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Currently operating in Kenya and Nigeria, Umba offers a digital financial service alternative to legacy African banks. Right now it’s available in Kenya and Nigeria, which have a combined population of over a quarter of a billion people. It’s clear the African market is maturing and that we’re entering a very interesting phase.”.
to reach a relative in Nigeria. Ben Eluan and Osezele Orukpe , two software engineers based in Nigeria, faced this problem in 2019. The company witnessed this growth despite the Central Bank of Nigeria’s clampdown on crypto exchange activities. Nigeria is becoming Africa’s unofficial tech capital. ” he said.
SeamlessHR , a Nigeria-based company that wants to help African businesses “leverage the continent’s greatest asset: abundant human capital” with its cloud-based human resources (HR) and payroll software, has raised $10 million in Series A funding for its next phase of growth and regional expansion. billion in 2026 from $14.2
Bento , Nigeria’s digital payroll and human resource management platform is expanding to Ghana, Kenya and Rwanda with plans to set up operations in six other markets in Africa over the next one year. In its next phase of expansion, Bento is eyeing Egypt, South Africa, Uganda, Tanzania, Angola and Ethiopia by the end of next year.
million in 2016, it was one of the largest disclosed rounds at that stage in Nigeria. . Typically, pre-seed rounds are raised when the startup is still in the product development phase, yet to make revenue or discover product-market fit. Nigeria’s Kuda raises $10M to be the mobile-first challenger bank for Africa.
These days, small businesses in Nigeria are spoilt with options, in addition to Bumpa, for products that can digitize their operations, including bookkeeping, invoicing and inventory management. We’re evolving, and we consider our features as the foundation of what is possible with Bumpa.”. Integrating an ecosystem of products.
A new report from Endeavor Nigeria reveals that Africa’s digital economy and tech ecosystem is set to experience exponential growth periods. The continent’s $115 billion digital economy is in its early phases. Much of the growth so far has been concentrated in four key markets: Nigeria, South Africa, Kenya and Egypt. “By
Yu believes Sokowatch is now ready for a rebrand as it enters its next growth phase — moving from an East African player to a pan-African one. Still on competition and market play, MarketForce , an asset-light platform, is present in Kenya, Nigeria, Uganda, Tanzania and Rwanda. Sokowatch started as this kind of backend brand.
Since leaving the university in 2014, he has co-founded several tech startups but made his mark globally with OMG Digital, a startup with offices in Ghana and Nigeria that wanted to become the “ BuzzFeed of Africa.” When you consider lending, I’d say there are different phases. Ghansah is a serial entrepreneur.
Its clientele includes the likes of the World Food Programme and Central Bank of Nigeria as well as the Zambian and Kenyan governments. They include Senegal, Ghana, Mali, Nigeria, Ethiopia, Madagascar, Tanzania, Kenya, Rwanda, Uganda, Zambia, Malawi and Mozambique. million farmers.
There’s no shortage of digital banks in Nigeria and, in general, in Africa. In the latest development, Umba , a digital banking platform operating in Lagos, Nigeria, has raised $15 million in Series A funding. And Umba is yet to actualize Kennedy’s claims, given its sole operation in Nigeria.
It also recently expanded into Nigeria, Ghana and Vietnam, among other markets. Pillow supports deposits and withdrawals with fiat currency through local partnerships in Nigeria, the Philippines and Vietnam, with plans to add more across Southeast Asia, Africa and Latin America with its new funding.
On the platform, Raise customers can also automate due diligence, set valuations, track employee stock vesting and make routine documentation for licenses and government documents in Nigeria and Kenya. . The next phase of growth, according to Coleby, will be onboarding Series A and growth-stage companies onto the platform.
In the checkout phase, we plan to introduce a very secure payment method…limited by time or value. The e-commerce startup is also set for regional expansion, with immediate plans to enter Nigeria currently underway. “It’s And the final step is integrating financing or buy-now-pay-later solutions directly within that.
