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Russians are no longer able to use their bank cards to pay for Spotify and Netflix as well as access Apple Pay or Google Pay. Big tech companies like Meta, YouTube, and TikTok have also banned Russian state media from their platforms.
In today’s edition
- M-KOPA raises $75 million
- Samsung shuts down its Note series
- Payroll tech is becoming a big deal
- Opportunity: Decentralized Umoja Bounty Hack
M-KOPA RAISES $75 MILLION
It’s still raining funds in the African tech ecosystem.
Fintech platform M-KOPA has raised $75 million in a growth equity round, bringing the total amount raised by the startup to $190 million. This funding round was led by Generation Investment Management and Broadscale Group, with participation from other investors like LocalGlobe’s Latitude Fund and HEPCO Capital Management.
Backstory: Founded in 2010 by the trio of Chad Larson, Nick Hughes, and Jesse Morson, M-KOPA is a fintech company that focuses on providing underbanked customers with access to financial services.
The company run a pay-as-you-go (PAYG) model that offers users access to various products while paying in installments. From 2010 till date, M-KOPA has provided over $600 million in financing to their 2 million customers in Nigeria, Kenya, Ghana, and Uganda. The company has also disclosed that new customers grew 2.5x in 2021 alone.
Looking Forward: M-KOPA plans to use this latest funding for expansion. The company plans to launch in other parts of the continent as well as provide even more flexible payment plans for users.
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SAMSUNG SHUTS DOWN ITS NOTE SERIES
Samsung has finally confirmed the rumors, it’s ending its Note series.
Roh Tae-Moon, head of Samsung Electronics’ Mobile Experience disclosed this at the MWC 2022 event in Barcelona.
It’s replacement? The Galaxy S Ultra line will take over the Note series.
If you’re an avid fan of the Note series-however, this news shouldn’t come as a surprise as Samsung hasn’t released a new device under the flagship since the Galaxy Note 20 and Note 20 Ultra were released in 2020.
Backstory: Since its introduction into the market in October 2011, Galaxy Note smartphones have been known for large screens, single-handedly triggering the popularisation of large screened-smartphones.
The Note series instantly became a hit, selling over >a million devices one month after its launch. Despite some impressive releases, consumer interest in the Galaxy Note series has declined over the years. The company shipped 12.7 million Galaxy Note units in 2019 and around 9.7 million units in 2020.
With 14 devices in the bag, the Note series line is going down as one of the most popular and iconic device lines. While Galaxy Note fans will undoubtedly be disappointed, they can focus on the other lines the company has in the market like the Galaxy S series and newer Galaxy Z foldable series.
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PAYROLL TECH IS BECOMING A BIG DEAL
Last year, fintechs accounted for nearly $3 billion, or two-thirds of all the investment secured by African startups, per a report by markets insights firm Briter Bridges. That’s more than double the $1.35 billion raised by fintechs in 2020 and three times the amount secured in 2019.
This impressive growth of the fintech sector across the continent has given rise to thriving subsectors like payroll tech.
Payroll tech?
Traditional payroll payment processes typically take three or more days to fulfil. But it’s possible to reduce this process to minutes by deploying new payment methods being championed by tech startups.
In Nigeria, companies like Bento Africa provide cloud-based solutions to help over 900 active businesses automate salaries and other remittances like taxes and pension.
In Kenya, Workpay allows small and medium businesses to manage and pay their employees from anywhere in Africa. Beyond just payment, Workpay makes it possible for businesses to hire, manage, and pay their staff in over 15 currencies – all of these without having to set up local entities.
This fintech sub-category is starting to receive a lot of attention from investors, as Workpay and another Nigerian payroll startup SeamlessHR have raised $2.1 million and $10 million respectively.
Michael Ajifowoke has more in Payroll tech heats up in Africa, on the heels of a booming fintech sectors.
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OPPORTUNITY: DECENTRALIZED UMOJA ALGORAND BOUNTY HACK II
Applications are now open for the Decentralized Umoja Algorand Bounty Hack II, by Algorand and Reach.
The hackathon is a great opportunity for African developers to learn & build blockchain projects and win up to $10,000 in prizes.
Applications are open until March 4, 2022.
What else we’re reading
- This interview of Asa
- IT workers in Russia sign anti-war petitions.
- Euphoria is now HBO’s second most watched-show
- Scammers guessed my credit card number – and they could guess yours too
