- October 11 2023
Payhippo appoints Dami Olawoye as new CEO
Payhippo, a Nigerian fintech that provides capital for SMEs, has appointed Dami Olawoye, its former CFO, as its new CEO. Payhippo, a fintech that uses artificial intelligence to lend credit to small businesses in Nigeria, has appointed Dami Olawoye, its former chief financial officer, as its new chief executive officer. Zach Bijesse, the former CEO, will transition to a role on the company’s board of directors. Olawoye shared that during his tenure, the company will focus on small businesses in the renewable energy sector and help them “scale up and create jobs” with the company’s new products. “I am deeply honoured to become CEO of Payhippo,” said Olawoye. “Payhippo is a leading player in Nigeria’s fintech sector, and I am excited to lead the company’s growth and continued support for small businesses across the country.” Payhippo will also expand its product offerings to include asset finance and inventory finance. In a statement shared with TechCabal, the company said it had identified a significant gap in the lower end of the solar equipment distribution chain and would use its experience in SME lending to fill this gap. Payhippo acquires microfinance bank to expand its service offerings In Nigeria, small businesses form the backbone of the economy. They contribute 48% to the national GDP and account for 96% of businesses and 84% of employment. Under Bijesse’s leadership, the company disbursed over 36,000 loans to small businesses and created an AI-driven credit engine. During his time as CFO, Olawoye launched a partnership platform and drove growth in the company’s profitability. The outgoing CEO, Zach Bijesse, said, “I’ve always believed that Payhippo has the potential to be a force for good in Nigeria, helping small businesses grow and create jobs. I’m confident that Dami will continue to lead Payhippo forward on this mission, and I’m excited to see what the future holds for the company. As I transition from CEO to board member, I’m especially grateful to Chioma, Uche, and Dami for their contributions to Payhippo’s success. They are the ones who helped build this company from scratch, and I’m excited to continue watching it grow up.” African founders lead Payhippo’s $3m seed investment
Read More- October 11 2023
Kenya halts Bolt’s operating licence renewal on “illegal” booking fees
Per the law, e-taxi apps in Kenya, including Bolt and Uber, should receive an 18% commission from their driver partners. However, both companies introduced “illegal” booking charges. Bolt Kenya has clarified that it is working with the National Transport and Safety Authority (NTSA) to renew its local licence after it emerged that the NTSA had no plans to proceed with the renewal process. The NTSA pointed out that Bolt was charging higher commissions than what was set by the Transport Ministry and had introduced an illegal booking fee. “Bolt currently has a licence in the market and continues to work with the regulator in the stipulated licence renewal process going forward,” Bolt said in a statement seen by TechCabal. The issue arose this week after NTSA wrote to Bolt about its licence issuance halt until Bolt addressed some issues raised over the years. The primary concern is how it charges its commission. The e-taxi app adhered to a directive by the Transport Ministry to lower its commission to a standard 18% but added a 5% booking fee, which the NTSA says is unauthorised. “This Authority has [received] several formal complaints from drivers and their representatives regarding alleged non-compliance and violations of the provisions of Transportation Network Companies (TNC). The most pressing concerns are in relation to commission charges and the illegality of booking fee which has caused significant concern amongst the driver community,” NTSA said in a letter to Bolt Kenya. According to Bolt, a booking fee “is an additional fee added to every trip a passenger requests”. Bolt defends the extra charge as a fee for “covering support and enhanced technological features that ensures an even more efficient service on our platform” without giving any additional context. The charge is added to the total price for cash trips, and at the end of a working week, Bolt subtracts 5% from a driver’s weekly earnings. The same applies to card trips. Many drivers have been against the extra charge, which, to some extent, has been implemented to circumvent the reduced commission remittance to 18% from 25%. NTSA warns that it will not renew Bolt’s licence if these issues are not addressed. “In light of these, we urgently request you to provide us with a concrete plan to action outlining steps your company intends to take to rectify this situation, breakdown of commission rates currently in effect, highlighting specific instances where rates exceeded the regulated 18% and a thorough explanation of the rationale behind the commission structure, and cease the illegal booking fee.” Uber has not been spared Uber also charges booking fees, which were introduced after it adjusted its commission to 18%. A source who did not want to be named confirmed that Uber Kenya had also received a similar complaint after drivers aired their concerns. Per Uber, “A maximum possible booking fee of 11% is charged which is separate from the fare calculation above. A portion of the booking fee covers taxes, such as VAT. Uber is required by law to charge drivers VAT on the service fee. Therefore, in order to avoid reducing driver earnings, this booking fee is used to cover the VAT and is remitted to the KRA.” Besides, Uber drivers have experienced issues, such as delayed payment for card-based trips, which take up to a week to process. The competition settles the same bill in a shorter time. Little Cab, another ride-hailing service, does not charge a booking fee, and its commission is lower at 15%. However, Little’s base fares are higher than its rivals, yet drivers prefer Little’s trips because of lower commissions, higher returns, and faster payment processing. With NTSA’s stance, booking fees will likely be dropped, or both parties (drivers and e-taxi apps) will reach some form of agreement.
