Checking your 2023 NECO results and common errors
As the anticipation builds up, students across Nigeria are eagerly awaiting the release of their National Examinations Council (NECO) results for the SSCE Internal June/July exams in 2023. The good news is that the release date for these results has been officially announced – mark your calendar for Saturday, September 30, 2023. Once those results are out, you’ll want to know how to access them swiftly and without any hassle. We’ve got you covered with a simple step-by-step guide to help you check your NECO results online. Please note that these steps will only work once the results are officially released. 1. Go to the NECO result-checking portal Head to the NECO result viewing portal at result.neco.gov.ng. 2. Choose your exam year Once you’re on the portal, select the exam year – in this case, it’s 2023. 3. Choose your exam type Next, pick your exam type, which should be “SSCE Internal June/July.” 4. Enter your token number and registration number Now, it’s time to input your credentials. Enter your Token Number and registration number into the appropriate columns. Double-check to ensure the accuracy of the information you provide. Here’s how to buy a NECO result-checking token. 5. Click on the “Check Result” Button After entering your details, click on the “check result” button. Your NECO result will then be displayed on the screen for your review and celebration. Common errors with checking your NECO 2023 results Some errors you may encounter upon checking your NECO results include the following: “NO CA3” when you check your NECO 2023 results It’s essential to be aware that some candidates might encounter a “NO CA3” message when checking their NECO results. This cryptic message signifies that the candidate’s CA3 was not uploaded. Unfortunately, if you receive this message, you won’t be able to view your results. If you find yourself in this situation, the best course of action is to contact your school for further assistance. Your school should be able to address the issue and help you resolve it. Seeing “Results not released due to debt” Additionally, there’s a possibility of seeing a “result not released due to debt” message. This message means that your result has not been released because your state government owes NECO money. Once the debt is settled, your result will become accessible. Final thoughts on checking your neco results 2023 As NECO results for the SSCE Internal June/July exams in 2023 are set to be released on Saturday, September 30, 2023, you can follow these steps to check your results online. However, if you encounter any issues such as “NO CA3” or “result not released due to debt,” remember to seek assistance promptly.
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5 tech events to attend in Lagos from October 2023
Lagos, Nigeria, is hosting a series of exciting tech events between October and December 2023. Whether you’re a tech enthusiast, entrepreneur, developer, or simply curious about the latest trends, these events offer unique opportunities to learn, connect, and celebrate Africa’s tech ecosystem. In this article, we’ll highlight 5 tech events you should plan to attend between now and December 2023 1. Moonshot by TechCabal Date: Wednesday, October 11 2023 – October 12 2023 Time: 9:00 AM – 5:00 PM WAT Venue: Eko Convention Center | Eko Hotels & Suites This is arguably Africa’s biggest Tech event in 2023, and it’s hosted by TechCabal. Moonshot is a gathering of Africa’s tech leaders, founders, and innovators. This event promises discussions, tech festivity, exhibitions, investor pitches, and product showcases. It’s a must-attend for those looking to expand their professional network and celebrate innovation in Africa’s dynamic tech scene. Book your slot for Moonshot here now. 2. Infobip Connect – Lagos Tech Meetup Date: Thursday, October 12, 2023 Time: 6:00 pm Venue: Community by Dukka, Victoria Island, Lagos For developers, startups, and tech enthusiasts, this meetup offers a chance to explore local tech initiatives and Infobip Developer Community tools. Keynote speakers, including leaders from Yabacon Africa and Infobip, will share their insights. Enjoy free food and beverages while networking with like-minded individuals. Register for Infobip here. 3. SwitchCon Date: Saturday, October 14, 2023 Time: 9 am – 6 pm WAT Venue: Zone Tech Park, Gbagada Expressway, Lagos SwitchCon, an annual tech conference, caters to young tech enthusiasts, innovators, and entrepreneurs across Africa. The event offers tech workshops, panel discussions, startup pitches, and networking opportunities. Attendees can even compete in a pitch challenge and explore job opportunities with leading tech companies. Register for SwitchCon here. 4. BusinessDay Tech Conference and Exhibition (Techxibition) Lagos Date: Tuesday, October 24, 2023 Time: 8:30 am – 4 pm WAT Venue: Landmark Centre, Victoria Island, Lagos The BusinessDay Technology Conference and Exhibition (Techxibition) Event promises to shed light on Nigeria’s current technology challenges. Topics will span renewable energy, Artificial Intelligence, blockchain, and mobile technology, fostering growth and human capital development in the country. Register for Techxibition here. 5. The Tech Festival by Tech Connect Africa Date: Friday, December 22, 2023 Time: 12 pm WAT Venue: Lagos Continental, Victoria Island, Lagos Hosted by Tech Connect Africa, this festival and conference celebrate African tech innovation. With a focus on West African tech, attendees can expect insights from industry leaders and networking opportunities. Dress to impress in African attire or business casual for this celebration of African tech excellence. Register for The Tech Festival here. Final thoughts on tech events in Lagos These five tech events in Lagos offer a diverse range of experiences, from learning and networking to celebrating African tech excellence. Mark your calendars and get ready to immerse yourself in Africa’s thriving tech ecosystem.
