African PE dealmaker scores: Cardinal Stone sells i-Fitness stake for $12 million
Cardinal Stone Capital, a Nigerian private equity firm, has sold its stake in i-Fitness, Nigeria’s most prominent fitness and gym chain, to Verod Capital Management, a private equity firm. It represents a complete exit for Cardinal Stone, allowing the PE firm to sell its 65% stake in i-Fitness for $12 million in a deal that valued the gym and fitness chain at $18.5 million, two sources with knowledge of the deal told TechCabal. The deal comes when questions about exit events in African startups continue to be asked. Exits in Africa’s private capital market fell by 73% in 2023 against a backdrop of inflation and currency devaluation across the continent. “This has been an extremely exciting and rewarding journey for us,” said Yomi Jemibewon, Managing Director of Cardinal Stone. “From believing in and supporting Foluso’s [iFitness’ founder] vision when others wouldn’t; to weathering the storm of a 6-month Covid-19 shut-down only three months after investing; and then exceeding our growth and impact objectives 12 months ahead of schedule.” Cardinal Stone, the first institutional investor in i-Fitness, typically invests between $5 million and $10 million in portfolio companies across various sectors in Ghana and Nigeria. The firm invested in iFitness in 2019, and by 2021, the fitness company said it had spent ₦2 billion on its operations when it opened its 10th branch in Lagos. In 2021, the gym had 8,000 members and projected it would reach 100,000 subscribers by the end of 2024. i-Fitness currently has over 26,000 active subscribers, meaning it must grow more than 4x to meet its projection. The gym has 21 branches in four Nigerian cities, with 18 branches in Lagos. Members can train in any of these branches with an app that serves as a pass into the gym. The gym offers its members high-end equipment, personal trainers and yoga instructors, making it a standout in Nigeria’s relatively small fitness industry. Launched in 2015, i-Fitness operates with different subscription fees across its branches. In Lagos, Port Harcourt and Abuja, Nigeria’s commercial hubs, subscribers pay a monthly subscription fee of ₦24,890 ($15.5) while new subscribers pay a one-time fee of ₦18,896 ($11.76). In Ibadan, Nigeria’s second-largest city, the subscription fee drops to ₦19,890 ($12.38). Rand Merchant Bank Nigeria Limited (RMB) and CardinalStone Partners Limited (CSP) acted as joint financial advisors on the sale, while Udo Udoma & Belo-Osagie (UUBO) acted as legal counsel to Cardinal Stone on the transaction.
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👨🏿🚀TechCabal Daily – Lockbit has been locked up
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning We’re curious, how are SMEs holding up in this period? Is there a mental model you’re using to keep the pressure of inflation at bay as a business owner? You can tell us about it by sending our features editor an email at oluwatobi@bigcabal.com. In today’s edition Kenyan Bolt drivers demand fair compensation FairMoney’s second acquisition? Lockbit has been locked up Neuralink makes a breakthrough The World Wide Web3 Opportunities Mobility Bolt drivers in Kenya demand fair compensation Bolt drivers in Kenya are once again voicing their concerns. During a recent engagement event hosted by Bolt in Nairobi, the drivers said they want to be consulted before Bolt makes any pricing changes on the platform. They also underlined the necessity of accurately pinned locations for seamless navigation and requested reimbursement for parking fees incurred during operations. Additionally, concerns were raised regarding the quality of customer service provided by the platform and the need for fair compensation commensurate with their efforts. Issues such as the certificate verification process lasting two weeks, existing trip cancellation policies, and safety measures were also discussed. Furthermore, Bolt’s delivery riders advocated for a minimum cap of Sh200 ($1.37) on delivery charges to ensure equitable earnings. Recurring issues? Some of these issues aren’t new. By November 2023, Bolt had expelled 5,000 drivers over six months over safety concerns—including scuffles between passengers and drivers. Kenya’s transport authority froze Bolt’s license renewal in October, demanding a safety plan and answers on “illegal” commission charges before granting approval. After meeting the demands, Bolt got its licence renewed. Bolt responds: In response to drivers’ complaints, Bolt’s country manager, Linda Ndung’u, pledged to provide regular training to ensure high-quality services from drivers and acknowledged flaws in the certificate verification process. She committed to reviewing the pricing model to address driver concerns and compensation. If this sounds vaguely familiar, it’s because Bolt, last year, opened a driver-engagement centre in Nairobi to address some of the existing concerns drivers have been pushing for. At the time, Ndung’u had said the centre would help solve driver complaints in a timely manner, but so far, it looks like nothing has changed for Kenyan Bolt drivers. Access payments with Moniepoint You don’t have to take our word for it. Give it a shot like he did Click here to experience fast and reliable personal banking with Moniepoint. M&As FairMoney is looking at its second acquisition with Umba In the African fintech landscape, M&A conversations are becoming more prevalent, reflecting tightening VC funding and the challenges faced by many startups in meeting growth targets and managing unit economics. And FairMoney, a Nigerian fintech, knows a bit about that. Last year, it