Read More- October 11 2023
TechCabal Insights is relaunching: Welcome to the new era
Written by Stephen Agwaibor For over half a decade, TechCabal Insights has been a cornerstone of innovation, intelligence, and data-driven insights. What began as a concept note—highlighting specific needs to bridge information gaps—has blossomed into an esteemed brand firmly rooted in Africa’s digital landscape. From our office in Lagos, Nigeria, and led by a team of young and vibrant analysts, TechCabal Insights, often called TC Insights, was incubated by Africa’s most authoritative tech publication, TechCabal. Together, they have amassed over 13 years of experience covering African tech. Our mission is simple: to support investors, entrepreneurs, tech giants, regulators, and visionaries across the globe with actionable insights into Africa’s dynamic startup and tech ecosystem. TechCabal Insights has an unrivalled understanding of the digital economy. Our repertoire includes data collection, strategic report development, consultancy, in-depth research, immersive training workshops, captivating visualisations, and customised industry reports. Our research services cover market, sector, quantitative, qualitative, and product research. We provide strategic advisory and consultancy services for investors looking to take the next big step. We also help our clients achieve their marketing and PR goals. And that’s not all. TechCabal Insights curates exclusive events that transcend industry boundaries, positioning businesses and organisations as thought leaders. Our standout event flagships include the TC Live webinar series, The Future of Commerce, and the upcoming Moonshot by TechCabal. Here’s why you should make us your trusted source for actionable insights. One, we are powered by a team of experts who bring a high level of detail into their work and are dedicated to turning data into your competitive edge. Our newsletter, In A Giffy, delivers weekly data-backed insights on African technology for business owners and investors, serving tens of thousands of subscribers. Our funding tracker, DealFlow, collects funding data on African tech deals in real-time. Our media arm, TechCabal, has footprints entrenched across the continent that make us the go-to resource for all things related to African tech, with over two million readers in Q3 of 2023. Simply put, our reach is unmatched. Two, our reports have been recognised in leading news publications, like BusinessDay and The Guardian, and set industry benchmarks. The ”State of Tech in Africa” report is a quarterly report that provides a bird’s eye view of technology trends in Africa. Our “State of Healthtech in Nigeria” report profiled 75 active and 15 inactive health tech startups across 12 subsectors. It examined the challenges and opportunities these startups face while prescribing impactful recommendations. The Ecosystem Report on Nigeria we conducted on behalf of the Japan International Cooperation Agency (JICA) surveyed the Nigerian startup scene across all geopolitical zones, analysing the factors that catalyse growth and assessing the strengths, weaknesses, and opportunities for startups to tap into. Our efforts haven’t gone unnoticed, as we recently clinched an award as the Best Startup Ecosystem Intelligence Platform. Three, our curated events, from fintech to healthtech, edtech, and renewable energy, are attended in the thousands by industry leads. We’ve become the trusted partner for Fortune 500 companies, leading development organisations, and impactful NGOs. We boast a clientele of industry giants such as Moniepoint, FlutterWave, and Andela, to name a few. Four, our journey is just beginning. We are relaunching TechCabal Insights on a new website, and this transformation will enhance your experience with us. As clients, you will get a robust platform with a rich archive of our industry reports that cater to your information needs. This strategic move enhances our visual appeal and amplifies our presence in underserved markets. Additionally, we’ve bolstered our team with seasoned industry experts, aligning with our unwavering dedication to rigorous research. TechCabal Insights now has in its ranks Amam Okafor, a senior consultant with broad experience across all digital economy sectors, and Abubakar Idris, a leading expert on African tech and business. We will continue to build and expand our datasets, providing an invaluable resource for clients looking to get first-rate knowledge of the workings of the African tech ecosystem. As we uncover and analyse more data, we aim to provide even deeper insights, ensuring that every moment you spend with us is a valuable investment. Welcome to a new era. Join the league of industry leaders who trust TechCabal Insights today.