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The people who call the shots at Kuda Bank
Kuda Bank has raised $90m in five years and has hit the 6 million-customer mark. Here are the executives who powered the company’s growth. Over the last five years, Kuda Bank has become one of Nigeria’s biggest neobanks. Its “Bank of the free” tagline specified its intended demographic and no-fee digital-only banking structure. Our research shows that Kuda Bank has around 200 employees and continues to expand with new hires in customer service and data science. But the shot-callers at the bank have remained fairly consistent despite some surprising exits in the last year. Here are the people with power at Kuda Bank. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
Read MoreInside this association’s mission to boost fintech in Botswana
A conversation with Tavonga Muchuchuti, president of the Fintech Association of Botswana, about the state of the country’s fintech ecosystem. For most people outside the landlocked southern African country, Botswana is associated with diamonds and not a booming tech ecosystem. Despite efforts from both the government and private sector to push a digitalisation mandate, the country’s tech ecosystem can only be described as nascent at best. According to data by Disrupt Africa, there is only one fintech startup in the country. Despite this, the presence of multinational banks and telcos and high internet penetration rates suggest the country’s financial services sector is fertile ground for fintech success. With a financial inclusion rate of only 45% according to data by Statista , finding success with financial technology is crucial. Despite relative inactivity in the ecosystem, there are bodies working towards catalysing activity in the country’s fintech ecosystem. One of those is the Fintech Association of Botswana. Initially founded in 2020, the association wants to provide a consolidated platform to address the needs of all fintech players in the country including banks, insurance companies, telcos, startups and regulators. The body recently elected a new executive leadership team to execute on its mandate for the next three years. TechCabal spoke to Tavonga Muchuchuti, the incoming president of the association, to get a clearer idea of Botswana’s fintech landscape and how the association intends to change its fortunes. TechCabal: Please share more on the mandate of the Fintech Association of Botswana Tavonga Muchuchuti: Its main mandate was originally to facilitate the creation of a fintech ecosystem in Botswana which at that time was virtually non-existent. This was to be done by empowering all its key stakeholders to connect and collaborate. If you look at the fintech landscape in Botswana today, it’s not just the disruptive companies that are coming in. It also includes mobile money operators, insurance firms, banks, and regulators. So there was a need for us to bring all these different parties together for us to collaboratively create frameworks that would enable the creation of products that would benefit the consumer. As you stated, Botswana’s fintech ecosystem, especially on the startup side, has seen low activity over the years. How will the association catalyse innovation? TM: When we first started the association, we wanted to understand what the key inhibitors were stopping us from growing and establishing ourselves as an ecosystem. And the key issues we found were on three layers. Number one was that the fintech firms around the country didn’t have the requisite financing and funds that they needed to get their solutions off the ground. As you know, when you’re working in fintech, whether it’s payments or lending, the capital requirements are pretty substantive. And raising money was difficult because you’re looking at a total addressable market of no more than 2 million people if you only focusing on Botswana. Obviously its difficult to convince a VC that your solution can reap venture scale rewards. The second issue was the regulation of the regulatory part. If you want to play in fintech, banks are an important partner. Now, for you to go to the banks, you have to have a solid and strong business case and a proven pilot. The challenge was that we had no sandbox whereby entrepreneurs could be able to build quick products and prototypes that could serve as proof of concept. This made collaboration between startups and such institutions complex. The third factor was also a subset of the regulation issue but this time, the environment made it difficult for even banks and insurance companies to innovate and create different types of financial products for themselves, because it was highly inhibited and there was a lot of red tape to get through. So to address all these, the association started engaging with these regulators, for us to be able to create frameworks and open up for innovation. So I really think that’s the kind of role that we’re going to be playing over the next three years. Please share some of these initiatives that you will be executing to address the aforementioned inhibitions TM: For starters, when the association