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Strategy

Kashier Payments Raises Seed funding To Facilitate Electronic Payments For Egyptian Businesses

Egyptian startup Kashier Payments, a payments platform built to empower and simplify your business, has successfully raised a Seed investment round of funding, led by Glint Ventures, with participation from a group of strategic investors. Founded in 2017 by Khaled Raslan, Mohamed Hossam, and Mohamed Mohsen, Kashier launched its online payment acceptance services in 2019 obtaining the required approvals as a Payment Facilitator and Payment Service Provider and entered into a strategic partnership agreement with two of Egypt’s leading acquiring banks. Read Also: Report Reveals Record Investment In Local Venture Capital Landscape Kashier empowers businesses with a unified payments platform by providing them with simple yet efficient tools to make it...

Report Reveals Record Investment In Local Venture Capital Landscape

 The latest report by The Southern African Venture Capital and Private Equity Association (SAVCA), titled the  SAVCA 2020 Venture Capital Industry Survey has revealed that the local venture capital landscape experienced record investment and exit activity in 2019.  According to Investopedia, an exit refers to when an investor, trader, venture capitalist, or business owner decides to liquidate a position financially when their financial goals or aims have been met or exceeded.  Although local venture capital investors may have experienced a significant slowdown in deal activity due to the impacts of Covid-19, the report indicates that a total of 38 exits took place in 2019.  According to SAVCA, this number is...

Egyptian EsportsTeam Anubis Gaming Closes $300,000 Seed

Cairo-based esports team Anubis Gaming has closed $300,000 seed after raising $100,000 in fresh funds last month, it told MENAbytes last week. The investment takes total funding raised so far by Anubis to $450,000. The latest money came from a regional ecommerce group. Founded in 2015 by Youssef Mohsen, Anubis is an esports team that participates in competitive video game tournaments (for different game titles) at the regional and international levels. The startup told MENAbytes that they’re current regional champions of Crossfire and are in the playoffs for the world championship, which it said, makes it the first team in the history of Africa to reach such a high placement. Anubis founder Youssef...

AFD, Afreximbank pump €150 in green finance in Africa

(Ecofin Agency) - The French Development Agency (AFD) and the African Export-Import Bank (Afreximbank) agreed to pump €150 million worth of green, low carbon, socially inclusive, and more resilient investments in the continent. AFD has made available a €500,000 grant for a technical assistance program for the development of Afreximbank's climate finance strategy. Ultimately, this partnership will enable the expansion of sustainable development financing mechanisms in Africa. Read also; Nigeria’s Lekoil Raises $100m For Ogo Oilfield Drilling The effects of climate change are costing the continent $100 billion, or 2.8% of its annual GDP. To meet this challenge, solutions must be developed both to mobilize external financing and to put in...

Helios Investment Partners Eyes South Africa

Helios Investment Partners says it is eying South Africa for opportunities, claiming the current pessimism is “overdone.” “South Africa, notwithstanding the challenges that it is having - both from the human toll of Covid-19 and the economic challenges- paradoxically is becoming more interesting for us,” Tope Lawani (pictured), co-founder and managing partner at Helios, said in an interview with Bloomberg. No detail was provided on the companies Helios is targeting but the firm says it plans investments in fintech, insurance, and the energy sector. According to Tope Lawani, Helios is also considering the possibility of imitating a Ghanaian liquefied natural gas project in South Africa to help...

South African Crypto Startup Luno Acquired By World’s Largest Blockchain Investor

Good news for founders and investors in leading South African cryptocurrency exchange, Luno. Digital Currency Group (DCG), a global enterprise that builds, buys, and invests in blockchain companies, has announced that it has acquired the company, 7 years after it was started. Good news for founders and investors in leading South African cryptocurrency exchange, Luno. Digital Currency Group (DCG), a global enterprise that builds, buys, and invests in blockchain companies, has announced that it has acquired the company, 7 years after it was started. Here Is What You Need To Know Nothing is however changing in the leadership team of the company as Luno’s team will remain intact and Swanepoel will lead acquisition...

Tanzania, Uganda Sign Deal On $3.5bn Crude Oil Pipeline

TANZANIA – Tanzania and Uganda have signed an agreement to commence construction on a 1,445-kilometre crude oil pipeline running from Ugandan oilfields to the Tanzanian port of Tanga, a Tanzanian government spokesman said. The project focuses on oilfields in landlocked Uganda discovered in 2006 near Lake Albert and proposes pumping the crude to the coast via a pipeline across Tanzania. The pipeline is estimated to cost of $3.5 billion. Read also; Senegal’s First Major Gas Pipeline Gets US Government’s Funding According to Mr. Hassan Abassi, the Tanzanian government spokesman, 80% of the pipeline will run through Tanzania. The multi-national plan is led by French petroleum giant Total in partnership with China...

Why Ripple might be the future of digital payments

Ripple, the world’s fast-growing crypto payment powerhouse, works with bank regulators and policymakers in several governments for the adoption of digital payments. CryptoWhale, a crypto analytic firm, in a series of tweets, recently spoke on the odds of giving XRP the edge, as it works with government regulators on compliance. Read also; Your Startup Is a Movement The tweet reads, “Many criticize XRP for being ‘too centralized’, although this transparency is what government like,” “While other projects are focused on getting a quick batch of new investors to exit scam, Ripple has quietly been working with government agencies to ensure compliance.” At the time of this report, XRP traded at $0.241, with a daily trading...

Why Is iROKOtv Leaving Africa’s Billion Dollar Industry So Early, And What Does The Future Hold For Other Video-on-Demand Startups?

Nigeria’s iROKOtv, often hailed as the ‘‘Netflix of Africa’’ is not interested in Africa again! Not in the sense that it has added to the list of failed startups, but in the sense that it no longer finds it comfortable running its African operations, and so wants to scale them down. With more than $30 million in investors’ funding, founder Jason Njoku has written a very long essay starting this process, of wishing the 9-year-old company good riddance from the continent.  “Over the next week, iROKOtv will be defocusing our Africa growth efforts,” he says, “and we will revert to focusing on higher ARPU (average revenue per user) customers in North America...

Binance Offers DeFi Coders $100,000; DeFi Market Value Hits $8 Billion

Binance, the world’s largest crypto exchange by market volume, is offering a big financial reward to crypto coders. The crypto powerhouse recently started a $100 million seed fund to attract more decentralized finance (DeFi) coders to its smart contract-enabled Binance Smart Chain. Read also; SMEGO Launches Platform To Enable Small Businesses Raise Funds In South Africa Each proposal will go through security audits and due diligence. Approved DeFi projects can get up to $100,000 in funding, while their tokens will benefit from the liquidity available through Binance’s proprietary blockchain. The Malta-based firm says high-quality projects may also be listed on Binance. DeFi Pulse, which tracks the value of the DeFi...

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