👨🏿🚀TechCabal Daily – Patricia calls for patience
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning To celebrate Nigeria’s 63rd Independence Day, we’re having a flash sale on Moonshot tickets!! Save 25% on all Moonshot Tickets, only for the next 5 days!! Offer valid from October 1 – 6, 2023. Buy your tickets here. In today’s edition Patricia calls for patience Kenya joins PAPPS P1 Ventures announces $25 million fund TC Insights: The future of agent networks The World Wide Web3 Job openings Crypto Patricia calls for patience GIF Source: Tenor Nigerian crypto startup Patricia is asking its customers for some patience. Last Friday, the company held a virtual town hall to give updates about its progress and appeal to infuriated customers. Why? Patricia has had a troubling year. Earlier in May, the startup revealed that it suffered a hack in January 2022 which cost it nearly $2 million. It partially froze withdrawals after the 2022 breach, allowing customers to deposit funds but not move them from wallet to wallet. Instead, Patricia offered to buy those coins from customers and pay them cash to manage the situation. This workaround continued until March 2023. By April 2023, the company launched Patricia Plus, its new app which had no withdrawal restrictions, which triggered a bank run and led to a deficit of 75 bitcoins. The company was then forced to reinstate the freeze in May 2023. Since then, customers have been unable to access their assets. In August, in what it termed a move to protect customer assets, it converted all user assets into its newly minted Patricia Token (PTK) backed by the US dollar. Unfortunately, users were not informed about the conversion beforehand, and still couldn’t access their funds even after the conversion. A repayment plan: Now, the company is effecting a new repayment plan through fundraising. At the town hall, CEO Hamu Fejiro announced that the company had secured some funding and plans to reopen its app soon. While the investors or investment is undisclosed, TradeFada CEO Segun Dania announced, in July, that he had invested an undisclosed sum in Patricia. As the startup revealed its plan to relaunch its app and repay funds, its customers were bothered with the timeline of repayment which still isn’t clear at the moment. Others are considering taking legal action or filing with the appropriate authorities. 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. Economy Kenya joins PAPSS Image source: Zikoko Memes Kenya has officially joined the Pan African Payments and Settlement System (PAPSS). Hold up, what’s that? PAPSS is a new way to make instant cross-border payments in local currencies across Africa. Basically, it’s a payment system that allows you to send money to another African country, in your local currency. The service was launched in January 2022, and is currently used by commercial banks and payment service providers in nine African countries: Nigeria, Ghana, Liberia, Guinea, Sierra Leone, The Gambia, Djibouti, Zimbabwe, and Zambia. Kenya becomes the tenth country to join the service. Last Friday, trade secretary Moses Kuria made the announcement noting that the Central Bank of Kenya (CBK) had signed the agreement and completed all the necessary formalities. “This means that Kenyan companies can trade with their peers from other African member states using our local currencies, a major boost for the African Continental Free Trade Area (AfCFTA),” said Kuria. Zoom out: Since launch, PAPSS has reportedly saved African companies over $5 billion in transaction charges they would have incurred using alternative payment methods. With its growing success, PAPSS is expected to be spooned out to all 54 African countries in the near future. Funding P1 Ventures announces $25m first close of second fund GIF Source: Zikoko Memes P1 Ventures, a VC firm, has completed its first $25 million of its second fund of $50 million. Mikael Hajjar, founder and general partner of P1 Ventures told TechCrunch that the VC firm will complete the second fund early next year. P1 says it will use the funds to build African businesses across fintech, e-commerce, healthtech, SaaS and AI verticals. Since its launch in 2020, the firm has invested in 29 early-stage companies across 10 countries, including Money Fellows in Egypt, and Reliance Health in Nigeria. It also recently led a seed round for Gameball, a software company gamifying loyalty and customer retention. An AI focus? P1 Ventures is betting on AI-powered startups with this fund. The firm believes that AI can break down traditional infrastructure barriers faced in agriculture and FMCG retail. The firm has also invested in Nkloso, a startup that gathers data and keeps track of agricultural land using satellite imagery and AI. P1 Ventures The VC firm also uses AI to source deals and support its investing team. Zoom out: In what seems to be a funding winter, the latest development by P1 Ventures