The Nigerian fintech startup, Chipper Cash, recently abolished the roles of 20 workers based in the U.S. and U.K. The CEO Ham Serunjogi said this decision aligns with its goal of maintaining high operational efficiency and moves the startup closer to profitability. Layoffs Set Chipper Cash on Course for Positive Cash Flow in the First […]
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Egyptian Fintech Startup Moneyhash Secures $4.5 Million in Seed Funding Round
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From Learning Scientific Communism in the Soviet Union to Pioneering Fintech Entrepreneur – LHV Founder Rain Lõhmus
Rain Lõhmus is the founder of LHV Group, a public financial company listed on the Nasdaq Tallinn Stock Exchange in Estonia. He recently joined the Bitcoin.com News Podcast to talk about his experiences with cryptocurrency ventures as well as the banking business. Rain shared the story of his early days, how he first got interested […]
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Nigerian Microfinance Bank Carbon Acquires Fintech Startup Vella Finance
Vella Finance, a Nigerian fintech startup, was recently bought by the microfinance bank Carbon. The acquisition of the fintech startup paves for Carbon to launch a new banking platform targeting Nigerian businesses. New Business to Leverage Artificial Intelligence The Nigerian microfinance bank, Carbon, has reportedly acquired the fintech firm Vella Finance for an undisclosed amount. […]
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Kenyan High Court Unfreezes $3 Million Belonging to Nigerian Fintech Giant Flutterwave
A recent ruling by the Kenyan High Court in favor of the Nigerian fintech startup Flutterwave will see it finally get access to million which has been frozen since July 2022. The judge slammed the Assets Recovery Agency for continuing to hold onto the funds even after it withdrew its suit against Flutterwave.
Flutterwave’s Legal Battle Against Kenyan Anti-Graft Agency Ends
A Kenyan court has reportedly issued an order to unfreeze million belonging to the Nigerian fintech startup Flutterwave and two associated companies. This ruling is expected to put an end to a protracted legal battle over the frozen funds, which persisted even after the anti-graft agency Assets Recovery Agency (ARA) withdrew its lawsuit against the startup.
As reported by Bitcoin.com News in July 2022, over 50 bank accounts containing funds linked to Flutterwave were frozen at the request of the Kenyan anti-corruption agency. The ARA sought the freeze order following an investigation that tied these bank accounts to “suspicious activities.” At the time, the cumulative balance across these accounts exceeded million.
Flutterwave has repeatedly denied any wrongdoing and in early 2023, the startup’s CEO reportedly went to Kenya to seek the funds’ release. However, about a month later, the first case against the startup was withdrawn which resulted in the release of more than million. The ARA nevertheless continued to hold on to some of the remaining funds drawing the ire of the judge.
“Such a litigation facade or decoy is inappropriate, an abuse of the court process, and an attempt at squandering the scarce judicial time,” the Nairobi judge reportedly said.
According to the report, Flutterwave will now attempt to get a Kenyan payments and remittance license.
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Fintech Provider Portal Raises $34 Million in Seed Funding
Portal, the provider of a decentralized Bitcoin ecosystem, announced on Jan. 30 that it has raised million via a seed funding round. Portal said the raised capital is set to fund the development of a decentralized exchange platform and a wallet.
Layer 2 Atomic Swap Technology
Portal, a fintech provider advancing financial self-sovereignty, announced on Jan. 30 that it recently raised million in seed funding. Key crypto venture firms and investors that participated in the funding round include Coinbase Ventures, Arrington Capital, OKX Ventures and Gate.io.
In a statement, Portal said the new funding has been raised at a time when the industry is dealing with security risks and fragmentation inherent in cross-chain bridges and exchange platforms. With approximately .5 billion stolen in the last two years alone, the fintech provider said the situation now requires a different approach, namely the atomic swap technology.
“Portal intends to solve the problem of custodial risk once and for all using secure and transparent Layer 2 atomic swap technology. With the support of our investors, we look forward to introducing cross-chain infrastructure that finally enables users to execute trades quickly and safely,” Chandra Duggirala, the co-founder and CEO of Portal, said.