was started, it was not formalised via registration. It was highly informal at first and was just active via the WhatsApp groups. And then over time, we managed to get our registration right. And then we started engaging with other stakeholders. And then we managed to join the Africa FinTech Network. And then from joining the African FinTech network, we managed to join the digital finance network across Africa. And now that we have these building blocks, the next step is to solidify the progress. So the very first step is putting together agreements with all the key financial regulators to allow our members to have a regulatory sandbox that they can be able to work within. This will not only help with testing products but also test them in a regulatory environment to make sure that regulators have a thorough understanding of what the key risks are going to look like and come up with mitigations together with the innovators. The second thing is putting together an advisory committee. One of our biggest strengths as an association is that we’ve got a large set of skills across the fintech ecosystem. So we’re putting together this advisory committee, that’s going to be able to advise institutions across the country on how they can be able to adopt best practices and fintech. We are also going to be doing a form of matchmaking because what you see is that we’ve got a gap within the market where the incumbents want to be able to innovate whilst the smaller startups already have some of the solutions that they’ve built which could address what incumbents are trying to build from scratch. So with the matchmaking, we are bringing together to actually co-create and collaborate on an even scale. To realise this, we have put together a list of
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👨🏿🚀TechCabal Daily – Orange’s new ship
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy Friday! Moonshot is introducing TechCabal Battlefield, a startup competition where you can showcase your startup idea to a global audience and an esteemed panel of judges, and stand a chance to win up to ₦2.5 million ($3,200) in funding for your business! Experience innovation, connect with investors, and seize global recognition. Get your ticket to Moonshot and register your business for the startup competition now. Register for TC Battlefield. If you haven’t, get your ticket to Moonshot now. In today’s edition Orange’s new vessel for undersea repairs Enza Capital’s new $54 million programme Auto24 expands into four African countries TC Insights: Funding Tracker The World Wide Web3 Job openings Internet Orange SA launches new vessel for undersea internet cable repairs The Sophie Germain. Image source: Orange French telecom giant Orange SA has unveiled its latest vessel to help maintain global internet connectivity. The telecom company launched a €50 million ($53 million) vessel, the Sophie Germain, to repair undersea internet cables across the Mediterranean, Red, and Black Seas. Rapid response capability: The 100-metre-long ship can be dispatched within 24 hours of a cable fault report, and is equipped with an underwater robot that can dive down 3,000 metres to locate damaged cables, and swiftly retrieve, repair, and reposition them, which takes around three days. Furthermore, the ship is slated to conduct approximately one repair mission each month, catering to clients including Meta Platforms Inc., Telecom Italia Spa, and China Telecom Corp. It will help maintain the 70,000 km (43,000 miles) of cable that allows internet traffic to flow between Europe, Africa and Asia. Orange Marine, a subsidiary of Orange SA, with a track record in repairing undersea internet cables, possesses seven of the 50 or so cable ships scattered across the globe. Located in La Seyne-Sur-Mer, South of France, it is positioned between China, the United States, and Africa, while maintaining proximity to crucial internet cable landing points like Marseille, Genoa, and Barcelona. Zoom out: Cable damage is most often caused by fishing activity, although sometimes earthquakes and rockfalls are to blame. In August, two undersea cables that connect South Africa to the global network broke due to a rockfall in the Congo Canyon. Get a working card from Moniepoint With the Moniepoint personal banking app, you get reliable payments every time and a card that always works. Enjoy seamless payments powered by the infrastructure that 1.5 million businesses trust. Download the app. Funding Enza Capital’s new $58 million programme Enza Capital Team. Image Source: TechCrunch Kenyan-based venture firm, Enza Capital, has raised $58 million to support startups on the continent. The VC company, which invests from first cheque, at the pre-seed level to Series B started in 2019, with an aim to back “category-defining” tech companies across fintech, logistics, health, human capital, and climate verticals on the continent. Enza Capital has made 48 investments in 31 companies across the continent. The Nairobi-based firm also invested in Guidewheel, a Kenyan climate tech startup from its pilot phase. Enza Capital was also the first cheque investor in