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💸 enza secures $6.75 million in seed funding to expand payment solutions across Africa
💰 DEG invests $16.3 million in Mediterrania Capital IV, signaling confidence in African growth potential
🚙 Bolt operations suspended in Tunisia amid investigation into alleged money laundering and tax evasion
🤖 Cassava Technologies to Launch Africa's First AI Factory, Powered by NVIDIA
🛒 Verve International Expands Global Reach with Temu Partnership, Empowering Millions of Cardholders |
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| | | | | 💸 PAYMENTS | enza secures $6.75 million in seed funding to expand payment solutions across Africa | | Fintech startup enza, which specializes in providing payment solutions across Africa, has successfully raised $6.75 million in a seed funding round co-led by notable venture capital firms Algebra Ventures and Quona Capital. This investment marks a significant milestone for enza, representing its first external capital injection since the company was founded. | The newly acquired funding will be strategically utilized to accelerate enza's ambitious expansion plans in key African markets. The company aims to strengthen its existing partnerships and enhance its responsiveness to the specific needs of its growing client base, which includes banks and fintech companies.....…continue reading |
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| | | | | 💰 INVESTMENTS | DEG invests $16.3 million in Mediterrania Capital IV, signaling confidence in African growth potential | | In a decisive move that underscores a robust confidence in the growth prospects of North and West Africa, the German development finance institution DEG has markedly enhanced its financial commitment to Mediterrania Capital IV (MC IV), a private equity fund adeptly managed by Mediterrania Capital Partners (MCP). This fund, under the leadership of Chairman Saâd Bendidi and Managing Partner Hatim Ben Ahmed, has successfully secured an additional €15 million (approximately $16.3 million USD) from DEG. | This latest infusion brings DEG's total investment in MC IV to €25 million, reflecting a strong belief in the fund's potential. The announcement of this latest investment, made public this week, follows DEG's initial involvement with MC IV back in May 2023. The newly acquired capital is strategically designated to enhance the fund's operational capabilities and to support its expanding portfolio of investments across the targeted regions.......…continue reading |
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| | | | | 🚙 RIDE-HAILING | Bolt operations suspended in Tunisia amid investigation into alleged money laundering and tax evasion | | Tunisian authorities have suspended the operations of ride-hailing giant Bolt, along with several other unnamed companies, as part of an investigation into alleged money laundering and tax evasion, the country's interior ministry announced on Monday. This probe has already resulted in the seizure of approximately 12 million Tunisian dinars (around €3.5 million) from the accounts of various app-based transport service providers. | According to a statement from the National Guard, which is leading the investigation through its financial division, the companies under scrutiny are suspected of operating without the necessary legal licenses or utilizing "false authorizations." They are also accused of maintaining undeclared bank accounts, through which they allegedly transferred substantial sums of money abroad, in violation of Tunisian financial regulations...........continue reading |
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| | | | | 🤖 ARTIFICIAL INTELLIGENCE | Cassava Technologies to Launch Africa's First AI Factory, Powered by NVIDIA | | Cassava Technologies has announced plans to build Africa's first AI Factory, a cutting-edge, secure data centre powered by NVIDIA's advanced AI computing technology. | The facility will be powered by NVIDIA's advanced AI computing platform, with plans to go live in South Africa by June 2025. The AI Factory will serve as a pan-African resource, delivering AI as a Service (AIaaS) across Cassava's growing network of data centres located in key markets such as Egypt, Kenya, Morocco, Nigeria, and more. | At the heart of the AI Factory will be NVIDIA's GPU-accelerated supercomputers, designed to handle the growing demand for machine learning, deep learning, and AI-powered applications. These AI capabilities will be underpinned by Cassava's robust fibre infrastructure, which stretches across the continent and connects businesses, governments, and research institutions to the new AI ecosystem.........continue reading |
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| | | | | 🛒 ECOMMERCE | Verve International Expands Global Reach with Temu Partnership, Empowering Millions of Cardholders | | Verve International, Africa's pioneering and largest domestic payment card scheme, has hit another major milestone in its global expansion journey. The company has officially announced that Verve cards are now fully accepted on Temu, one of the fastest-growing e-commerce platforms globally. Temu, which has rapidly grown to become a dominant online retail platform from China, offers a wide array of products from fashion and electronics to home goods and beauty essentials. | This partnership is a result of months of rigorous integration and testing, ensuring Verve's 70 million cardholders across Africa can now seamlessly and securely shop with over 200,000 merchants on Temu. The collaboration opens up direct access to Temu's extensive and affordable product offerings, enabling Verve users to easily make cross-border payments......…continue reading |
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| | | | | OTHER STORIES | 86 Kenyan startups present innovative solutions for funding and support at Presidential Innovation Challenge…..continue reading I&P Accélération FARM unveils $4.3 million fund to support agricultural innovation in West and East Africa……continue reading Google Celebrates Graduation of First Cohort from Startups Accelerator: South Africa, Boosting Local Tech Ecosystem…….continue reading
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Innovation Village |
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