Week of July 15th: Product Launches, Spotlight & Tech Digest.
This week: Mira launches game-changing POS, Microsoft pivots to Kenya, Grey expands globally. Plus: EV infrastructure in Kenya, top African fintechs recognized, and new opportunities for MSMEs.
???? Hello people!
Welcome to the latest edition of our weekly African tech digest.
How was your week? I've been trying to carve out more time for learning and rest lately, which got me thinking: how do you guys balance the busyness of work and life with taking care of yourself? If you have any tips, please share it in the comment section. I’d really love to know.
Now, I've got some exciting news to share. We at Vizible have just launched version 2.0 of our platform, and it's all about you. Remember our mission to improve the lives of Africans by connecting them to technology that matters? Well, we're taking a big step towards that vision with this update.
Vizible is evolving from a database to a community-driven space. Now you can create an account, upvote products you like, leave comments on those you've used, and even submit your own products for listing.
You can also search and filter products by criteria like origin, funding stage, and active countries. Every product and user profile has a unique link you can share with your community.
Vizible 2.0 is made for African makers, by African makers, and we invite you to join us in this exciting new chapter. Check out the platform and sign up today!
Now, to the matter at hand: the digest. In this issue, we cover everything from Mira's new POS system to Flutterwave making CNBC's top fintech list. We also spotlight Endowd's efforts to help international students and highlight new initiatives across the continent.
Additionally, we have a selection of exciting opportunities for entrepreneurs and innovators.
As always, we have a lot to cover, so let's get to it.
This week in fundraising:
Latest Product Launches:
Product Find: Endowd Africa
Who they are: Endowd is a Nigerian startup focused on providing financial solutions for international students.
The problem they're solving: International students often face significant financial challenges due to their non-resident status, including difficulties in paying tuition fees, securing housing, and obtaining credit. These barriers can impede their educational and personal growth abroad.
How they're solving it: Endowd offers an instant fee payment service for over 20 UK universities, charging a 3% transaction fee (capped at ￡100). They plan to expand to more countries and introduce credit facilities to help students manage expenses, though not initially covering full tuition.
What’s happening in the ecosystem:
Flutterwave, Kuda, Piggyvest Among CNBC’s Top 250 Fintech Companies
Seven African fintech companies have been listed among CNBC and Statista's 2024 Top 250 Fintech Companies. Flutterwave, Piggyvest, Kuda, MTN, Bank Zero, Palmpay, and Yoco were selected from 2,000 global contenders.
The unranked list, which includes global giants like Mastercard and Klarna, was based on 2023 revenues, growth rates, and headcount. Flutterwave, Palmpay, Yoco, and MTN MoMo were recognized in payments, Kuda and Bank Zero in neobanking, and Piggyvest in financial planning.
LULA Acquires Zeelo's South African Subsidiary in Strategic Expansion
LULA, a South African ride-sharing platform for office workers, has acquired Zeelo's South African subsidiary. Zeelo, a US-based staff bus-sharing startup, is exiting South Africa to focus on operations in the US, UK, and Ireland. LULA aims to leverage Zeelo's 18,000+ rider base to expand across South Africa.?
Founded in 2018, LULA operates in five South African cities, having completed 700,000 rides for over 380 companies. The acquisition is expected to make LULA cashflow positive. This move addresses South Africa's high transportation costs, with workers spending an average of R2,180 ($121) on cars and R960 ($53) on taxis month.
Government, Access Bank and Swedfund’s plans to empower startups & MSMEs in Nigeria
The Nigerian Federal Government, Access Bank, and Swedfund are launching initiatives to support startups and MSMEs. The Federal government announced the National Cleantech Innovation Entrepreneurship Ecosystem (NCIEE) initiative, which aims to bridge the commercialization gap for cleantech startups through institutional support, global collaborations, and policy development.
On the other hand, Access Bank and Swedfund are partnering to enhance financial accessibility for MSMEs. This partnership is set to address the critical financing needs of these small and medium enterprises, providing them with the necessary resources to scale their operations and drive innovation.
Microsoft's Reduction in Nigerian Operations and Shift to Kenya
Microsoft is downsizing its Nigerian operations, reducing office space in Ikoyi from six floors to two. The company laid off half its Nigerian workforce in May and July 2024, primarily affecting the engineering team after closing the African Development Centre in Lagos. Remaining engineers are being asked to relocate to Kenya. Despite these changes, Microsoft asserts its continued commitment to Nigeria and Africa's growth. The shift raises concerns in Nigeria, especially given Microsoft's recent $1 billion investment in Kenyan data centres.?
Grey Joins Band of African Startups expanding their Presence And Services To LATAM, SEA Markets
Grey, a Nigerian fintech startup, is expanding its services to Latin America (LATAM) and Southeast Asia (SEA) markets. The company offers multi-currency accounts and facilitates cross-border payments, addressing challenges like high fees and slow processing times in international transactions.?
Grey's platform allows users to open foreign bank accounts in USD, GBP, and EUR, benefiting freelancers, remote workers, and small businesses operating globally. This expansion aims to replicate Grey's successful model in new markets, providing cost-effective solutions for international payments and strengthening its position as a leading fintech company.
In Kenya: Growing Electric Vehicles Infrastructure, Rideshare Drivers Protests & Funding Announcements
Kenya is making significant strides in sustainable technology, with a focus on electric vehicle (EV) infrastructure. The government and private sector are collaborating to establish a network of charging stations, supporting the transition to cleaner energy and reducing carbon emissions. This initiative is crucial for promoting sustainable transportation options and reducing reliance on fossil fuels.
While progress is being made in sustainable tech, challenges persist in the gig economy. Rideshare drivers recently staged a five-day protest against Uber and Bolt, citing the companies' failure to implement an 18% commission cap mandated by the government. This highlights ongoing tensions between platform operators and drivers over fair compensation and regulatory compliance.
Despite these challenges, Kenya's tech sector continues to attract significant funding. Climate Bio, a climate-tech startup, secured $5 million to develop bio-logical solutions for mitigating climate impacts. In the health sector, Uncover raised $1 million to expand its women's health and wellness platform across Africa, leveraging technology to offer personalized health insights and products tailored to African women's needs.
Opportunities:
On an unrelated note:
Here are some of my favourite listens of the week:
Signing Out:
Alright, folks! We’ve come to the end of this issue.
As we wrap up, if you feel like we missed any big news or insights this week, please let us know what they are in the comments. I’m sure the community would benefit a lot from it!
Remember, rest isn't just important, it's essential. I hope you find some time to rest and recharge this week.
See you next week ???