acquired PayForce in a cash-and-stock deal worth $15 million. Ten months later, FairMoney appears to be taking another bold step towards growth as the fintech is reportedly in talks to acquire Umba, a neobank with operations in both Nigeria and Kenya, for a $20 million all-stock offer. It’s all still in the early stages and both companies are hush-hush about it. What’s in it for both fintechs? For FairMoney, acquiring Umba presents a strategic opportunity to streamline its entry into the Kenyan market without navigating Kenya’s tricky licensing pathway which took Umba three years! By leveraging Umba’s existing infrastructure and customer base in Kenya, FairMoney could rapidly expand its reach and tap into new markets. The $20 million all-stock deal offered by FairMoney aligns closely with Umba’s total fundraising of $17 million since its inception. In this context, FairMoney’s offer could provide Umba with much-needed financial stability and a path towards future growth. FairMoney, backed by investors like Tiger Global and DST, has raised over $60 million. The fintech has also diversified its product offerings over the years and added other financial services, such as debit cards, transfers and payments after it launched as a digital lender in Nigeria six years ago. Secure payment gateway for your business Fincra’s payment gateway enables you to easily collect Naira payments as a business; you can collect payments in minutes through bank transfers, cards, virtual accounts and mobile money. Create a free account and start collecting NGN payments with Fincra. Cybersecurity Cyberterrorist group Lockbit has been locked up Every day for the thief hacker, one day for the owner. The news: In one of the most significant disruptions of the cyber-criminal world, the UK’s National Crime Agency (NCA) has nabbed the World’s largest criminal ransomware group, Lockbit. Lockbit? In 2020, the world first witnessed Lockbit, a ruthless ransomware group whose eponymous software spread like wildfire. Traced back to Russian-language forums, the group’s true origins remain shrouded in mystery. What’s clear is the devastating impact they’ve had, leaving a trail of over 2,000 victims worldwide, amassing over $120 million in ransom payments, and demanding even higher sums. The group’s tactics involve encrypting sensitive data and holding it hostage, forcing organizations to pay for its decryption. While the group has been predominantly disruptive in the United States hitting more than 1,700 American organisations, African companies were not left out of its onslaught. Lockbit in November last year attacked Fawry, a leading provider of e-payments and digital finance solutions in Egypt. The ransomware group encrypted files and also allegedly exfiltrated data from the e-payment provider. Fawry confirmed in a news report that addresses, phone numbers, and dates of birth, were leaked. Hacking the hackers: The NCA, in collaboration with international partners, yesterday infiltrated Lockbit’s system and carted away its data. The police group seized 34 of Lockbit’s servers, arrested two members, froze 200 cryptocurrency accounts, and shut down 14,000 “rouge accounts” used for their operations. Per UK laws, punishment for ransomware attacks includes facing a fine, imprisonment of more than 5 years, or both depending on the severity of the offence. Accept fast in-person payments, at scale Delight your customers by allowing frontline staff and sales agents confirm bank transfers, instantly. Learn more → Innovation Neuralink makes
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Check your 2024 JAMB exam centre, date, and time online
Preparing for the Joint Admissions and Matriculation Board (JAMB) exam involves more than just studying; it’s also crucial to know the specifics of your examination schedule. Here’s a detailed walkthrough on how to check your 2024 JAMB centre, date, and time when you need to. How to check your JAMB exam centre, date, and time You can use any of the following methods: 1. Use the JAMB Portal Navigate to the official examination slip checking segment on the JAMB portal at https://slipsprinting.jamb.gov.ng/PrintExaminationSlip Input your JAMB registration number, phone number (GSM), or email into the provided field. Click on the “Print” button to generate your exam slip, which contains comprehensive information about your exam centre, date, time, and subject combinations. If you see something like, ‘Examination Slip Printing not allowed’, it means the slips are either not yet made available for access or there’s a network issue. If you think any of the two shouldn’t be hindering you, then endeavour to visit the nearest JAMB CBT registration centre to complain. 2. Stay updated via email During the registration process, you provided an email address. Regularly monitor your inbox for messages from JAMB, as they often communicate exam details via email some days before your exams to give you ample time to prepare. 3. Watch out for SMS updates Ensure your phone is readily accessible, especially in the two weeks leading up to your exam. JAMB would usually send updates directly to your mobile device, including exam centre information and scheduling details. 4. Visit a JAMB CBT registration centre If any of the above options do not work for you to check your JAMB exam centre and other details, please endeavour to visit an accredited JAMB registration centre. You will potentially get your issue resolved there. Essential items to check and bring to the JAMB 2024 examination centre Preparing for the exam day goes beyond checking your exam centre and knowing your exam details; it also entails gathering the necessary items for a smooth experience. Here’s what to pack: 1. JAMB registration/examination slip This document is your ticket to the exam hall and contains critical details about your registration and exam schedule. 