The Ghanaian fintech startup Zeepay recently secured a million equity investment from the venture capital firm, Verdant Capital Hybrid Fund. Zeepay plans to use the raised funds to bolster its standing as it prepares for significant growth in 2024. Solidifying Zeepay’s Position in Africa The Ghanaian fintech startup, Zeepay, recently secured a million […]
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Nigerian Startup, Zone, Raises $8.5M in Seed-Funding Round
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Nigerian Fintech Startup Chipper Cash Lays Off Employees in US, UK
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Egyptian Fintech Startup Moneyhash Secures $4.5 Million in Seed Funding Round
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Nigerian Microfinance Bank Carbon Acquires Fintech Startup Vella Finance
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Stablecoin Issuer Tether Leads $25 Million Funding Round for Mobile Payment Startup Oobit
On Monday, Tether, the leading issuer of stablecoins, revealed its role as the lead investor in the Series A funding round of mobile payment startup Oobit, which successfully garnered million. The investment round saw contributions from notable entities such as Titan Fund, Solana’s Anatoly Yakovenko, and 468 Capital.
Oobit Secures Million in Series A Led by Tether
With its crypto tap-and-pay service, Oobit aims to make strides in the mobile payment sector, offering its services to over 100 million retailers worldwide. This recent infusion of million in capital is earmarked for further development, propelling the company towards its ambition of fostering widespread crypto adoption.
Tether, in its announcement, highlighted the synergy between its objectives and Oobit’s initiatives. “Our support is founded on a mutual vision to drive the widespread adoption of cryptocurrencies on a global scale,” Paolo Ardoino, the CEO of Tether said in a statement sent to Bitcoin.com News. “Oobit, in our perspective, stands as a catalyst, breaking down barriers and facilitating frictionless transactions for crypto holders worldwide.”
Oobit is essentially a mobile payments app that allows users to make payments at any supported Visa or Mastercard point-of-sale (PoS), using cryptocurrencies, directly from the app with its tap-and-pay feature. Oobit was founded in 2017 and its goal is to provide a simple and secure way for crypto holders to pay in-store and worldwide. The Series A capital raise comes on the heels of Oobit adding to its advisory board with the addition of John Linden, the founder of Mythical Games, in October.
Moreover, this move aligns with Tether’s recent flurry of investments across various sectors, including technology, artificial intelligence (AI), and bitcoin mining. Among its ventures are investments with the Academy of Digital Industries, Northern Data Group, Volcano Energy, and Citypay.io. Since 2020, Tether has spearheaded eight out of nine investment initiatives.
According to Crunchbase data, Oobit’s recent Series A round brings the startup’s total funding to million. Echoing a similar strategy, prior to Oobit’s funding, the financial powerhouse Paypal backed the digital finance innovator Mesh, furnishing the startup with PYUSD as investment capital. The precise sum deployed by Paypal Ventures into Mesh remains under wraps, yet the PYUSD capital infusion succeeded Mesh’s million funding endeavor.
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Report: US Crypto Startup Seeks to Launch an Interest-Bearing Stablecoin
A U.S. blockchain and lending startup is seeking the U.S. Securities and Exchange Commission’s permission to issue an interest-bearing stablecoin. The startup said the digital token will be used as an alternative to existing stablecoins such as tether and USDC.
Figure Technologies’ Draft Registration Statement
A new blockchain and lending startup, Figure Technologies Inc., has reportedly approached the U.S. Securities and Exchange Commission (SEC) to launch an interest-bearing stablecoin. If approved, the stablecoins, which will be registered as “face-amount certificates,” will be available to both retail and institutional investors in the U.S.
According to a Bloomberg report, Figure Technologies aims to offer the first stablecoin that will be regulated as a security in the United States. The company’s draft registration statement, filed under the name of subsidiary Figure Certificate Co., said the stablecoin will be issued using blockchain technology.
In the meantime, Figure Markets, the digital asset arm of Figure Technologies, is reportedly planning to raise million at a valuation of 0 million. The funds are expected to be raised in collaboration with Jump Crypto and will be used to support Figure Markets’ operations.
Touting the proposed stablecoin, Figure Technologies, which is led by Mike Cagney, the CEO, said its digital token will be used as an alternative to existing stablecoins such as USDT and USDC. The startup added:
Interested in an instrument that provides yield backed by highly liquid, investment-grade assets that can be held in a digital format, liquidated on short notice and used in peer-to-peer transactions.
In addition to issuing stablecoins, Figure Technologies has also filed to register an offering that targets investors who are interested in earning yields with assets held in digital format, the Bloomberg report said.
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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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