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…

Africa Roundup: CcHub’s iHub acquisition, Andela’s $50M run-rate and layoffs, Transsion’s IPO

Africa Roundup: CcHub’s iHub acquisition, Andela’s $50M run-rate and layoffs, Transsion’s IPO

Two of Africa’s powerhouse tech incubators joined forces in September. Nigerian innovation center and seed-fund CcHub acquired Nairobi based iHub. The purchase amount was undisclosed, but CcHub will finance the deal out of its real-estate project to build a new 10-story HQ in Lagos, CcHub CEO Bosun Tijani told TechCrunch. Details Read more…

Andela Nigeria Office

Africa focused Andela cuts 400 staff as it confirms $50M in revenue

Africa focused tech talent accelerator Andela will cut 400 junior engineers across Kenya, Uganda, and Nigeria, CEO Jeremy Johnson told TechCrunch. The layoffs come as the startup released first time income figures indicating it will surpass $50 million in annual revenues for 2019. Yes, the news seems a bit disjointed. Read more…

DHL Africa eShop Stores

DHL expands Africa eShop online retail app to 34 countries

DHL  has expanded its DHL Africa eShop business to 13 additional markets, upping the presence of the global shipping company’s e-commerce platform to 34 African countries. DHL  href=”https://techcrunch.com/2019/04/11/dhl-launches-africa-eshop-app-for-global-retailers-to-sell-into-africa/”>went live with the digital retail app in April, bringing more than 200 U.S. and U.K. sellers — from Neiman Marcus to Carters — Read more…

SF based African fintech startup Chipper Cash expands to Nigeria

SF based African fintech startup Chipper Cash expands to Nigeria

The African no-fee, cross-border payment startup Chipper Cash has expanded to Nigeria. The San Francisco based startup, with offices in Ghana and Kenya, will offer its P2P payment service and app in Africa’s most populous nation in partnership with PayStack—the payment gateway company. Paystack CEO Shola Akinlade confirmed the collaboration. Chipper Read more…

Ampersand Africa e motorcycle

Africa Roundup: Goldman backs Kobo360, Rwanda commits to EVs, Interswitch IPO update

Nigerian freight logistics startup Kobo360 raised a $20 million Series A round led by Goldman Sachs and $10 million in working capital financing from Nigerian commercial banks. The company — with an Uber-like app that connects truckers and companies to delivery services — will use the funds to upgrade its platform and expand to Read more…

Interswitch Quickteller

Update on Nigerian fintech firm Interswitch and its speculative IPO

Nigerian fintech firm Interswitch has been circulating in business news around a possible IPO on the London Stock Exchange. Last month Bloomberg News ran a story—based on unnamed sources—reporting the financial services firm had hired investment banks to go public on the LSE later in 2019. The piece spurred additional Read more…

What is Andela, the Africa tech talent accelerator?

What is Andela, the Africa tech talent accelerator?

As someone who covers Africa’s tech scene, I’m frequently asked about Andela. That’s not surprising, given the venture gets more global press (arguably) than any startup in Africa. I’ve found many Silicon Valley investors have heard of Andela but aren’t exactly sure what it does. In a bite, Andela is Read more…

Rwanda to phase out gas motorcycle-taxis for e-motos

Rwanda to phase out gas motorcycle-taxis for e-motos

The government of Rwanda will soon issue national policy-guidelines to eliminate gas motorcycles in its taxi sector in favor of e-motos. The country’s president Paul Kagame previewed the plan last week. “We will find a way to replace the ones you have now. We urge taxi-moto operators to help us Read more…