Africa’s blockchain and crypto space is receiving a much-needed venture boost during a tough time for startups, some of which have retreated from specific markets or completely shut down due to issues like harsh regulatory environment, macros or downright mismanagement. The boost involves Yellow Card, the U.S.-founded crypto platform launched in Nigeria in 2019, which […]
Last month, Flutterwave, Africa’s most valuable startup, appointed Mitesh Popat as its new chief financial officer. The company, valued at $3 billion when it raised a Series D in 2022, appointed Popat after the resignation of Oneal Bhambani, who stepped down ten months ago for personal reasons. Bhambani joined Flutterwave in mid-2022, during a turbulent
Flutterwave’s chief on the company’s executive hires, product focus, and IPO plans Read More »
Kenya’s competition authority has fined Baltic lender Eleving‘s Kenyan subsidiary for misleading its customers, casting a spotlight on the continuing unethical operations of a section of digital lenders in the country despite a new law. The Competition Authority of Kenya (CAK) imposed a fine of $84,120 on Eleving subsidiary Mogo Kenya for violating competition law
Kenya fines Baltic fintech Eleving’s local arm for misleading customers Read More »
Not many ecosystems outside of Silicon Valley can boast successful tech startups launched by founders while still in school or shortly after dropping out. So, when such events occur in regions like the Middle East or Africa, the companies are worth paying attention to. A decade ago, Islam Shawky, Alain El Hajj, and Mostafa Menessy,
Two of Africa’s largest B2B e-commerce platforms, Wasoko and MaxAB, have finally completed the continent’s much-talked-about merger, TechCrunch has learned. The all-stock transaction, both companies say, marks “an evolution from B2B e-commerce companies to a multi-vertical ecosystem for Africa’s $600 billion informal retail sector.” Talks of a merger between Kenya-based Wasoko and Egypt-based MaxAB began
Businesses across Africa face challenges managing payroll, especially in a landscape with different regulations, remote employees, and hybrid workplaces. About 80% of small and medium-sized businesses still use Excel and Google Sheets as they can’t afford or maintain complex payroll systems. Here’s why: On-site third-party solutions offer limited features, while software designed for large companies
Kenyan HR and payroll startup Workpay lands Visa as investor in $5M round Read More »
Emerging economies face trade deficits that cause demand for the dollar, which dominates global trade to exceed supply. This imbalance raises costs and delays trade. In Africa, the problem is exacerbated by the shortage of tech solutions addressing the liquidity needs of large enterprises and multinationals, with many cross-border payment platforms opting to build consumer-facing
Waza comes out of stealth with $8M to power global trade for African businesses Read More »
Almost two weeks ago, TechCrunch reported that African e-commerce giant Jumia was planning to sell 20 million American depositary shares (ADSs) and raise over $100 million, given its share price of around $5.70 at the time. The e-tailer has now completed the at-the-market transaction offering of 20,227,736 ADSs. Jumia sold the shares at an average
African e-commerce company Jumia completes sale of secondary shares at $99.6M Read More »
Cross-border payments for businesses in emerging markets remain significantly untapped, despite small to large businesses using banks and legacy fintechs to transact trillions of dollars in transaction volume annually. A report by Airwallex forecasts that the value of cross-border payments will grow by 60%, reaching $250 trillion by 2027. Between 2018 and 2022, the value
Conduit’s cross-border payments expand from LatAm into Africa with $6M round Read More »
African e-commerce company Jumia is selling 20 million American depositary shares over the next couple of weeks, TechCrunch has learned. The at-the-market transaction is to take advantage of strong results despite a volatile market. Given Jumia’s share price of around $5.70 when the stock market opened on Tuesday, the e-commerce company could potentially raise approximately
