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Wave, an African fintech that offers mobile money services in Senegal and Ivory Coast, laid off about 15% of its workforce last month. Thus, the layoffs affected almost 300 employees, most of whom worked in Wave’s new markets: Burkina Faso, Mali and Uganda. The firm, run by Drew Durbin and Lincoln Quirk, was valued at $1.7
Some market research made them aware of the full extent of inefficiencies in the trucking business, which especially limited the earnings of owner-operators. We realized that there were so many inefficiencies, and that the logistics sector in Senegal was so fragmented, but we felt that technology could help.
and Senegal-based mobile money provider, has raised $200 million in Series A round of funding. The mobile money market in sub-Saharan Africa is growing exponentially. But despite being one of the largest alternative financial infrastructures known globally, this represents only a fraction of the overall market. . Wave , a U.S.
PAPS , a Senegal-based logistics and delivery company, is filling this gap in its region by offering customers various logistics services. The platform caters to small to large businesses, assisting them with their logistics needs, from storage and international transport to last-mile delivery.
And in trying to sweet-talk investors, what’s not taken into context or often disregarded is that Africa is a fragmented $3 trillion market. Trade has the least startup activity in a market that received $5 billion in VC funding last year. The continent is also home to more than 1.2 “From telling us to set up takes days.
Now it’s set a goal of investing in 100 more startups with the launch of its second emerging market seed-stage fund, called Seedstars International Ventures II (SIV), with a first close of $20 million. We’re really looking to diversify holdings, leveraging learnings from one market to another,” said Sosrodjojo.
B2B retail and e-commerce platforms have primarily tried to fix these inefficient supply chains over the last couple of years and have received substantial investor backing since the pandemic. And what started in Kenya soon scaled into neighboring East African markets Tanzania, Rwanda and Uganda in 2018.
As the number of those connected to the internet grows, and shoppers increasingly opt to buy goods online, e-commerce platforms are set to experience a spike in the number of orders made and the value of goods bought — as happened recently with Jumia.
However, unlike most crypto platforms in Africa that provide custodial wallets to users, Ejara offered customers the option of non-custodial wallets so they could own and store their keys. As a result, users on the platform have grown in multiples over the last 14 months.
Flutterwave hopes to roll out this service to individual merchants on the platform as well. . So despite having the largest payment infrastructure in Africa, we want to have arguably all the important payments systems in the world on our platform.” This is a pain point for these businesses, particularly in Nigeria.
As fintech services proliferate across different African markets, the need to have sufficient KYC and identity verification processes in place has intensified amid increasing fraud challenges and more stringent regulatory requirements. We want to add that depth in more markets, and Appruve gives some of that.”
A region of more than 200 million people using the CFA franc, Francophone Africa is one of the most crypto-friendly markets in Africa. But only a few players are taking advantage of the market, which can make a case as the next frontier for mobile money and investment apps in Africa. ” .
These challenges befall millions of micro-retailers across the continent, and Betastore , a B2B retail marketplace for informal retailers, is working to resolve in Nigeria, Ivory Coast and Senegal. We plan to enter new markets before the end of the year and to expand to 100 cities across Nigeria, Ivory Coast and Senegal.
Automotive e-commerce company Autochek has expanded to new markets in Africa after acquiring CoinAfrique, a classified ad marketplace, nearly two months after the Nigerian startup acquired Moroccan auto marketplace KIFAL Auto , marking its foray into North Africa. CoinAfrique classifieds ads marketplace is active in 12 Francophone markets.
HotelOnline , a Kenya-based Yanolja-backed travel technology scale-up that fashions itself as an e-commerce and digital marketing enabler in the hospitality industry, has acquired HotelPlus, a software provider with clients in 22 countries. million in shares in HotelOnline, which was valued at $24 million before the deal.
.” The Ivorian startup acts as an online and point-of-sale payment solution for merchants to process payment from more than 130 different payment operators — mobile-money, bank cards, wallets — in nine French-speaking African countries: Ivory Coast, Senegal, Cameroon, Mali, Burkina Faso, Togo, Congo, Guinea and Benin.