The reason lies behind the fact that in this quarter, Nigeria has accounted for 76% of the company’s messaging transactions, while Algeria currently accounts for 15%. Termii’s round is also noteworthy because it strays away from the usual fintech, mobility, agritech and cleantech sectors that investors typically notice.
In October, Stitch expanded the payment product to Nigeria and, at the time, was on track to facilitate $10 million in monthly payments by December. We recently had a few customers go live in Nigeria, which has been very exciting for us. We just offer payments there but are eager to deepen the products.
When CEO Sahir Berry and his co-founder Mahesh Nair founded NowNow in 2016, they wanted to provide solutions to financial inclusion and job creation, two of the most significant pain points they thought were facing Nigeria and the rest of the continent. This product has been made available to a few small businesses to test in a pilot phase.
Adanian Labs targets idea-phase tech startups, offering them all-round support including capital, advisory and operational backing; building them from the ground up. Compelled to offer more value to startups, the co-founders launched Adanian Labs in Kenya, joining other players, like Nailab , in the space. Image Credits: Adanian Labs.
We are even more excited for this next phase of their growth.” Though headquartered in Los Angeles, the company is basically remote, with more than 300 employees across its major hubs in LA, Lagos, Nigeria, Singapore and Europe. Products are now selling in more than 70 countries.
Remittances from abroad reached $45 billion in 2021, with Nigeria, Ghana, Kenya, Senegal and Zimbabwe leading the list of recipient countries. Norway’s Pangea Trust, through its equity crowdfunding platform Connect , is unlocking diaspora remittance inflows as funding source for early and growth-stage startups in Africa.
The initial investment phase will run for three years. Madica said it is also keen on reaching underserved markets in the continent, outside the well-established hubs of Egypt, Kenya, Nigeria, and South Africa. This is part of its push to ensure a pan-African reach by supporting local, and women founders.
In 2010, Bastian Gotter invested up to $200,000 into IROKOtv, an African video-on-demand company Jason Njoku, his friend and co-founder, launched in Lagos, Nigeria. Nigeria’s Kippa gets $3.2M We have the inventory management components that tie in with how many and which goods are sold.
Futi said Orda has witnessed tremendous adoption among small restaurants in its two markets, Nigeria and Kenya, and claims the startup might have reached product-market fit already. “We’re seeing fast-paced growth in Nigeria and Kenya with a retention rate of above 95%,” Futi added. .
Fifteen accelerators from key tech hubs, including Uganda, Egypt, Ghana, South Africa, Senegal, Nigeria, Ivory Coast, Kenya, Rwanda, and Tanzania will participate in the program. We believe that the next phase of this evolution will be led by home-grown accelerators, like the ones joining BAM,” said Dieng.
The startup has now set out to activate more mutti pharmacies to widen its reach and to build out its tech-infrastructure as it readies itself for the next phase of growth after raising $35 million in Series D round. All these while increasing access and affordability to quality medication.
MarketForce, which was launched in Uganda, Tanzania and Rwanda last year after growing beyond Kenya and Nigeria , plans to introduce buy-now-pay-later (BNPL) options to help merchants access fast-moving-consumer-goods (FMCGs) on credit. It also plans to enter additional markets in East and West Africa. “We’re
Nigeria is its biggest investment market in Africa, with a portfolio of $570 million. But narrowing this to just Africa, the impact investor is looking to mobilize $6 billion into the continent across these five years, Benson Adenuga , the firm’s head of office and coverage director for Nigeria, told TechCrunch in an interview. “We
Upstart and the Stellar Development Foundation (SDF), two investors in the round, are critical to this next phase of growth for Tala. Like Tala, Branch started as a digital lender offering loans to customers in Nigeria, Kenya, Tanzania and India.
Driven by a viable business model, the startup, which also has operations in Uganda and Nigeria, has entered its growth phase and is eyeing more partnerships in a bid to drive mass market insurance adoption in Africa.