raises hope for African startups looking to raise funds, especially for startups who leverage AI solutions. Apply for the MEST Africa Challenge It’s time to unlock the next stage of your startup’s growth. Do this with access to funding, networks, and growth opportunities at this year’s MEST Africa Challenge startup pitch competition. Apply by 9th October 2023. Apply today! TC Insights Beyond agency banking As of 2019, the global density of the agent network reached an average of 228 active mobile money agents per 100,000 adults, seven times more than ATMs and 20 times more than bank branches. In Africa, there are about 460 agents per 100,000 people compared to the 6 ATMs and 5 bank branches for every 100,000 adults. The number of agents increased by an average of 7% quarter-on-quarter (QoQ) in five years, making digital financial services accessible to millions across the continent. As a result, more people now use agent networks for deposits than withdrawals. For every $3 cashed
Read MoreEnd of an era for Showmax Pro as Showmax 2.0 nears launch
Showmax 2.0 is on the way, but the change has phased out Showmax Pro that aired live sports. It is also clear that the new platform will just focus on premier league matches. However, Showmax has a plan for the affected customers. As of today (October 1, 2023), customers will not be able to renew their subscriptions for Showmax Pro package. This follows an earlier announcement of MultiChoice’s plans to revamp the platform. The new service has not been revealed yet, but those familiar with Showmax’s operations are already aware of a partnership sealed many months ago with NBCUniversal’s Peacock. This partnership will bring in new content and streaming technology to Showmax. The transaction saw NBCUniversal and Sky get a 30% stake in Showmax as the platform seeks to launch its first-ever overhaul in a competitive market already served by other platforms such as Netflix and Amazon Prime Video. “From 1 October 2023, Showmax Pro will no longer be available for subscription. If you have an auto-renewal subscription, you won’t be charged after 30 October 2023, and you can continue to view until the last day of your subscription,” Showmax said in a statement. What will happen to active Showmax Pro subscriptions? Showmax is gearing up for its revamp, focusing on the premier league and Africa’s top football leagues. The current Showmax Pro will be axed by November 30, 2023, as part of this change. Showmax says that new pricing and features will be announced in due course. Current Showmax Pro subscribers in specific regions across the continent will be able to access live sports, live channels, and more through an exclusive DStv Stream and Showmax bundle deal. The specifics are as follows: In MultiChoice-native South Africa, Showmax Pro will be offered as part of the DStv Compact Plus Stream package, available at the same price as Showmax Pro. Showmax nakes this offer better by including more sports channels in Compact Plus Stream (note the “Stream” term, as this is an online product unrelated to the traditional Compact Plus package using satellite signals). However, South Africans already enjoy a better deal with Showmax Pro as it streams Champions League matches, a feature not available in other African countries. In other markets where Showmax Pro is available, existing customers will be transitioned to the DStv Stream package at the same price. This package includes all the content already featured in their version of Showmax Pro, except for Champions League matches. DStv Stream, previously known as DStv Now, is currently accessible in ten African markets: South Africa, Kenya, Nigeria, Botswana, Namibia, Ghana, Uganda, Tanzania, Zambia, and Zimbabwe. “There are variations on what’s available in each country, based on the content line-up, local conditions, and currency fluctuation. As an example, Showmax Pro in South Africa included Champions League football while this wasn’t included in other regions due to licensing agreements. The DStv Compact Plus available to subscribers in South Africa is on par with what Showmax Pro customers had access to in this region, and includes events such as the Champions League,” Showmax explained. Circling back, what is NBCUniversal Peacock? NBCUniversal’s Peacock is a streaming service offering a range of content, including TV shows, movies, news, sports, and original programming. It has free and premium subscription tiers, with the premium tier providing an ad-free experience and access to its full content library. Like Showmax, Peacock also features original shows, live streaming of NBCUniversal channels, offline viewing, personalised recommendations, and compatibility with various devices. It’s known for its integration with NBCUniversal properties, including live sports coverage like premier league – which in the case of the new partnership with Showmax, will be offered through Sky Sports.