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- October 11 2023
TechCabal Daily – A Moonshot Day!
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Happy Moonshot Week The stage is set for TechCabal’s Moonshot Conference, literally! Moonshot kicks off today at 9 AM WAT at the Eko Convention Centre! If you’re heading to the venue while reading this, here’s what—and who—you can expect to catch today: A fireside chat between the Nigerian minister for communications, innovation and digital economy, Bosun Tijani, and CEO of Big Cabal Media Tomiwa Aladekomo A masterclass on building a stellar brand led by CEO of Fourth Canvas Victor Fatanmi. Some free merch from brands showcasing at Moonshot. A workshop on how to build and grow your tech career led by Microsoft and engineer Adora Nwodo. TC Battlefield where 10 startups will pitch for $3,200. Over 10 panels on different sectors including AI, investment, and energy led by several ecosystem leaders. And finally, if you don’t stop at the TC booth to say hi, you will catch these hands too. You can find the full schedule here. If you don’t have tickets yet, ticket sales will continue at the venue, so don’t let time stop you from giving TechCabal your money. In today’s edition Nigeria’s data privacy bulldog goes after OPay MultiChoice beats Openview in court Airtel partners with Thunes Writesea acquires CoverAI The World Wide Web3 Opportunities Regulation Opay, DHL, Meta in Data privacy violations crosshairs Image source: ZikokoMemes Opay, DHL, and Meta may face the full wrath of the law NDPC. The companies may have their hands in hot water if found guilty of data privacy violations by the Nigerian Data Protection Commission (NDPC). What is their offence? Opay is being investigated over claims of opening accounts for people without their consent. The fintech has, however, rebuffed those claims. The details around Meta and DHL’s possible infractions are unclear. A highly placed source told TechCabal that Meta customers complained that the company targeted them in behavioral advertisements without their consent. The big tech company said it was working with the NDPC on the inquiry. A bowl of consequences: Under the Nigerian Data Protection Act, all three companies may be asked to pay ₦10 million ($1,000) or 2% of their gross revenues in 2022, as fines if found guilty. 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. Streaming Multichoice beats Openview in court fight GIF source: YungNollywood A South African high court has ruled out eMedia’s case against Multichoice. What’s happening?: On October 1, Openview, DStv’s competitor and owners of eMedia, took the broadcaster to court over a dispute about broadcasting rights for the Rugby World Cup. Multichoice had struck a deal—valued around R57 million ($3 million)—with South Africa’s public broadcaster, SABC, to exclusively broadcast the Rugby World Cup matches live in the country. However, MultiChoice prohibited the SABC from airing the games on third-party platforms it doesn’t own, like Openview-owned eMedia. Openview deemed this move by Multichoice to be “overtly anti-competitive” and published an open letter to express its displeasure at some Multichoice executives, before finally taking the broadcaster to court. However, the jury has backed Multichoice saying that the broadcaster paid heavily to acquire the exclusive broadcasting rights for the Rugby World Cup, and that it would be financially unwise to give out the exclusivity it paid for. Zoom out: Multichoice’s victory dashes South Africans’ hopes of watching rugby matches for free on Openview. Telecoms Airtel partners with Thunes Image source: DMForCredit, Seriously Smartcash Payment Service Bank (PSB) Limited has unveiled a convenient solution for its customers. The PSB, which is a subsidiary of Airtel Nigeria, has announced a partnership with Thunes, a cross-border payments infrastructure provider, to offer international remittances in naira to mobile wallets. How the service works: The service allows Smartcash PSB customers to receive inward remittances from countries worldwide directly into their Smartcash accounts by simply sharing their phone numbers, which also serve as their account numbers. Funds are sent swiftly, and at no cost to the recipient, and can be accessed across the Smartcash agent network. This move aligns with the Central Bank of Nigeria’s (CBN) announcement, made in July this year, regarding the inclusion of the naira as a payout option for diaspora remittances. In response, financial service providers have been actively forging partnerships to facilitate this. In August, MoMo PSB partnered with Saana Capital LLC, a licensed International