Autochek, SeamlessHR, Money 254, and Earthacre. An ownership twist? The VC firm is kickstarting a new shared ownership model that allows startup founders the ability to own part of the firm. Enza capital has allocated 10% of its carry pool to founders. Enza Capital wants to use the shared ownership to foster collaboration and alignment with the startup founders, Mike Mompi, managing partner of the VC firm told TechCrunch in an interview. According to him, the move increases the likelihood of success across all stakeholders in the venture capital structure. Zoom out: Enza Capital’s founder partner programme is the latest of different VC firms that are raising capital and raising the hopes of startups seeking funds in what seems to be a funding winter. Mobility Ivorian startup, Auto24, expands into four African countries Image source: TechCabal Auto24, the Ivorian used car marketplace, has expanded its presence into four new marketplaces. The startup expanded into Morocco, Rwanda, Senegal, and South Africa simultaneously, a year after it launched in Côte d’Ivoire. A strategic expansion: Per the CEO, Axel Peyriere, South Africa and Morocco were chosen due to their status as the two largest car markets on the continent. The expansion into Rwanda, on the other hand, serves as an entry point into East Africa, and a promising market for electric cars, aligning with Rwanda’s eco-friendly policies. Lastly, Senegal was chosen due to its similarities with Ivory Coast, offering a natural fit for Auto24’s expansion plans. The expansion into these new markets was made possible by careful planning and preparation, initiated months before the official launch, Peyriere stated. Additionally, customers in the newly added countries can access the platform in both international and local languages, allowing them to reserve and secure their desired vehicles before test-driving and finalising their purchases. Zoom out: According to Peyriere, Auto24 has had a successful year, assisting “thousands of customers” in purchasing cars without any warranty-related issues. He emphasised that their business model is notably virtuous, as their pre-owned vehicles offer greater affordability compared to new ones, aligning perfectly with the principles of a circular economy. TC Insights Funding Tracker Image source: TC Insights This week, South Africa’s Revio, a payment platform, announced a seed investment round of $5.2 million. The funding round was led by fintech fund QED Investors, joined by Partech, and continued participation from Revio’s existing investors— Speedinvest, RaliCap, and Everywhere VC. Here are other deals for the week: Root Platform, a South African insurtech startup raised $1.5 million in funding in a round led by Invenfin, the venture and growth capital arm of Remgro. That’s it for this week! Follow us on Twitter, Instagram, and LinkedIn for more funding announcements. You can also visit DealFlow, our real-time funding tracker. Crypto Tracker The World Wide Web3 Source: Coin Name Current Value Day Month Bitcoin $27,124 + 3.49% + 4.30% Ether $1,657 + 4.03% + 0.67%
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Ivorian startup, Auto24, expands into four African countries simultaneously
Auto24, an Ivorian used car marketplace, has expanded into Morocco, Rwanda, Senegal, and South Africa, a year after it launched. Auto24, a used car marketplace, has expanded into four new African markets: Morocco, Rwanda, Senegal, and South Africa. This expansion comes exactly a year after the startup launched in Abidjan, Côte d’Ivoire to sell “reconditioned used cars” with several add-on services like a five-day refund policy, a six-month warranty, one-year maintenance, and one-year insurance plans for all vehicles. Axel Peyriere, the CEO and co-founder of Auto24, told TechCabal via text that the startup was expanding to build on a “bullish” year and chose Morroco and South Africa because they are the two biggest car markets on the continent. “In terms of new car sales yearly, South Africa is about 450,000 per year, Morocco about 180,000. Côte d’Ivoire for example is about 20,000 and Nigeria only 5,000. Even if we are in the used car space, it is a good indicator,” he said. He added that the startup chose Rwanda as an “entry gate” into East Africa and a market to sell electric cars because of its green policy. The expansion into Senegal was because of its similarity with Ivory Coast. Cars per 1000 people. Source: International Organisation of Motor Vehicle Manufacturers (OICA) Auto24’s expansion into Senegal comes a month after Chargel, a Senegalese logistics company, expanded into Côte d’Ivoire. As Peyriere mentioned, Moustapha Ndoye, the CEO of Chargel, also told TechCabal that the expansion was because of similar dynamics between the two countries. This further lends credence to the ease of cross-border expansion that similar currencies, languages, and cultures in francophone Africa lend to its tech ecosystem. Although he declined to share numbers, Peyriere told TechCabal that Auto24 has performed well in the past year and has “helped thousands of customers” to buy cars with no warranty return. “Our business