| Paga, the Nigerian fintech company, has confirmed its expansion to Ethiopia and Mexico. The expansion is no news. The company announced the move in 2018 when it raised $10 million Series B funding. It will launch in the East African country once it receives regulatory approval, while its Mexican expansion will come later in 2020.
Paga has also acquired Apposit, an Ethiopian software company. Apposit was founded in 2007 and incorporated in the US by Adam Abate and Eric Chijioke, Paga’s co-founder and CTO. According to Tayo Oviosu, Paga’s CEO, Apposit had invested in the payment company during the early days. The software company also built Paga’s payment platform and handles its engineering. Although Nigeria-focused, Paga never had Nigeria-based developers until 2018 despite being in business for nearly 10 years.
With the recent acquisition, Abate, Apposit’s former CEO, is now CEO of Paga Ethiopia. Chijioke will retain his role as CTO of Paga. |
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In August 2019, Google Play Store introduced a ban on digital lending with repayment cycles of less than 60 days. As the world’s largest app store, Play Store is one of the most important distribution platforms for lending apps. Yet many of these companies are violating Google’s policies. In this article, TechCabal’s Muyiwa provides information on what apps are violating Google’s policy and what could happen if Google takes action against them. |
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Skynamo, a South African cloud-based software company has raised $30 million Series A funding from Five Elms Capital. Skynamo is a sales management and customer relationship company. Operating in Southern Africa, the UK and the US, the company says it has over 6,500 subscribers in over 650 companies. It says it will use the new funding to scale its platform. |
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The countdown to Afrobytes 2020 continues. Afrobytes is the premier event that brings together entrepreneurs, innovators, investors, and more to explore business opportunities between the African tech ecosystem and players in the global tech world. Here are key reasons why you should attend Afrobytes 2020:
- Finance: pitch world-leading Africa-focused tech funds
- Network: connect with global companies and African tech leaders
- Scale: find tech partners at the largest startup campus
- Feature: talk to international media covering African markets
Get your early bird ticket here
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Moroccan startup, Mubawab has raised $7 million funding from UAE firm, Emerging Markets Property Group. The startup is a real estate platform that helps landlords advertise their properties to potential customers. The company says it will use the new funding to accelerate its growth and hire more staff. |
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In early January, Iyin Aboyeji announced the Future Africa Fund an angel investment fund. Every year, the fund will back 20 founders with up to $50,000 funding to help them grow their startups. But in this article TechCabal’s Alexander writes that the fund offers more than just money; it provides coaching, community and a network to build sustainable businesses. |
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Kenya-based startup, Safi Analytics is at the centre of a controversy. In a video posted online, Kennedy Ng’ang’a, an early member of the Safi Analytics team has accused the company’s CEO, Lauren Dunford, of forcing him out unfairly. According to the video, Kennedy claimed that he co-founded the company and helped to build its data analytics technology. He alleged that after building the earlier technology, the company raised $2 million. But he was forced out and forced to give up his shares. However, in a statement on the matter, Safi Analytics denied his claims, saying Kennedy was only an employee and never built the company’s technology. The case is now in court.
The controversy is now putting the spotlight on the funding realities in Kenya and whether more funding skews towards startups with foreign founders than local founders. |
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| Join Chimezie Chuta, Founder/Co-ordinator, Blockchain Nigeria User Group at TC Townhall: Emerging Tech, a forum that Help businesses, big corporations and government understand blockchain and artificial intelligence as well as how to take advantage of them. Chuta Chimezie is the protem Chairman for Organization of Blockchain Technology Users (OBTU) and the Africa Lead, Technology & Innovation at Blockspace Africa Technologies ltd. Chimezie Chuta was previously Regional Director for Africa at Paxful Inc and is an Advisory Board Member at Kinesis Money for West Africa.
Tickets to TC Townhall: Emerging Tech are now available for purchase and a 15% early bird discount is available for readers who buy their tickets by January 31st with the code TCEM15%OFF. Further discounts apply for companies/individuals buying at least 5 tickets.
Click here to redeem our 20% corporate discount. |
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Whew, Weekend!
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– Alexander
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