The fintech provider revealed that it is attempting to create a solution that enables peer-to-peer swapping of bitcoins (BTC) across different blockchains without intermediaries. Additionally, Portal’s infrastructure is expected to enable the swapping of BTC across exchanges without giving up custody, privacy, or security.
Making BTC More Accessible and Secure
The latest funding round, which brings Portal’s capital raise so far to .5 million, will finance the development of the decentralized exchange (DEX) and wallet. Portal said it also plans to launch products previously reserved for large institutions and hedge funds.
Meanwhile, Michael Arrington, the founder and partner at Arrington Capital, commended Portal for pioneering decentralized finance on the Bitcoin network. Arrington added that Portal’s approach will likely make BTC more accessible and secure for individuals.
Dora Yue, the founder of Okx Ventures, described Portal’s platform as a game-changer and “a leap towards a future where trading is more responsive, liquid, and secure.”
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South African Fintech Startup Ukheshe Acquires 100% Stake in EFT Corporation
South African fintech startup Ukheshe recently announced that it has acquired a 100% stake in EFT Corporation, an Africa-focused payment services provider. According to the startup, the acquisition takes Ukheshe closer to its stated goal of attaining a larger footprint in Africa and beyond.
Access to New Technologies and Markets
The South African fintech startup, Ukheshe, recently disclosed that it had acquired a 100% stake in EFT Corporation, an Africa-focused payment services provider. The acquisition provides the combined entity with access to new technologies and opportunities and enhances Ukheshe’s exposure to different markets, customers, and business opportunities.
According to a statement from Ukheshe, the acquisition of EFT Corporation from its parent firm Loita Transaction Services (LXS) came nearly two years after it acquired the digital payment platform Masterpass. The takeover also occurred just a few months after the fintech startup closed its funding partnership with Development Partners International (DPI) in 2023.
Remarking on his company’s latest high-profile acquisition, Clayton Haywards, the co-founder and CEO of Ukheshe said:
“The market is ripe for consolidation and disruption, bringing together these like-minded executive teams & our great products positions us to dominate the African continent as the preferred banking solutions partner.”
As explained in the statement, the acquisition moves Ukheshe closer to its goal of expanding its footprint across Africa and beyond. This in turn helps the fintech startup deliver increased value to its stakeholders.
Stephen Enderby, CEO at EFT Corporation, said Ukheshe’s acquisition ended his firm’s search for a partner to support its digital strategy. James Griffiths, Partner at DPI, said the acquisition underscores his firm’s confidence in Ukheshe’s leadership and its growth potential.
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Egyptian Fintech Startup Zeal Secures $4 Million to Fund Expansion to New Markets
The Egyptian fintech startup has revealed that it recently raised million in funding via a round led by venture capital firms Raed Ventures and Cur8 Capital. CEO said the firm’s capital raise is expected to help Zeal accelerate its journey “towards utilizing AI to revolutionize retail customer engagement on a global scale.”
Enterprise Investment Scheme Tax Relief Advanced Assurance
Egyptian fintech startup Zeal has secured million in funding to help the firm enter the European, Middle Eastern, and African markets. The funding round was led by two venture capital firms, Raed Ventures and Cur8 Capital, with the participation of several angel investors.
According to a Techpoint Africa report, Zeal’s latest capital raise announcement came less than a year after the fintech startup received an Enterprise Investment Scheme (EIS) tax relief advanced assurance. The United Kingdom’s tax authority HM Revenues and Customs (HMRC) uses this to determine if a company qualifies for the tax benefits associated with the schemes.
Omar Ebeid, the CEO of the customer loyalty fintech startup, suggested that the capital raised will also be used to enhance Zeal’s connection with customers.
“This investment will accelerate our journey towards utilizing AI to revolutionize retail customer engagement on a global scale. We are committed to broadening our impact, with a focus on connecting billions of customers with millions of retailers,” the CEO said.