Money Transfer Operator (IMTO), to facilitate seamless inbound and outbound transfers across Africa. Accept payments fast with the Paystack Virtual Terminal Paystack Virtual Terminal helps businesses accept blazing fast in-person payments at scale, with ZERO hardware costs. Enjoy instant transfer confirmations via WhatsApp, multiple in-person payment channels, and more. Learn more. Acquisition Writesea acquires Nigerian AI startup CoverAI Image source: MyCoverAI New York-based company Writesea, has acquired a three-month-old Nigerian AI startup, CoverAI. Writesea, which provides services to other companies to help them create and manage their online recruitment platforms, acquired CoverAI in a five-figure deal. One source estimated the deal value to be less than $50,000. Chris Adolphus, CoverAI’s founder, stated that he received 12 bids for his startup on the startup marketplace, Acquire.com, before opting for the acquisition by Writesea. CoverAI is an app that helps people write resumes and cover letters. It uses artificial intelligence (AI) to create or improve resumes and cover letters in minutes. Why the sale? Adolphus claims that CoverAI’s user base rapidly grew to 13,000 organic customers and from the very beginning, he had envisioned selling the startup. Considering the technology’s promise, he believes it could have secured a six-figure deal. Adolphus also expresses confidence that Writesea has the expertise to propel CoverAI to new heights. What’s next? Despite this being Adolphus’s maiden startup sale, he is concurrently involved in managing his crypto project and a subscription-based design studio. Additionally, he’s already in the process of developing another AI product
Read More- October 10 2023
Flutterwave hires ex-Chipper, Microsoft and Safaricom employees in Kenyan expansion drive
Flutterwave has multiple primary markets, including Kenya, Nigeria, and Egypt. However, it does not have a payments and remittance licence for its Kenya operation. Its recent activities imply that it is optimistic about its future in the East African country. Flutterwave is hiring more staff for its Kenyan operations as it expands its footprint in the country. The company has hired employees from prominent companies in the last few months, including Chipper Cash, Microsoft, Safaricom, and Wasoko. Leon Kiptum, the former country manager at Chipper Cash, joined Flutterwave as SVP for East Africa. Saruni Maina, a former Chipper Merchant Business Executive, has also been hired as Assistant Vice President (AVP) of Stablecoins. Flutterwave hired Edward Gondi as its People Operations Lead. Gondi worked for Wasoko, an e-commerce platform, and Safaricom before moving to Flutterwave. After a stint at The Room and Microsoft, Irene Wambui also joined Flutterwave as a Talent Manager. Bilha Mumbi joined Flutterwave this year as a Sales Manager after working in Kenyan banks and Telkom Kenya. More employment opportunities in Kenya These hirings are not limited to Kenya, as the company is expanding its presence in other markets and bringing in new staff. Currently, it is recruiting for the following positions: Manager for Global Expansion and payment Partnerships; Senior Manager, Country Compliance Officer; Senior Associate for Business Systems and Process Re-engineering; and an Analyst for Account Configuration, among other roles. A local Flutterwave office for Kenya is also in the pipeline The fintech company also plans to open a local office for its Kenya operations. However, the exact date for the launch is yet to be revealed. The company shared these updates during the Kauffman Fellow’s event held in Nairobi a month ago. At the conference, Flutterwave’s CEO, Olugbenga Agboola, told TechCabal that the company had already kick-started its hiring exercise. Opening a local office makes sense because Flutterwave names Kenya as its primary market, alongside Nigeria, South Africa, and Egypt. The company has also set up strategic offices in Rwanda, Ghana, Cameroon, Cote d’Ivoire, and Senegal. Its Kenya operations, however, are limited to partnerships with the likes of Uber, where Flutterwave processes deposits made from M-PESA accounts to Uber wallets. Flutterwave is edging closer to acquiring a remittance and payments license from the Central Bank of Kenya (CBK) after receiving name approval from the same regulator. With a plan to invest over $50 million in Kenya, it is clear that Flutterwave is positive about acquiring payments and remittance licenses for a full-fledged operation. While Flutterwave’s Nairobi office did not respond to TechCabal’s inquiry about these developments, it promised to shed more light on expansion plans in the coming days.
