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Stripe Acquires Nigeria’s Paystack For $200M+ To Expand Into The African Continent

When Stripe  announced earlier this year that it had picked up another $600 million in funding, it said one big reason for the funding was to expand its API-based payments services into more geographies. Today the company is coming good on that plan in the form of some M&A. Stripe is acquiring Paystack, a startup out of Lagos, Nigeria that, like Stripe, provides a quick way to integrate payments services into an online or offline transaction by way of an API. (We and others have referred to it in the past as “the Stripe of Africa.”) Paystack  currently has around 60,000 customers, including small businesses, larger corporates, fintechs, educational institutions and online betting companies, and...

Why London’s Calling For The FinTech Industry

The year 2020 was going to be a wild ride for London’s financial services firms even without COVID-19. After all, Brexit was set to move from a theoretical change to a concrete reality, changing the rules for financial services players all over the country as well as for those on the continent. But add a pandemic to the mix and things got tumultuous pretty fast, Plaid U.K. Head Keith Grose and Innovate Finance CEO Charlotte Crosswell told Karen Webster as part of a recent PYMNTS TV session on London’s FinTech environment, in partnership with London & Partners, the official international trade, investment and promotion agency for London. But the panelists agreed that, such challenges aside,...

Carscan Secures Funding From Leading SA VC Investors

A cutting-edge South African tech startup, Carscan, has secured an undisclosed amount of investment funding from Kalon Venture Partners, IDF Capital, and a private investor. An automotive industry disrupter Founded by Obins Choudhary and Chander Prakash, Carscan has created an innovative service that allows users to track the condition of their vehicles. With its augmented reality platform that utilises visual AI technology, Carscan is able to provide an accurate, reliable, agnostic, complete, and traceable digital record of a car. As a tech-focused startup in the automotive industry, Carscan is disrupting the industry as it changes how stakeholders and consumers interact. Offering a range of services, Carscan assists the automotive industry to buy,...

Daily Digest Thursday, 15 October 2020

Funding In Africa Nigerian Ed-Tech Startup Edves To Raise Funding To For Further Expansion In Africa Prior to the adoption of the Edves software, 70% teachers in the schools which have now adopted the program used to waste a lot of time in time doing paperwork that could be automated. Doing a student report can take up to 2 weeks. Read more Funding In South Africa Actis Acquires US$140m Stake In Fibre Network Octotel According to a statement from Actis, the deal attaches a US$140 million enterprise value to Octotel. Similarly, Actis will buy a non-controlling interest in internet service provider RSAWeb. Both transactions are subject to regulatory approval. Read more Funding...

With Evolve Credit, Nigerians Can Find, Review, And Apply For Loans And Financial Products

Now, more than ever, there is an overwhelming need for loans and financial products in the Nigerian market. This is evident in the increase in loan applications from individuals and small businesses since lockdown restrictions began. But with most loan providers operating offline, it proved difficult for some customers to apply for this financial service. Still relying significantly on offline lead generation, in-person meetings, and paper applications, offline methods played a big part in deciding the fates of these businesses during the lockdown. Read also: Andreessen Horowitz Publishes 'Crypto Startup School' Documentary Besides that, another problem exists. Not all SMEs and individuals who succeeded in getting loans via the available online lenders had...

Actis Acquires US$140m Stake In Fibre Network Octotel

SOUTH AFRICA – Emerging markets investment firm Actis has agreed to buy a controlling stake in Cape Town-based fibre broadband network operator Octotel. According to a statement from Actis, the deal attaches a US$140 million enterprise value to Octotel. Similarly, Actis will buy a non-controlling interest in internet service provider RSAWeb. Both transactions are subject to regulatory approval. Read also: A New Narrative Around African Entrepreneurism [Opinion] Octotel was founded in 2016 and its fibre network today passes about 175,000 homes and businesses. “We have a growing portfolio of data centre investments and are delighted to now be making our first investment in the fibre sector” Octotel and RSAWeb were both founded...

TLG Capital Acquires 49% Stake In Opportunity Bank Uganda Ltd

UGANDA – TLG Capital (TLG) has announced the purchase of 49% stake in Opportunity Bank Uganda Ltd (OBUL), a tier commercial bank with 23 branches and 22 ATM points across Uganda. The bank was originally a microfinance institution founded in 1995 offering tailormade products and services for individuals, micro-businesses and small-and-medium sized enterprises (SMEs). The transaction makes TLG the largest shareholder of OBUL with the remaining shareholders being Opportunity International Group (43%), Faulu Uganda (7%) and Food for the Hungry (1%). Read also: Kenya’s KCB Bank Secures US$ 150m From IFC For SME Lending TLG’s investment was made via its Credit Opportunities Fund (COF) and marks a continued focus on building and...

Nigerian Ed-Tech Startup Edves To Raise Funding To For Further Expansion In Africa

NIGERIA – Edves, a Nigerian ed-tech startup is in the process of raising a US$500,000 seed funding even as it continues to expand operations across Africa. The startup founded in in 2016 by Dimeji Falana and Dare Adebayo, is an academic portal that automates operations in schools and colleges from admission to transcript generation. Read also: Webinar: How Big Deals Get Done The platform improves the quality of learning by reducing teacher and administrator workload and gives them opportunities to mark attendance and prepare classroom lessons using AI algorithms. Prior to the adoption of the Edves software, 70% teachers in the schools which have now adopted the program used to...

Daily Digest Wednesday, 14 October 2020

Funding In Africa Kenya’s KCB Bank Secures US$ 150m From IFC For SME Lending According to a statement by the Kenyan lender, the facility will help develop green lending and create employment opportunities for women as it embeds environmental sustainability in its growth strategy, portfolio and operations. Read more Call For Application & Other Web-Events Andreessen Horowitz Publishes 'Crypto Startup School' Documentary On October 9, 2020, the company Andreessen Horowitz published a new documentary on Youtube called “Crypto Startup School,” alongside the 14 lectures that go along with the experiment. The documentary covers a course Andreessen Horowitz recently held with over 40 participants who learn the process of starting a crypto company. Read more Opinion...

Andreessen Horowitz Publishes ‘Crypto Startup School’ Documentary

The California-based private American venture capital firm, Andreessen Horowitz, has published a documentary called “Crypto Startup School.” The documentary is different from other blockchain films, as the 30-minute video shows some of the procedures leveraged while invoking a crypto-focused startup. On October 9, 2020, the company Andreessen Horowitz published a new documentary on Youtube called “Crypto Startup School,” alongside the 14 lectures that go along with the experiment. The documentary covers a course Andreessen Horowitz recently held with over 40 participants who learn the process of starting a crypto company. Read also: StartupXs ChangeMakers $1000 Seed Grant Opportunity 2021 For Startups And Social Enterprises “This 30-minute, behind-the-scenes documentary follows several students as...

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