model is very virtuous in the sense that first, our cars, as being used, are more affordable than new ones, and it is a real circular economy,” he added. When asked how Auto24 was able to launch in four countries simultaneously, Peyriere told TechCabal that he had started the expansion process months before and that he was already preparing to launch in more countries. “[We expand] to grow faster and accelerate growth,” he said. Customers can access different financing options on Auto24 as a result of the partnerships that the startup currently has with other companies. The websites for the newly added countries will be available in both international and local languages and will allow customers to reserve and secure their desired car before test-driving and finalising the purchase. “Our obsession is to be customer-centric,” Peyriere. “Our goal is not only to be the best in the market but to ensure we deliver unparalleled services for every used car buyer and seller. This expansion is a testament to our dedication.” Stellantis and Africar partner to launch Auto24, a used car marketplace Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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This Nigerian startup wants to build your dream PC
Workstations is a Nigerian startup building custom PCs for users like gamers, animators and video editors in Nigeria. In 2015, Emmanuel Osho started repairing his friend’s devices in school. Being in a private school that didn’t allow students to leave whenever they wanted, he identified a market and soon, alongside some of his friends, started Tinc. In the beginning, Tinc just focused on providing IT support for students, and eventually other individuals and companies. In the six years since they started, the company has evolved from just providing IT support to building custom PCs for clients and customers. Custom PCs are specially built for users who have specific needs that a general-purpose PC cannot meet. With custom PCs, users can select the different hardware that makes up their PC, optimising for the specifications or parts that matter more to them. For example, a data scientist might invest in more RAM storage, while an animator will focus more on the Graphic processing unit (GPU). Each PC usually costs nothing less than $1300 because of the specific parts. According to a forecast study, The Africa Gaming Market size is estimated at USD 1.92 billion in 2023, and is expected to reach USD 3.33 billion by 2028, growing at a CAGR of 11.62% during the forecast period (2023-2028). There’s clearly a demand for custom PCs, as gamers, animators, video editors, etc., need specific hardware and specially built computers to be able to create properly and in due time. Workstations.co (by Tinc) are keen on being one of the suppliers to meet that demand. Called Workstations.co because the people who use high-end custom computers call them just that; the startup is constantly working to meet this demand. Typically, people who need custom PCs import them from abroad, which often costs more, takes more time and in the case of damaged or defective hardware, have them wait longer for replacements, which sometimes costs them money. Osho told TechCabal, “For these professionals, getting a custom PC is often the difference between being able to undertake a project or not. Delays in getting custom PCs imply that many hours are lost in productivity as a slower system means longer waiting time.” Workstations.co not only build these PCs, but also provide IT support in the form of repairs, updates and replacements. Building custom PCs requires in-depth technological knowledge of specifications, parts and even assemblage of these parts. This is the knowledge that Osho and his team have built over the years of identifying, importing and replacing hardware parts in devices they repaired. In the two years since, Osho and his team have built over 50 workstations for 25 customers across different professions in different locations like Lagos, Abuja, Port Harcourt, Ibadan and Kogi. Emmanuel Osho via LinkedIn According to Osho, there are many opportunities for growth for the startup. “There are a lot of opportunities, from working with more freelancers around the globe to working with global organisations in the core industries that we’re focused on to shipping these same Custom Built Workstations.co PC to other African countries.” Even though the work is capital intensive, Osho says they’re currently bootstrapping as they make PCs that cost nothing less than $1300. “Our goal from the onset with every [one] of our products was to get to product market fit before even involving investors. This is so [that] when funds come in, it’ll be used to accelerate growth. Right now, we are still bootstrapping, but we are open to having investment discussions.” Osho says. The startup is also working on a product that can automate their process, therefore saving time. Have you got your tickets to TechCabal’s Moonshot Conference? Click here to do so now!
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South Africans can shop for contraceptives online with this femtech