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- October 10 2023
5 vital topics to look forward to at Moonshot conference
Moonshot by TechCabal is the biggest tech event in Africa in 2023. We have highlighted reasons you shouldn’t miss it here. Here are five of the topics from the Moonshot tech event that attendees can look forward to: 1. Building the Rails for the Growth of the Digital Economy in the Next Decade This topic sets the stage for the entire event by exploring the foundational elements necessary for nurturing a thriving digital economy in Africa over the next ten years. Discussions here may revolve around infrastructure, policy, and innovation needed to create a solid framework for growth. 2. Expect to learn about Scaling AI’s Impact at Moonshot Artificial Intelligence (AI) has the potential to revolutionise various industries across Africa. Attendees can expect deep insights into how AI is being harnessed and scaled to drive innovation and efficiency in sectors ranging from healthcare to agriculture. 3. Securing Africa’s Energy Future Energy security is a critical enabler of technology and innovation. This topic is likely to dive into discussions about sustainable energy solutions, their importance for economic growth, and how technology can play a role in achieving energy stability in Africa. 4. Powering the Future of Connectivity & Innovation Connectivity is the lifeblood of the digital age. Here, attendees will explore how innovations in telecommunications, 5G, and connectivity infrastructure are shaping the future of technology and innovation across the continent. 5. In Conversation with MaC Venture Capital Venture Capital is a key driver of startup growth. This session with MaC Venture Capital offers a unique opportunity to gain insights into the world of venture capital, how it’s impacting the African tech ecosystem, and what investors are looking for in startups. Final thoughts on Moonshot topics These topics represent a diverse range of discussions that reflect the dynamic and evolving landscape of technology and innovation in Africa. Whether you’re interested in the foundational elements of the digital economy, cutting-edge technologies like AI, sustainable energy solutions, connectivity, or venture capital, the Moonshot tech event promises to provide valuable insights and opportunities for networking and growth.
Read More- October 10 2023
New York-based firm buys Nigerian AI startup CoverAI in five-figure deal
Writesea, a New York company, acquired 3-month-old Nigerian AI startup CoverAI for a five-figure dollar deal. Writesea, a New York-based firm specialising in white-label services for recruitment marketplaces, has acquired the three-month-old Nigerian AI startup, CoverAI. Chris Adolphus, CoverAI’s founder, told TechCabal that he received 12 bids for his startup on the startup marketplace Acquire.com but chose to sell to Writesea. While he said the acquisition was a five-figure cash deal, he declined to share the specific transaction value. One source estimated the deal value to be less than $50,000. CoverAI’s technology is based on OpenAI’s large language model and can create or revamp any CV within minutes; it uses a freemium model where customers can optimise their CV and get a cover letter for free. To access more features like interview preparation and job application tracking, customers then choose from one of three subscription tiers: a $5 basic plan, a $7 premium plan, and a $15 lifetime plan. Adolphus claims the app gained 13,000 organic customers and that “selling the startup was the plan from day 1, but it could have easily been a six-figure deal, considering the tech we built.” Writesea declined to comment on the deal, but Adolphus told TechCabal that he believes Writesea has the competence and experience it takes to take CoverAI to the next level. [ad] CoverAI remained a bootstrapped company for the three months of its existence, with the founder spending $386 to get it off the ground. That’s a pittance compared to the $1,265 Lotanna Ezeike, the founder of Bible Buddy, an AI-powered chatbot, spends on OpenAI credits monthly. Running apps on GPT4 can get expensive really quickly, depending on the number of words OpenAI processes and the length of the responses it provides. The mathematics of it looks like this: every word that the user prompts the application with is tokenised, and each token costs about $0.003 (often 75 cents per word.) To control costs, every time users typed a prompt into CoverAI, the app used an intermediary layer to summarise the prompt. But when the app added a feature that allowed users to chat with an AI bot, the cost of tokens went up. Long conversations used up more words and required more tokens. Although this is the first startup he has sold, Adolphus is concurrently managing his crypto project and a subscription-based design studio and says that he is already building another AI product for his next acquirer. “This new one would be more capital-intensive than CoverAI, as I would be doing paid marketing, using more third-party apps, and using OpenAI’s imaging. But this time I plan to exit with $200,000 within 6 months,” he said.