Read MoreBreaking: Patricia’s appeals for support infuriate frustrated customers
Weeks after converting customers’ assets into its Patricia Token (PTK), Patricia is hoping that its fundraising move will help its repayment plan but frustrated customers aren’t convinced. Nigeria-focused crypto platform Patricia is attempting to raise new financing several weeks after admitting it lost $2 million worth of customer assets to a cyberattack last year. This represents the Lithuania-based company’s latest move to repay customers. Last month, Patricia converted the rest of its customers’ assets into a debt management token—the Patricia token. The abrupt arrangement triggered an outcry from customers, forcing the company to issue a detailed explanation of the token. Despite the new token, Patricia admitted that its repayment plan is tied to its profitability as a platform, although it has no timeline for financial sustainability. With the company’s new fundraising efforts, Patricia is hoping it can raise enough money to repay frustrated customers. At a virtual town hall meeting with users Friday, Hanu Fejiro, the company’s CEO, confirmed that Patricia has secured some funding but he didn’t provide further details of the investment. “We have raised money [and] we have been working very hard to get the money back to you. And when we launch the application, the first set of customers will be able to get their money back immediately and in full.” Two months ago, Seun Dania, founder and CEO of crypto firm TradeFada announced on LinkedIn that he made an investment in Patricia. The value of the investment was undisclosed. Hanu added that the Patricia Plus app — billed for a relaunch soon — is currently undergoing beta testing. But for frustrated customers, these explanations aren’t satisfactory. Patricia Plus first launched in April and immediately triggered a bank run, as customers raced to withdraw their funds after the company admitted to have lost funds due to the cyberattack. Patricia scrambled to control the panic by freezing withdrawals, effectively blocking customers from accessing their assets. Patricia’s attempt to salvage the situation was to unilaterally convert its customer assets to tokens, an action it took without users’ consent which raised legal concerns. The company is hoping that it can successfully use the debt management tokens to repay its customers taking a cue from Bitfinex, a foreign cryptocurrency exchange platform which lost around $72 million to hackers in 2016. Bitfinex offered customers a debt management token, a liability obligation by the company until it repaid them in full. Although Patricia is looking to do something similar, an atmosphere of mistrust, partly stemming from its delay in disclosing the breach, remains a stumbling block in its efforts to get full buy-in from customers. “Just let us know when we are getting our money,” one angry customer wrote in the comment section of the virtual town meeting. Another customer suggested in the comments section that the affected customers stage a protest to the authorities. Others are considering taking legal action against the company. “It is simple, just give us a date we will be able to withdraw,” another frustrated customer wrote.
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Buy 2023 cheap & authentic NECO result check token
If you’ve recently taken NECO exams and are eager to check your results, you’ll need to purchase a NECO result-checking token. This token grants you access to your results online and here are the steps to buy authentic NECO results-checking tokens: 1. Visit the NECO official website Start by opening your web browser and visiting the official NECO website (www.neco.gov.ng). This is the authorised platform for all NECO-related services. 2. Navigate to the result checking portal On the NECO website’s homepage, locate and click on the “NECO Results” or “Result Checker” link. This will take you to the result-checking portal. 3. Create an account To buy a result-checking token, you need to have an account on the NECO portal. If you don’t have one, click on the “Create an Account” or “Sign Up” option. Provide the required information, including your name, email address, and a secure password. Verify your email address through the link sent to your inbox. 4. Log In After creating your account, log in using your newly created credentials. 5. Buy a NECO token Inside your account, you’ll find an option to “Purchase Token.” Click on it. You will be prompted to provide details like your examination type (June/July, Nov/Dec, etc.), year of examination, and the number of tokens you want to buy. Payment options will be presented, and you can choose your preferred method, which may include using a debit card or making a bank payment. 6. Make payment Follow the on-screen instructions to make your payment. If you choose to pay online, enter your card details as required. If you prefer bank payment, you’ll be provided with instructions on how to complete the payment at a bank branch. 7. Receive token and check NECO results Once your payment is confirmed, you will receive the NECO result checking token. It’s usually a unique alphanumeric code. Now that you have your result-checking token, return to the result-checking portal on the NECO website. Enter your examination details and the token code. Click “Check Result,” and your NECO exam results will be displayed on the screen. 9. Print your result After viewing your results, you have the option to print them for your records. Click the “Print” button to obtain a hard copy of your NECO result. Final thoughts on how to buy NECO tokens Remember to keep your NECO result-checking token safe and confidential. Don’t share it with anyone to prevent unauthorised access to your results. If you need to know how to check your NECO results, read this.
Read MoreMTN continues fintech push with remittances and payments launch in SA
MTN has launched payments and remittance features within its MoMo app, doubling down on its fintech and mobile money play in South Africa. MTN South Africa has launched payments and remittance services on its MoMo mobile app. The services will enable MTN users to send cash abroad and businesses to accept payments at a 4% service fee, which the company claims is half of what incumbents currently charge. It has partnered with fintech platform Clicksendnow to provide the service in Zambia, Ghana, Cameroon, Rwanda, Uganda, Ivory Coast, Liberia, Congo-Brazzaville, Benin, Guinea Conakry and Guinea Bissau. Users can send money to recipients across over 10 African countries where MTN is present. Recipients will also need to be signed up for the service. The company currently the leading telco across the continent, with a subscriber base of 223 million, according to their internal figures. “At MTN, we are committed to offering an alternative to expensive banking services. We are achieving this by introducing value-added platforms to our services that offer device users cheaper, more accessible options,” said Bradwin Roper, chief financial services officer at MTN South Africa. In addition to the payments and remittance, MTN also launched point-of-sale devices that merge payments and other services, including airtime purchases into one device. Through this move, MTN will compete with South African startup YOCO, whose flagship product is a device that allows small businesses and informal traders to take payments. After raising an $83 million Series C in 2021, the startup was in negotiations to raise an additional $150 million, according to Axios. According to Roper, the telco will also in the near future expose an application programming interface (API) to allow third-party developers to build on the platform.
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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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