Nigeria-based health tech startup Helium Health has acquired Meddy , a Qatar-headquartered and UAE-based doctor booking platform for an undisclosed amount. With a presence in six African countries — Nigeria, Ghana, Senegal, Liberia, Kenya and Uganda — Helium Health has signed more than 500 healthcare facilities. Helium Health.
As the pandemic hit, the platform halted its geographic expansion moves and went vertical. And when we do this, we increase their disposable income by sending them more passengers, more delivery trips by adding more merchants on our platform and finding companies that want to use delivery services.
Today, the company is announcing that it has closed $9 million in seed funding to scale its operational presence, recruit talent and expand into new markets. The company is led by CEO Nikolai Barnwell , betPawa’s former head of New Markets, Africa. This huge market is why mobile money is prevalent across the continent.
In addition to Tunisia, GOMYCODE is present in Bahrain, Morocco, Egypt, Algeria, Ivory Coast, Senegal and Nigeria. It offers over 30 learning tracks ranging from web development to digital marketing and data science to artificial intelligence. Students on the platform go through two types of programs.
However, the fact remains that across Africa and other emerging markets, there are still millions of smallholder farmers with risks to their livelihoods that have not been covered.” Therefore, the new financing will scale up operations in its existing 13 markets across Africa, where it has insured over 4.3 million farmers.
In Ivory Coast, one of Francophone Africa’s largest mobile money markets, 75% of the population own a mobile money account, compared to 20% who hold bank accounts. Julaya also received investment from its CFO and country manager in Senegal. It was meaningful for Édouard Mendy because he’s Senegalese.”.
If there’s a sector that has seen the biggest uptick in the number of startups and venture capital in emerging markets since the start of last year, it has to be the digitization of mom and pop stores. It’s the same process in Tunisia, its second market after Morocco. The Moroccan startup currently transacts about $2.5
And while the pitches are diverse, some concentrations show key ways that a group of vetted entrepreneurs are thinking about the landscape’s shift in light of finicky venture markets, a downturn, and some public market meltdowns. Swizerland, India, Nigeria, Senegal and other geographies. And this batch supports that realization.
Appzone platforms are used by 18 commercial banks and more than 450 microfinance banks in Africa. Other countries with a presence include the Democratic Republic of Congo, Ghana, Gambia, Guinea, Tanzania and Senegal. Before now, Appzone lacked the resources to push into these markets aggressively even though they showed promise.
He acknowledged that Nestcoin held assets, which the Financial Times pegs at $4 million, in the bankrupt crypto exchange platform FTX to manage operational expenses. Most FTX customers have been unable to withdraw their funds from the platform as the Bahamas-headquartered company goes through bankruptcy proceedings.
Jumia reaches lowest losses in four years under new management In Q4 2022, Jumia embarked on a streamlining effort that reduced its headcount by 20%, affecting 900 roles across 11 markets. Building supply is the right thing to do, especially in a tough market and macroeconomic context. People want cheaper products and better deals.
We help these startups build their teams, iterate where needed, until we find a market fit product,” said Kamara. In the interim, the lab is planning on establishing a presence in Democratic Republic of Congo (DRC), Senegal and Ivory Coast, and considering a franchise model to help it fast track its growth. Not just one,” said Kiwia.
From hospitality to fleet management : Two brothers in Senegal are putting their hospitality management skills to work helping trucking companies with their logistics. For example, raising funds to scale up sales and marketing efforts might sound great, but what if the business itself has negative unit economics? Catherine has more.
The platform then generates an abstracted health score supposedly devoid of sensitive medical details, which insurers can use for risk management and underwriting. Informal retailers are unlicensed and unregistered retailers that don’t report to tax agencies, typically operating out of open markets and shops.
Julia Campbell will provide a framework for evaluating the best platforms for your unique organization, as well as ideas for creating great social media content your audience will love. We are here to talk about the next wave, what are those emerging trends in nonprofit social media marketing. Peace Corps in Senegal in West Africa.
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