CEO Guy Futi told TechCrunch in an interview. With its cloud-based software, Orda wants these businesses not to rely on manual ways of managing their businesses. .
Some include the Red Cross, The Weather Channel, local newspapers, Craigslist, and others. Since then, the platform (which is open source ) has been modified for use in SouthAfrica (mapping xenophobic violence), DR Congo , Vote Report India (to monitor the recent local elections) and more.
It aggregates deals for a network of over 100, local and regional, e-commerce merchants. They’re very technologically advanced, and their adoption of ecommerce is quite good. The e-commerce startup is also set for regional expansion, with immediate plans to enter Nigeria currently underway. “It’s
Australia, SouthAfrica and India, with plans to add more markets next month. Doing which requires significant time, sophisticated knowledge about crypto transactions, local regulations,” Shingal said. Binocs is currently tax compliant in the U.S., This task is time consuming and prone to errors, which could be costly.”.
When companies create digital payments-facing solutions for African countries outside Nigeria and SouthAfrica, building around mobile money is key. “And the way we’re looking at the continent, we’re looking at adoption rates for mobile money growing at an insane speed. It’s literally a no-brainer.
The uptake comes as telehealth is said to bridge the healthcare access gap in Africa, the continent that suffers the highest disease burden in the world and the lowest patient-to-doctor ratio. This means we do not build what is available. We look at strategic engagement by allowing API integration at a global level,” said Macharia.
His win came when the global appetite for Amapiano, a style of house music that emerged in SouthAfrica , and Afrobeats, a popular music genre that originated from Western Africa , had increased exponentially. Nestcoin raises $6.45M pre-seed to accelerate crypto and web3 adoption in Africa and frontier markets.
We hoped to reduce confusion by defining the term near the start of the survey: Cloud computing allows you to access software via the Internet instead of from your computer hard drive or your local computer network. Here are some examples: 62% of global respondents cite cost as an advantage to adopting cloud computing.
But buying a bunch of prepaid debit cards from the local corner store and then surveying the recipients every week to see if it’s helping isn’t a scalable solution, and the lack of data is a major reason why city governments are reluctant to fund it.
Unlike its earlier stint in Africa, where consumer startups, especially e-commerce players, were heavy favorites in receiving VC money, fintechs now command the lion’s share of investments. They learned their lessons and now have a different strategy.
Others found ways to expand the opportunities within existing hometown industries: NCBiotech built pathways to bring more local residents into the Research Triangles booming life sciences sector. The citys locally owned Orion Amphitheater , the nexus of the $2.2 to adopt a net zero goal back in 2019.
clients “have some sort of global operations.” “Now, if you use Brex, you can actually operate as if you were a local company with a local card.” We expect to see the insurance industry in general adopt more of the consumer friendly features that we’ve helped pioneer.”
New report examines Africa’s growth in the digital economy and VC investment landscape. The idea to build Adanian Labs, was conceived in 2018, when Kamara was living and working in Cape Town, SouthAfrica, where he witnessed the fast growth of the startup ecosystem, and how, in most countries, accelerators were the default launch pads.
In addition to Kenya, the company’s other clients are spread out in Nigeria, Sierra Leone, Ghana, Uganda, Democratic Republic of Congo and SouthAfrica. . A switch to electric power offers countries in sub-Saharan Africa a range of gains including a reduced cost of transport and lower carbon emissions.
Africa is the world’s third fastest-growing crypto market, with crypto adoption increasing by more than 1,200% over the last two years. Countries such as Nigeria, Kenya and SouthAfrica are majorly responsible for skyrocketing adoption rates as citizens try to hedge against currency devaluation and build wealth.
Klasha is a technology company that allows international merchants such as H&M or Zara to receive payments online in local African currencies and money methods. When raising money, you have to be bullish, respond fast, and ship products even faster, proving traction and market adoption. Jessica Anuna, CEO, Klasha.
OfferZen operated solely in SouthAfrica for four and a half years until April 2020, when it expanded to the Netherlands after acquiring an Amsterdam-based recruitment tech startup called TryCatch. Most of its customers from both ends of the marketplace are based in SouthAfrica, the Netherlands, and parts of Europe like the U.K.
In the coming decades, Africa will be a significant growth market for mobile games, driven by the proliferation of technology adoption among the continent’s youthful population. In other words, Carry1st will act as Riot’s payments partner in Africa. . Image Credits: Carry1st.
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