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- October 10 2023
Latest on SASSA grant payment dates October 2023
The South African Social Security Agency (SASSA) has released the grant payment schedule for October 2023, demonstrating its commitment to supporting vulnerable individuals and families. Here’s what you need to know about the SASSA grant payment dates, some essential advice, and how you can stay informed. 1. Older Persons’ SASSA grant payment Commencing on Tuesday, 03 October 2023, Older Persons’ Grants will be disbursed, encompassing all grants linked to these accounts. This financial assistance is a lifeline for many seniors, ensuring they can maintain a decent standard of living in their golden years. 2. Disability SASSA grant payment On Wednesday, 04 October 2023, the Disability Grants will be distributed, including any grants linked to these accounts. These grants are instrumental in supporting those with disabilities to overcome challenges and live fulfilling lives. 3. Children’s SASSA grant payment Families relying on Children’s Grants can anticipate their payment on Thursday, 05 October 2023. This grant plays a pivotal role in safeguarding the well-being of children by providing access to education, healthcare, and proper nutrition. Notice on SASSA payment According to SASSA, there’s no need for haste in withdrawing cash on the first payment day. Once the money is in your account, it will remain there until it’s needed. This advice ensures the safety and convenience of accessing your funds, without the stress of time constraints. Additionally, as part of the #SASSACARES initiative to Keep South Africa Healthy, SASSA encourages beneficiaries to stay informed and connect. You can contact their toll-free helpline at **0800 60 10 11** for any inquiries or assistance regarding your grants. Valuable information can also be found on their official website at www.sassa.gov.za. Tips for grant beneficiaries before and upon payment Please note the following before and after you receive your SASSA grant payment: 1. Beware of scams While some people are trying to rig the SASSA system by benefiting more than allowed, others are trying to dupe legitimate beneficiaries. Therefore, you need to stay vigilant and cautious of individuals offering to assist you with your grant money in exchange for personal information or fees. SASSA does not charge fees for grants. 2. Keep your details updated Ensure that your contact and banking details are accurate and up-to-date with SASSA to avoid any payment issues.
Read More- October 10 2023
OPay, DHL, Meta may face steep fines as NDPC begins investigation into alleged data privacy violations
OPay, DHL, Meta may be fined up if Nigeria’s data protection commission establishes wrongdoing in data violation investigation OPay, Meta and DHL may be asked to pay 2% of their gross revenues in 2022 as fines if found guilty of data privacy violations according to Section 48 (5) of the Nigeria Data Protection Act of 2023. The National Commissioner of Nigeria’s Data Protection Commission (NDPC), Dr. Vincent Olatunji, told TechCabal that investigation notices had been sent to the three companies. While OPay is being investigated over claims that it opened accounts for people without their consent–the company has denied those claims–the details around Meta and DHL’s possible infractions are unclear. A highly placed source told TechCabal that customers complained that Meta was targeting them in behavioral advertising without their consent. “Protecting people’s information and giving them control over their data is a company priority,” said a spokesperson for Meta via email. “We offer a range of tools to help people manage their advertising and privacy preferences.” Meta also added that it is assisting the NPDC with its inquiry. Per NDPC’s methods, data protection and privacy complaints from the public are investigated, with the companies involved allowed to provide background on the allegations and disprove any wrongdoing. “We have written to them and we are expecting them to give us the information we are looking for,” said Olatunji. “We cannot take any action without their cooperation as we need to conduct a thorough investigation into their activities.” After the NDPC completes an investigation and finds that a data controller or processor has violated provisions of the law, the data protection law recommends a range of actions. The affected companies may be required to pay compensation to data subjects, disclosing the profits it made from the violation. In the event of a fine, companies found guilty of violations may be fined a maximum amount of N10 million or 2% of its annual gross revenue in the preceding year, depending on whichever figure is greater. Given how steep the fines are, the three companies under investigation hope to be cleared in the findings. DHL did not respond to comments, and a spokesperson for OPay referred TechCabal to its earlier response refuting the claims that it opened customer accounts without their consent.