Anosele Kotu is the founder of Femconnect, a South African femtech that provides access to reproductive healthcare for women. After leaving her job at a software development company, she was determined to not look for employment elsewhere but to focus on working on a vision she’s nursed for a long time, Femconnect. The company launched in 2020, and she was determined to make Femconnect a localised product that was tailored for South African girls like her. Kotu believes that girls and women deserve to navigate their sexual and reproductive health with dignity, which includes having proper information and materials. Kotu’s work with Femconnect has earned her multiple recognitions, including the Digital Woman category at the previously concluded GovTech SITA awards. TechCabal had a chat with Kotu about what challenged her to begin her startup and where Femconnect is headed. What experience(s) shaped your decision to start Femconnect? Anosele Kotu: I was raised in a small community with a small hospital where I saw that having access to sanitary products or contraceptives was limited. People had to queue for hours to access these products, and sometimes, when it finally gets to your turn, they’re out of stock. Other times, young girls couldn’t even go to the clinics for contraceptive needs because they were scared that they would run into someone they knew. As I grew older, I realised that there’s a lack of access to quality services when it comes to reproductive health in South Africa, especially within black communities. Image credit: Femconnect Tell me about Femconnect and what your operations are focused on AK: We’ve got three major areas that we’re currently focusing on. The first one is menstrual health management which is linked to reducing period poverty. We have a period tracking feature and we also link young people who are in need of sanitary products with people who want to donate. We collect all the data through our website. At first, our period campaigns were mainly supported by NGOs running projects in communities or schools, but that was inconsistent because the NGOs typically donate once and then the pupils would have to wait until the next batch of donations came in. So, we came up with a more sustainable means of providing underprivileged girls with pads: we connect girls with donors who are willing to pay for their pads for a longer period. Secondly, we provide family planning services to individuals. People can access virtual consultations with health practitioners who can help with family planning-related issues via our app. After the talk, we get the family planning recommendations delivered to you. The third area we’re focused on is digital advocacy where our aim is to eliminate period poverty for South African girls. What has the reception been like? AK: The reception has been quite good. In 2019 when we planning to launch, a lot of people were skeptical as to whether or not it was a good idea. Thankfully, that has somewhat changed and people now love the idea and are even impressed that something like this exists in South Africa. People are now more open to using the platform for various things —whether it’s to explore the family planning bit, or just donating. Femconnect brings all the roleplayers onto one platform and ensures that there’s something for everyone. We’re currently working to get it rolled out into public health facilities and get more health practitioners to sign up to offer virtual consultations and to reach more people. Image credit: Femconnect What are some of the challenges that you’ve experienced or that you faced in running a femtech? AK: The number one challenge we face is financing. Growth has been slower due to this major drawback. There’s so much that you can plan to execute, but there are a lot of limitations when you don’t have the financials to back the plans. At the time that I started, a lot of investors weren’t keen on entering the reproductive health and femtech space, because they were unsure about the market. We’ve done a lot of training and accelerator programmes and while they have been instrumental to our learning, they’re often overwhelming. As a woman in the African tech space, we sometimes get overtrained and underfunded, which is a huge challenge for us because you can only do as much training. What is key for all of us to thrive in our respective spaces is to have financial backing. What are the next steps for Femconnect? AK: The next step is to expand and collaborate with healthcare providers as a telehealth platform for them. We already work with direct consumers but we want to collaborate with family planning clinics, hospitals and private practitioners. We’d like to bring Femconnect as a telehealth platform that can help them shorten service times, do consultations virtually, and also have them be part of this community. We’re also working to expand beyond South Africa. These issues are not unique to South Africa, but to African communities as a whole. We’d like to have a footprint in different African countries. This means having our product available in the different languages or vernaculars of the countries.
