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09 - 04 - 2019

Hi there! Here is today's edition of TC Daily. If this mail was forwarded to you, please take a moment to subscribe so you don't miss out on future editions.

 As part of Paga's 10 year anniversary, CEO & Founder Tayo Oviosu has been sharing a 5 part series on his journey of the first years at Paga. In the final part of this series, he shares his top 5 lessons for budding entrepreneurs based on his experience. Read the story HERE. Click HEREHEREHERE and HERE to read parts 1 - 4 of the series.
Mobile lending startup, Branch has closed a $170 million Series C funding round led by Foundation Capital and Visa. This new round brings its total funding to date to about $254 million. Branch which is present in Kenya, Nigeria, Tanzania will use the funds to continue to build its presence in India as well as in Latin America. The startup also announced a partnership with Visa that will allow borrowers to withdraw funds from an ATM without physical debit cards or bank accounts. African or Africa-focused fintech startups have continued to attract funding from global payment companies, making the sector the best-funded on the continent. Last year Visa & Stripe led a $8 million investment in Paystack while Mastercard invested in Flutterwave. Fintech accounted for 40% of total funding raised in 2018, the highest of any sector.

In more fintech news, Nigerian startup, Paylater has rebranded to Carbon. While the name might seem confusing for a fintech startup, the company's CEO, Chijioke Dozie, explained in his announcement that it was reflective of Paylater's future. The company's vision is to transition from a finance app to a lifestyle app that goes everywhere with its customers. This taps into the trend in the Nigerian fintech space where we're seeing more super apps such as GTBank's Habari and the Clane app. Paylater raised a $5 million debt facility last month to transition to a full service digital bank and it recently acquired Amplify, another Nigerian fintech.

On the 18th of April, 2019, The British High Commission to Nigeria and EFInA (Enhancing Financial Innovation & Access) are convening an interactive session that brings fintech operators, investors, policy makers and hubs to explore the ways in which increased funding and enhanced regulatory harmony can grow the Nigerian Fintech ecosystem. Also, EFInA will announce the winners of its $2 million Fintech Challenge Fund; fintech companies who have built solutions to improve financial inclusion among low-income earners in Nigeria. Sign up here to indicate interest to attend. Please note that only limited seats are available therefore EFInA is unable to accommodate every applicant..

CcHub Nigeria is calling for applications to its 2019 GovLab Idea Pitch. Interested applicants with ideas to encourage participation in governance and improve democratic governance can apply here before April 15. The top 3 winners will qualify for the CcHUB Pre-Incubation programme and will receive $5,000 in seed funding.

The British High Commission is hiring for a UK-Nigeria Tech Hub Director. The selected candidate will set up and lead a new, innovative and high-profile Tech Hub in Nigeria that will aim to develop the Nigerian tech ecosystem. Find out more and apply here before April 22.

Standard Chartered Bank has launched its Africa eXellerator innovation hub in Kenya. The hub will focus on developing solutions in artificial intelligence, cyber security and ‘Banking Made Easy'. In the same vein, Cisco has opened its incubation hub, the Cisco Edge Incubation Centre in Durban, South Africa. Small businesses and startups that use the hub will be able to connect with global Cisco experts who can support them.
Facebook is in talks to develop an underwater data cable that would cover the African continent, according to a report by The Wall Street Journal. The project has been called Simba and it is estimated that it will cost no less than $1 billion. The aim of the project is to drive down Facebook's bandwidth costs and to make it easier for the social media company to sign up more users.
TechCabal is pleased to introduce its first paid report, The State of Health Tech in Nigeria. This essential report looks deeply into the state of Nigeria’s health industry, the challenges facing that industry and the innovative startups working to find solutions to those challenges. The report profiles 75 active and 15 inactive health tech startups across 12 subsectors. It further examines the challenges these startups face, the opportunities in the space and makes actionable recommendations for entrepreneurs, investors and regulators to consider. Get the report here.
Boomplay has raised $20 million in Series A funding to realise its expansion plans with “a focus on content acquisition, product optimization [and] recruitment". The round is led by Maison Capital with participation from Seas Capital. The music streaming service which is owned by Transsion Holdings, Africa's largest smartphone seller launched in 2015 and it has 44 million active users. It comes pre-installed on Transsion smartphones and is also available via downloads other smartphones.
Nokia's Bell Labs is seeking applications to its 2019 Bell Labs Prize.  Applications are open until April 26. Find out more here and apply here.

From TechCabalA Legal Perspective on Health Tech in Nigeria + How Telco Partnerships Work in Nigeria

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