Read More- October 10 2023
How this startup wants to help working professionals find love
For most people, getting a flirty DM on LinkedIn is borderline cringe, unprofessional and very weird. After all, the platform does describe itself as “a business and employment-focused” community. But what about working professionals who are also looking to find their soulmates? Where can they go? A South African startup called Boardroom is building a social media platform for working lovebirds who are looking for long-term partners. Founded by software developer Wisani Shilumani and serial startup entrepreneur Serisha Barrat in June, Boardroom is already making waves, having gone viral over the weekend. TechCabal caught up with co-founder Barrat to get more details on how exactly the app works, what challenges it is trying to address, how much traction it has attained so far and why they prefer not to be called “the Tinder for working professionals”. TechCabal: Please tell us about Boardroom and the problem the app is trying to address. Serisha Barrat: We realised that nowadays when you think of online dating, it comprises mostly of hookup culture. But what about people who are looking for much more than that? It is something that needs additional verification. How do they actually find someone who is long-term and also aligns with your professional goals and ambitions? So that was the market we decided to target with Boardroom. We don’t just want to have aimless dates and aimless swipes, as well as ghosting culture, but rather enable our users to find a long-term partner who they can share a life with for more than just one night. The problem that we’re solving here is we all have busy careers and shrinking social circles. So Boardroom is designed for men and women who would like to engage not just with any type of individual, but one that’s aligned with their professional goals as well. So there’s no easy way for professionals to find compatible long-term love interests if they are fully focused on building a career. And that’s where Boardroom comes into play, creating a community where it’s safe to find a partner. TC: Tell us how the app works SB: It is a mobile app available on both Android and iOS devices. Once users download the app, their identity is verified against their LinkedIn profile, which is one of the differentiating factors about it. That gives us additional verification and authentication for every individual. It also is an invite-only app so if you do download it, you don’t have access immediately. You would need to apply for access, after which we do additional vetting on our site to make sure that users are the calibre of individuals that we’re looking for, i.e. professionals. In terms of the user journey, after a user signs up after the LinkedIn verification, we then get an email on the back-end dashboard which verifies their identity. Do their profile pictures on Linkedin and on Boardroom match? Are they individuals within the professional space? Have they put accurate information on their LinkedIn that matches their Boardroom information? Then once we have accepted and done the additional verifications, we allow you on the app to flesh out your profile based on your hobbies, and additional images. You have to fill in all the info on the app for it to be accredited and accepted. So if it asks for five pictures, you provide five pictures, etc. So once you get onto the app, and you’ve now completed your profile, you will then be matched with individuals along your stated profession and interests. For each match request, you have to accompany it with a message to that potential match. So it’s not aimless swiping like with other platforms. And then it also gives you a time limit of 24 hours to actually engage with that match. Should you not engage with them in 24 hours, then it’s seen as you’re not interested so the person disappears from your profile. But once you have engaged with the respective individual, you’re able to chat with them. Additionally, we use AI to detect any vulgar language in the initial message sent when requesting a match to create a safe community free from harassment. Over the weekend, Boardroom went viral with some people referring to it as a “Tinder for working professionals.” Would you say that’s an accurate description of the platform? SB: We do not want to be associated with any other platform besides our own, to be very honest. We believe Boardroom is one of its kind. If we look at what our competition and positioning are, Boardroom is on a completely different side and spectrum of what the platform you mentioned is. We are not a hookup app, we’re not a despondency zone and we focus more on long-term relationships. So to answer your question, we are definitely not the Tinder for working professionals. What challenges have you faced in building the product? SB: I think right now, the only challenge that we are having is the influx of individuals that are signing up which is taking a toll on the vetting process that we’re now doing. So we’re trying to integrate easier vetting processes, like for example, taking a picture of your ID, and another piece of paper that has the date, and a picture with yourself next to it as its form of verification. What we’re trying to do is make sure that it’s not bots that are on here or individuals that are lying about their professional credentials. We’re trying to make sure that each user is verified in the fullest way possible. So that’s been a slight challenge just based on the influx of individuals to the platform. Where do you see the Boardroom platform in the next 2-3 years? SB: Online dating is a billion-dollar industry and I believe that we are uniquely positioned in that we’re trying to take the stigma away from online dating. We are offering a safe platform for working professionals to identify partners who also align with their professional
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