2. Valid government-issued identification Ensure you bring an acceptable form of ID, such as a National Identity Card or International Passport, to verify your identity. 3. Writing materials The JAMB 2024 is a CBT exam. However, for those especially sitting for subjects requiring calculations, you may need to write. While writing materials are typically provided at the exam centre, it’s wise to carry your pens and pencils as a backup. Please note: While you may bring items like your phones for communication with your friends and family before and after the exam, electronic devices are strictly prohibited during the exam. So plan on how you’ll keep the device safe during the exam or keep it at home. Final thoughts These detailed steps and being adequately prepared will help you navigate the process of checking your JAMB exam centre, date, and time with ease. Remember to stay informed, gather the necessary items, and approach the exam day with confidence.
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3 easy ways to access JAMB recommended novel for 2024
This year, the Joint Admissions and Matriculation Board (JAMB) has introduced a modern approach to accessing the Use of English exam literary reading text. Unlike previous years, JAMB is not distributing hard copies of the reading material. Instead, candidates will have access to it through digital means, ensuring convenience and efficiency. Here are three convenient ways to get the JAMB novel for 2024: 1. Get JAMB novel for 2024 through QR Code received via Email Upon completing your registration for the JAMB exam, you will receive an email containing important information, including a QR code. This QR code serves as a gateway to access the reading text. Simply scan the QR code using your smartphone or any QR code scanner app, and it will direct you to the digital version of the JAMB 2024 novel. This method allows candidates to access the text anytime, anywhere, as long as they have their smartphones handy. 2. Get recommended QR Code on Registration Slip Along with your registration confirmation slip, JAMB will provide a QR code that grants access to the 2024 novel for the mandatory Use-of-English exam. This slip is essential for exam day and contains crucial details about your examination schedule and venue. By scanning the QR code on your registration slip, you can easily access the reading material beforehand, allowing ample time for preparation. 3. Get JAMB novel for 2024 through JAMB Portal After completing your registration, log in to your JAMB portal using your registration details. Here, you will find a section dedicated to exam resources, including the reading text for the Use of English exam. The portal provides a centralised platform for candidates to access all relevant information regarding their examination. Simply navigate to the designated section, and you will be able to view or download the reading text hassle-free. Final thoughts on getting JAMB novel for 2024 JAMB has transitioned away from distributing hard copies of the reading text, it has implemented digital solutions to ensure accessibility and convenience for candidates. By utilising QR codes via email and registration slips, as well as accessing the JAMB portal, candidates can effortlessly obtain the necessary reading material for the 2024 examination.
Read MoreAll eyes on CBN: Will Cardoso dare a mega rate hike to curb galloping inflation?
Olayemi Cardoso, Nigeria’s Central Bank Governor, will chair a monetary policy meeting next week, the first since he was appointed in September 2023. The consensus among three analysts who spoke to TechCabal is that the CBN will elect to raise interest rates in response to worsening inflation. Headline inflation reached a 27-year high of 29.90% in January 2024. Only Zimbabwe (34.8%), Congo (42.5%), Sierra Leone (52.16%), and war-torn Sudan (63.3%) have higher inflation rates. In a meeting in early February, Cardoso said he expects inflation to moderate to 21.4% in 2024 using CBN’s inflation-targeting policy; next week’s MPC meeting will be a stern test of the bank’s ability to match talk with action. Bloomberg analysts expect an interest rate increase of 500 basis points. However, Basil Aba, a co-founder at Veriv Africa and policy analyst, believes the CBN will take a more moderate path and increase rates by 100 basis points instead, from 18.75% to 19.75%. “It is difficult to see how raising rates can make an impact,” Aba argued in an email response. “Nigeria’s inflation is a cost-push inflation buoyed by a steep increase in energy costs across the board, frequent energy scarcity, a nationwide food supply shortage problem, an illiquid power generation value chain, foreign exchange scarcity,” he added. Mayowa Badejo, a partner at 213 Capital, an investment and risk advisory firm, believes inflation will only moderate after the naira begins to strengthen. It’s a nod to Cardoso and the CBN’s other troubles, like a volatile Naira that has resisted every policy thrown at it. The central bank hiked open market rates to 19% from under 12% to mop up excess liquidity and has tweaked the rules for oil companies to repatriate FX from Nigeria, but the Naira’s slide has only worsened this week. Cardoso, who previously dismissed the impact of monetary policy meetings, is under pressure to deliver stability. This week, an aide of President Tinubu urged Cardoso to consider the “political implications” of the CBN’s policies.
