A selection of tech news from Nigeria and Africa at large.
Funding For Digital Banking Infra Startup Credable | Consensys, Moonpay Partners For Crypto Access | Factor[E] Ventures Launches Delta40 | Kenyan Insurtech Startup Turaco Partners Airtel, Prudential | Verod-Kepple Raises Fund | TECNO, MTN Digital Experience Partnership
Credable, a digital banking infra startup that wants to build Unit for emerging markets, gets funding – TechCrunch
Credable, an upstart in this category that provides its clients with the technology stack, scoring capabilities, and banking partners, has raised a $2.5 million seed round. It follows the pre-seed round of the embedded finance platform secured in early 2021 and led by The Continent Venture Partners (TCVP).
Last May, Credable launched officially with two products: a 30-day term loan product in partnership with Vodacom M-Pesa in Tanzania and a short-term lending product for Diamond Trust Bank in Kenya. Since then, the fintech has enabled over six products for various businesses, from banks and mobile network operators to e-commerce platforms and fintech players across three markets: Tanzania, Kenya and Uganda. So far, over 1.2 million people have opened accounts on its platform and more than 200,000 customers (including consumers and SMEs) have used its banking products. These include savings products, term loans, overdrafts, asset financing and other credit solutions. Credable’s platform has helped disburse $5 million worth of loans disbursed and seen over $3 million of deposits into its savings products, per a statement shared by the startup. Read more here
ConsenSys, MoonPay partner to empower Nigerian users with easy access to crypto directly in MetaMask – TheGuardian News
Market-Leading Web3 company, ConsenSys, revealed that MetaMask, the world’s leading self-custody wallet and MoonPay, the leading web3 infrastructure company, have expanded their offering in Nigeria. Users of MetaMask in Nigeria can now use instant bank transfers to purchase crypto directly within the MetaMask mobile app and the Portfolio Dapp, resulting in a more seamless experience that is cheaper, faster and more efficient.
Buying and selling crypto in Nigeria can be challenging, with an estimated 90 percent of attempts to buy crypto using a credit/debit card declining. However, adding more localized payment methods such as instant bank transfers, will improve the situation, enabling Nigerian users to access web3 more efficiently and obtain tokens conveniently without setting up an account with a centralized crypto exchange. This will reduce decline rates and provide a user-friendly experience. Read more here
Factor[e] Ventures Launches Delta40 to Transform Africa’s Startup Ecosystem – TechEconomy
Factor[e] Ventures today strengthens its commitment to transform the African start-up ecosystem with the launch of Delta40, a new venture studio that aims to increase incomes and tackle climate change in Africa by building and investing in technology ventures.
US ambassador to Kenya and iconic chief executive Meg Whitman spoke at the launch event, highlighting the pioneering mix of talent, technology, capital, and hands-on support the Delta40 team will provide African founders and startups innovating to solve the biggest problems.
Delta40 focuses on technology-driven energy, agriculture, and mobility ventures led by diverse, experienced founders. In addition to capital, Delta40 acts as a co-founder, providing fast, iterative product testing, technology brokering, early-stage commercialisation, and working side-by-side to increase the speed of venture building. Delta40 secured early funding and strategic support from Autodesk Foundation and the Global Energy Alliance for People and Planet (GEAPP), a collective action platform partnered with The Rockefeller Foundation, IKEA Foundation, and Bezos Earth Fund, leading climate tech law firm Wilson Sonisi, as well as government, private sector, and finance institutions. Read more here
Kenyan insurtech startup Turaco partners Airtel, Prudential for Uganda product launch – Disrupt Africa
Kenyan insurtech startup Turaco has partnered Airtel Money and Prudential in Uganda to launch Hospital Sente, a low-cost hospital cash insurance product with funeral benefits, aimed at increasing access to insurance for underserved communities, and low-income individuals and families.
Turaco provides fast, simple and inclusive insurance solutions for emerging markets and is a distributor, broker and key customer interface between the underwriter and the consumer. Turaco achieves this by forming partnerships with leading tech-enabled companies with a large pool of emerging market consumers.
One such collaboration has been agreed with Airtel, with the new Hospital Sente product aiming to ease Airtel’s customers’ financial burden associated with hospital admissions and death. Hospital Sente offers beneficiaries a cash pay-out if they are hospitalised, and is designed to provide affordable coverage for unserved individuals and families conveniently through Airtel’s Mobile money platform by dialling *185*7*6#. The product is underwritten by Prudential Uganda. Read more here
Verod-Kepple Africa Ventures raises $43m for pan-African venture fund – Disrupt Africa
Verod-Kepple Africa Ventures (VKAV) has raised US$43 million for its pan-African venture fund, which invests in scalable, tech-enabled, post-revenue startups addressing difficult challenges on the continent. Formed in 2021 as a joint venture between Kepple Africa Ventures (KAV), a Japanese venture capital firm, and Verod Holdings (Verod), an African growth capital private equity firm, VKAV is led by partners Satoshi Shinada, Ryosuke Yamawaki, and Ory Okolloh.
The VKAV Fund is its first investment vehicle, and will leverage the accumulated knowledge and skills of the two companies to invest in startups across Africa, focusing on early-stage companies that are working to solve social challenges in the region. Read more here
TECNO and MTN partner to offer unmatched digital experience to customers – TheGuardian News
In today’s fast-paced world, being connected is not just a luxury, it’s a necessity. We live in a global village where communication and connectivity are the keys to success. Whether you’re a student, an entrepreneur, or a professional, you need to be plugged in and up-to-date at all times. And let’s face it, nobody wants to be left behind in this digital age! Imagine trying to send an important email or upload a crucial file only for your device to hang or your network to fail. The frustration is real! With technology moving at lightning speed, more is needed to have just any device, you need top-notch gadgets and exceptional network to keep up with the pace. After all, time is money and wasted time is a missed opportunity.
TECNO, the innovative mobile phone brand, is on a mission to offer its customers an unparalleled digital experience. With a commitment to effectiveness and efficiency, TECNO has maintained its position as a front-runner in the mobile phone industry. Taking it a step further, TECNO is partnering with the telecommunications giant, MTN, to take its customers’ digital experience to the next level. This partnership will allow TECNO devices to leverage MTN’s vast network coverage and cutting-edge technology to offer its customers faster and more reliable mobile internet connectivity. Read more here
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Image Credit: TheGuardian News
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