Fintech startup, Eversend, raises $1m through equity crowdfunding
Eversend says it is more than just a money transfer service
in partnership with FLUTTERWAVE 13.07.2020
Hi there, Welcome to TC Daily! In today's digest: Fintech startup, Eversend raises $1 million through crowdfunding, Google's mobility report shows Nigeria's are not going to their offices as much and there's an update on Nigerian tech's Me Too moment. Please take a moment to subscribe to our newsletter if this email was forwarded to you.
PARTNER CONTENT

Medplus - A wholesale & retail pharmacy that not only sells locally manufactured & imported drugs but also your everyday essentials. Now you can order your COVID-19 essentials & have it delivered to you in one click.

FINTECH
"We are not just a money transfer company." - Stone Atwine- CEO, Eversend Over the weekend, Eversend, the fintech company that was created to solve the problem of cross-border money transfers raised over $1 million through crowdfunding. The company's CEO, Stone Atwine says he started the company because he often had trouble sending money to his grandmother in Uganda while he worked outside the country. But fintech is a running theme in Atwine's past efforts. His last two companies, YetuCredit Finance and Useremit are both in the fintech space. Yet, there is a sense that Eversend represents something bigger, with its plans to become the "Amazon of financial services." To get to its goal, the company launched a Seedrs campaign targeting a raise of EUR550,000 (US$613,000) in return for 7.67 per cent equity. It ended up raising EUR897,000 (US$1.015 million), valuing the business at EUR6,616,739 (US$7,373,065). What's next for the company? An expansion to Nigeria, Francophone Africa and Europe, user acquisition efforts and product development.
FUNDING

The South African fintech startup, Franc, has raised $300,000 in seed funding. Franc helps people access and invest in Money Market Funds and equity funds.

According to Techpoint: "over the next two years, Franc plans to grow their user base and assist individuals that are already on an investment journey. Their hope is that the app will help South Africans "break the cycle of debt and dependency and help them realise their financial dreams"

TC INSIGHTS
Given the established bidirectional causal relationship between energy consumption and economic growth, many Sub-Saharan African countries are caught in a negative spiral of low energy intensity and economic under-development. One notable hindrance is that some countries are unable to generate enough energy to satisfy domestic demand, hence their reliance on imports from other countries. Morocco is famously one of the most energy import-dependent countries in the world—over 90% of the energy consumed in Morocco in 2014 was imported—but even less energy-intensive countries in SSA are heavily reliant on imports. Out West, Benin Republic receives the bulk of its electricity from Nigeria. Achieving energy security in the long-term is key for economic development and off-grid renewable energy can play a significant role in the journey. Learn more about the conditions that precede and promote the rapid adoption of off-grid renewables in our report; The Future of Energy in Sub-Saharan Africa, created in partnership with Stears Data.
MOBILITY
Google has shared its COVID-19 community mobility report for the first week in July. The data set highlights the percentage change in visits to places like supermarkets, pharmacies and parks within a geographical location. The most interesting things from the July 7 report is the decline in the percentage of people going to workplaces (23%). It also show a reduction in the use of public transportation (15%) as well as the number of people going to supermarkets and pharmacies (9%). The percentages are compared against data from a five week period between January-February 2020, essentially pre-COVID data.
INTERNET CONNECTIVITY
While data shows a slowdown in movement across Nigeria, internet subscriptions during the lockdown spiked. According to data from the Nigerian Communications Commission (NCC), Internet subscriptions in Nigeria increased to ~140.7 million, up by ~4.9 million since March 2020. According to this article: "for Nigerian telcos, the subscriber numbers were broadly different and the massive increase in Internet subscribers were, in a large part, due to Glo’s performance." Read all about it here.
TECH #METOO
About a month ago, Ex-MEST Entrepreneur-in-Training, Kelechi Udoagwu accused CEO of internet company Tizeti, Kendall Ananyi, of flashing his privates during a meeting where he was supposed to be mentoring the young tech entrepreneur. What followed was a 48-hour silence from Tizeti before an announcement that CEO, Kendall Ananyi would step down from his role while independent investigations commenced. The company has since announced that the investigation has been completed and that Kendall Ananyi is back in his position leading the company. The details of the independent investigation are sparse. Kay Ugwuede who has stayed on the story says in this article: "TechCabal has attempted to follow-up with both parties regarding the investigations. Several emails to Tizeti to understand the nature, scope, duration and makeup of the independent investigating committee received no response."
WHAT ELSE IS HAPPENING?
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