Meanwhile, Wael Nafee from Raed Ventures said there is a belief that Zeal’s “holistic product” will eventually become an important solution for the world’s payment service providers and POS [point of sale] machines.
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Nigerian Payments Fintech Startup Cleva Secures $1.5 Million in Pre-Seed Funding
The Y Combinator-backed Nigerian fintech startup has reportedly raised .5 million in pre-seed funding. Tolu Alabi, the CEO of Cleva, expressed confidence in her and fellow co-founder Philip Abel’s ability to navigate the competitive fintech market, citing their background as a factor that counts in the startup’s favor.
Cleva Founders ‘Uniquely Qualified’
Nigerian fintech startup Cleva has raised .5 million in a pre-seed funding round backed by the U.S. technology startup accelerator Y Combinator. The early-stage venture capital firm, 1984 Ventures, led the round with the participation of The Raba Partnership, Byld Ventures, Firstcheck Africa, and several angel investors.
According to a Techcrunch report, the funding is expected to help the fintech startup build a banking platform that enables both individuals and businesses to receive international payments. Aaron Michel, a partner at 1984 Ventures, expressed confidence in Tolu Alabi and Philip Abel’s stewardship of the startup.
“The team is uniquely qualified to address this given their experience building banking products at Stripe and robust platforms at AWS. The impressive early growth is a testament to the team’s unique capacity to execute across Africa and the U.S.,” Michel said.
The Nigerian Market
Meanwhile, Alabi, who is also the startup’s CEO, is quoted in the report talking up Cleva’s prospects in a market that is already dominated by fintech giants like Flutterwave, Chipper Cash, and others. She also highlighted her and her fellow co-founder’s backgrounds as another factor that counts in the startup’s favor as it targets a share of the billion market.
“We’re starting with Nigeria because we know the market and it’s also a big market. But we feel like because of our backgrounds, we’re very well positioned to solve this problem at a global scale,” said the CEO.
To support this assertion, Alabi revealed that in the four months following its launch, the fintech startup has helped thousands of Nigerians open U.S.-based accounts. She added that Cleva now processes over million in monthly payments and has experienced a 100% month-on-month revenue growth.
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Cameroonian Fintech Startup Koree Secures $200,000 in Pre-Seed Funding
The Cameroonian fintech startup Koree recently secured 0,000 in pre-seed funding which was led by the co-founder of the Nigerian payments company Duplo. The fintech said it will use the funds raised to launch a marketplace that rewards users for the purchases they make.
Users Rewards
The Cameroonian fintech startup Koree recently announced that it had raised 0,000 in pre-seed funding to expand its merchant network and bolster its customer base. Tunde Akinnuwa, the co-founder of the Nigerian payments company Duplo, led the funding round. Other participants in the round included the Cameroon Angels Network, Catalytic Africa, and Digital Africa.
According to a report, Koree plans to use the funds raised to start a new marketplace that enables users to get rewards for their purchases. Magalie Gauze-Sanga, the founder of the fintech startup, said that users will be able to earn a certain percentage of the amount they have spent across the Koree app’s 14 categories.
“They shop as usual and earn a certain percentage of the amount they have spent. The money Koree users earn in their wallet is hard cash, which they can redeem directly into their mobile money account,” the founder reportedly said.
Since its launch in 2022, the Cameroonian fintech startup has reportedly amassed over 13,000 users and processed more than 50,000 transactions. Besides securing capital via the pre-seed round, the fintech startup won the Orange Fab Cameroon 2023 Challenge, which aims to serve as a bridge between startups and Orange’s resource network.
Koree also won the Ecobank Fintech Challenge and has used the prize money to hire key personnel in development and engineering. Meanwhile, Gauze-Sanga revealed that the fintech startup, which already has team members in Cameroon, Côte d’Ivoire, Togo, Nigeria, and Senegal, is hoping to open a physical office in Douala.
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