PalmPay launches in Nigeria on $40M round led by China’s Transsion

PalmPay launches in Nigeria on $40M round led by China’s Transsion

Africa focused payment startup PalmPay has launched in Nigeria after raising a $40 million seed-round led by Chinese mobile-phone maker Transsion. The investment came via Transsion’s Tecno subsidiary, with participation from China’s NetEase and Taiwanese wireless comms hardware firm Mediatek — a Transsion spokesperson confirmed to TechCrunch. PalmPay had piloted Read more…

Chaka opens up global investing to Africa’s most populous nation

Chaka opens up global investing to Africa’s most populous nation

Fintech startup Chaka aims to open up online investingd to Africa’s most populous nation, Nigeria. The seed-stage company recently went live with its mobile-based platform that offers Nigerians stock trading in over 40 countries. Chaka positions itself as a passport to local and global investing. The startup has created an Read more…

Pan-African e-tailer Jumia grows 3Q revenue, e-payments, and losses

Pan-African e-tailer Jumia grows 3Q revenue, e-payments, and losses

Pan-African e-commerce startup Jumia released its third-quarter financial results today. The numbers and presentation reflected some of the same past trends, with a dash of new, and nary a mention of a declining share-price. The results Jumia — with online goods and service verticals in 14 countries — posted third-quarter Read more…

Nigeria’s Interswitch confirms $1B valuation after Visa investment

Nigeria’s Interswitch confirms $1B valuation after Visa investment

Nigerian digital payments firm Interswitch confirmed today it has reached unicorn status after Visa acquired a minority equity stake in the firm. “The investment makes Interswitch one of the most valuable African fintech businesses with a valuation of $1 billion,” Interswitch said in a release to TechCrunch. The Visa investment Read more…

African logistics startup Lori Systems raises Series A led by Chinese investors

African logistics startup Lori Systems raises Series A led by Chinese investors

African on-demand trucking logistics company Lori Systems has raised a Series A round led by Chinese investors Hillhouse Capital and Crystal Stream Capital. Other participating investors included Nigeria and U.S. based EchoVC, Flexport CEO Ryan Peterson, and Nigerian founder Iyinoluwa Aboyeji. Lori Systems is not disclosing the amount of the Read more…

Solar based ISP startup Tizeti launches 4G LTE network in Nigeria

Solar based ISP startup Tizeti launches 4G LTE network in Nigeria

Nigerian internet service provider Tizeti has launched its first 4G LTE network. The Y-Combinator backed startup — that uses solar powered towers to deliver net connectivity — has built its premier 4G capable tower in the city of Port Harcourt, where Tizeti will offer its first 4G and ISP services. Read more…

Africa Roundup: Goldman leads $30M Twiga raise, China grows tech influence, Jumia weathers lockup-expiry

Africa Roundup: Goldman leads $30M Twiga raise, China grows tech influence, Jumia weathers lockup-expiry

Kenya’s Twiga Foods raised a total of $30 million in October from lenders and investors led by Goldman Sachs. This adds to the list of African startups the U.S. financial firm has backed, including e-commerce venture Jumia and South African fintech startup Jumo. Twiga, a B2B food distribution company, will use its Read more…

TechHubsinAfricain2019 Briter Bridges

Bosun Tijani talks strategy as CEO of Africa’s new largest tech hub

With CcHub‘s acquisition of iHub in September, Nigerian Bosun Tijani is at the helm of (arguably) the largest tech network in Africa. He is now CEO of both organizations, including their robust membership rosters, startup incubation programs, global partnerships, and VC activities from Nigeria to Kenya . One could conclude Read more…

Revisiting Jumia’s JForce scandal and Citron’s short-sell claims

Revisiting Jumia’s JForce scandal and Citron’s short-sell claims

In advance of Jumia’s November financial reporting, it’s worth revisiting the company’s second quarter results, the downside of which included some negative news beyond losses. The Africa focused e-commerce company — with online verticals in 14 countries — did post second-quarter revenue growth of 58% (≈$43 million) and increased its Read more…

Naspers Minette Havemann

Naspers Foundry is open for South African startup pitches, CEO says

Naspers’ 1.4 billion rand (≈$100 million) VC fund to support South African startups — Naspers Foundry — is accepting pitches, after making its first investment in online cleaning services company SweepSouth. The funding initiative also has a new leader, Phuthi Mahanyele-Dabengwa, who joined Naspers in July as a CEO reporting Read more…