We are looking forward to continuing our close working relationship with our new team and taking the business to its next phase.”. On Monday, Nigeria and Canada-based mobility startup Plentywaka announced the acquisition of Stabus, its counterpart in Ghana, for an undisclosed amount.
In its expansion phase, backed by a $3 million pre-seed funding, the startup looks to tap some of the biggest distributors and e-commerce players in Ghana, and later Nigeria, to grow beyond Kenya, Tanzania, Uganda, Zambia and Zimbabwe.
It is looking to expand its team of 33, which is currently spread across nine countries, including Ghana, Nigeria and Kenya. ” Sevey said Mantium is also preparing to enter a phase where it will create impactful meaning applications beginning next year — as it moves to connect “things with AI”. “So
In an email sent from Marketforce CEO Tesh Mbaabu and obtained by TechCrunch, the layoffs were a part of a reorganization strategy in Kenya, one of its five markets which include Nigeria, Rwanda, Uganda and Tanzania. . Mbaabu confirmed the news on a call with TechCrunch, adding that the company let go of 54 people.
“When we first started, we were focused on phase one of our strategy, which came from our knowledge about ride-hailing drivers because of our careers at Uber,” Ruzane said to TechCrunch. Kenya and Nigeria, on the other hand , have a different automotive value chain. and Japan.
After nearly a decade in operations, 4G Capital is also exploring new growth opportunities in West and North Africa with a keen eye on partnerships in Ghana, Nigeria and Egypt, which will happen after deepening and enriching its market share and customer value proposition in its core markets. The recent funding round brings to $27.5
Most truck drivers are in the unbanked and underbanked segment in Nigeria. As investors became frugal with cash and funding was difficult to come by, KOBO360 returned its priority to assembling a team for its next phase: sustainability. Nigerian logistics startup Kobo360 raises $30M backed by Goldman Sachs.
So, to help these ideas come to life, our next phase will focus on working directly with farmers and those in the field to get their feedback, and shape a useful, scalable, sustainable solution. These ideas are just the start. In order to make them successful, we need the input of those using a potential solution. Dun-Ying Vicki Yu.
Nigeria remains a largely cash-dominated country. Founded by Tomilola Adejana and Fredrick Adams in 2018, Bankly is digitizing the informal thrift collections system known with different names such as esusu or ajo in Nigeria. We call that the three-phase process.
Chibuzo Opara and Adham Yehia, being all too familiar with the problems of poor pharmaceutical supply chains, are planning to widen the reach of DrugStoc, a e-health drug procurement platform that eliminates these challenges by linking drug companies with institutions such as hospitals and pharmacies, in Nigeria. million series A funding.
Other hard-hit countries will include Nigeria, Indonesia, the Philippines, Pakistan, Sudan, and Niger. It’s going to continue afterwards, and temperatures and extreme weather will continue to get worse until we’ve managed to phase out fossil fuels. Low- and middle-income countries would be disproportionately affected.
Companies are phasing from the first generation of AI, which deals with pattern, text and image recognition, to decision-making AI, which helps them make timely decisions in complex spaces. InstaDeep currently has over 170 employees. When InstaDeep launched, Africa wasn’t in the picture detailing AI’s contribution to global economic growth.
Category 'Geography & Infrastructure : Administrative Divisions' is defined as: Vector geographic data describing the sub-national administrative divisions of a location, usually a country, including the names and unique identifiers, usually p-codes, of each administrative division.
July 13, 2023 The FTC is reportedly investigating OpenAI The FTC is reportedly in at least the exploratory phase of investigation over whether OpenAI’s flagship ChatGPT conversational AI made “false, misleading, disparaging or harmful” statements about people. In just six days, the app topped 500,000 downloads.
Perhaps it’s another sign of a consolidation phase taking hold in the sector, after a Pre-Cambrian explosion of SaaS startups over the last decade? Nigeria startup scene gets watershed exit with Paystack deal. Image Credits: Brent Franson for Paystack.
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