Read MoreSouth African payments startup Revio raises $5.2 million seed round
Revio, a South African payment API startup, has raised a $5.2 million seed round to deepen its market across the continent. Revio, a South African payment API startup helping merchants optimize their order to cash lifecycle, has announced a $5.2 million seed investment. This is the startup’s latest round of funding after raising a $1.1 million seed round in 2022. Revio will use the capital to deepen its growth across the continent and acquire new customers. The company will also be hiring talents to support its growth. The funding round was led by QED Investors and Partech. Speedinvest, RaliCap, and Everywhere VC, Revio’s previous investors also participated in the round. Revio is taking its place in the African digital payment market—projected to reach $146 billion in 2023—by providing businesses with an API for payments collection. Revio’s API allows businesses to accept and reconcile more than 70 payment methods. These include: the major mobile money products, card schemes, direct bank payments and wallets in 25 countries in African markets. The company also helps global and local merchants optimize their end-to-end payment processes, through features such as intelligent transaction routing, automated failover and retries, and real-time customer engagement workflows. Ruaan Botha, Co-founder and CEO of Revio while speaking on the raise, said “We are grateful for the support of leading global and local investors, especially those as well-regarded as QED and Partech. With this funding, we are excited to double down and unlock new adjacent opportunities for value creation for our growing base of clients,” The company now counts four of Africa’s largest insurers and two largest telcos as clients, and has secured a strategic partnership with a tier 1 African bank to offer distribution to its base of enterprise and mid-size clients.
Read MoreEnza Capital launches $58 million Founder partner program in Africa
Enza Capital, a Kenyan-based Venture firm has raised $58 million to support startups on the continent alongside a new shared ownership model that affords founders ownership of the VC firm. Enza Capital, a pan-African venture firm has closed $58 million across two funds to back African startups. With the new funds, the VC firm has launched its Founder Partner program that would see founders of portfolio companies become co-owners of Enza Capital and share in the success of the firm. Launched in 2019, Enza Capital started with an aim to back “category-defining” tech companies across fintech, logistics, health, human capital, and climate verticals on the continent. The VC company invests from first cheque at the pre-seed level to Series B. Enza Capital has made 48 investments in 31 companies across the continent. The Nairobi-based firm also invested in Guidewheel, a Kenyan climate tech startup from its pilot phase. Enza Capital was also first cheque investors in Autochek, SeamlessHR, Money 254, and Earthacre. “With this new capital, we reinforce our conviction in and commitment to these often underestimated markets, where exceptional talent continues to build category-defining businesses that will help drive growth and prosperity across Africa over the next two to three decades and beyond,” said Enza Capital coFounder and General Partner John Lazar. Enza is pioneering a new type of shared ownership model where founders and leadership teams of portfolio companies will become co-owners of Enza Capital. The VC firm has allocated 10% of its carry pool to founders. Mike Mompi, managing partner of Enza Capital, told TechCrunch in an interview that the move was a way to foster collaboration and alignment and that it increases the likelihood of success across all stakeholders in the venture capital structure.
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