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Next Wave: What’s driving M&A deals in Africa?
Cet article est aussi disponible en français <!– In partnership with –> <!–TopBanner Join us for TechCabal Battlefield, Moonshot’s 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 naira in funding for your business! Click to register for TC Battlefield First Published 18 February, 2024 The African tech ecosystem is no stranger to Mergers and Acquisitions. South Africa has had great success in closing these kinds of deals and according to Digest Africa, the value of mergers and acquisitions in the African tech ecosystem was $504 million in 2018. 24 out of those 39 deals were in South Africa. Tshepo Magagane, an investment banker, explained that M&A deals are frequent because South Africa has mature companies that are now rechanneling funds into the start-up tech scene. “Capital markets and our banking system are also playing a supportive role,” Magagane said. Merger and Acquisition deals between 2019 and 2023. Chart by Stephen Agwaibor, TC Insights As the funding for African startups declined to a two year low by 2023, a number of Nigerian startups announced more M&As, seeking more lifelines for their tech-led businesses. A data tracker said the market for acquisitions dropped to 26 deals in November last year, however Statista predicts that the transaction value in the Mergers and Acquisitions market for Nigeria is projected to reach $198.50 million in 2024. In the not so distant past, international companies who wanted to make inroads into Africa were responsible for M&A activity. Stripe’s gateway into Nigeria was via the Paystack exit which cost $200 million, which it used to expand into Africa. Visa, a payment behemoth, also made its move into Nigeria by acquiring a minority stake in Interswitch, a Nigerian digital payments firm, which helped boost its valuation to unicorn status. Partner Content: Read: Announcing the $5m Core Africa Innovation Fund which is empowering local Web3 builders here. Between last year and this year, more M&A activities among local Nigerian startups started to make waves in the ecosystem. Notable among the deals include marriages between WhoGoHost, a Nigerian cloud infrastructure company and SendChamp, a cloud communications startup. The acquisition, which combined cash and equity, was an acquihire, requiring both founders of SendChamp, Goodness Kayode and Damilola Olotu to assume new roles at WhoGoHost as Chief Product Officer, and Chief Technology Officer respectively. Others included Risevest acquiring Chaka, distressed PayDay acquired by Bitmama and more recently Carbon acquiring Vella Finance. Apart from PayDay’s acquisition most of the M&A deals have one recurring theme through them; the actual figures were not made public. As an aside, the financial implications are important for record-keeping and to evaluate the growth of the ecosystem. Take this as a worthy digression anyway. Next Wave continues after this ad. Talent PEO Africa launches in Kenya, offering comprehensive HR solutions for businesses. From EOR services to recruitment and HR consulting, we simplify operations for seamless growth. Partner with us to tap into Kenya’s talent, navigate regulations, and achieve success. Contact us at www.talentpeo.com or kenya@talentpeo.com. There are many arguments for tech startups opting for M&As. While the general theme that accompanies them are usually premised under opportunities to maximise economies of scale and foster cross-country expansions, there are other unexpressed motivations. In this article, Victor Basta, co-Head at DAI Magister argues that some companies do not consolidate simply to save themselves from shutting down. He told TechCabal that some consolidations may be done in the middle of a funding glut with heavy concerns on raising newer rounds. As far as Mergers and Acquisitions go, the best case scenario is a consolidation of two evenly matched tech startups who combine to deliver outsized returns to the market and become a market leader while at it. The idea of becoming a market leader can obliterate the competition—quite a number of startups do the same thing; however, if the merger brings more value to consumers, why not? From the outside in, the mergers of Chaka and Rise and most recently Carbon and Vella Finance looks like a real attempt at improving the worlds of wealth management and digital lending respectively. As Ngozi Dozie notes in his substack, the Carbon and Vella marriage was a perfect match. This is not Carbon’s first time making an acquisition. It acquired Amplify, a payments company for an undisclosed fee in 2019, relying on its architecture for success in the payments business. This new marriage with Vella Finance is expected to continue Carbon’s ambitions into expanding more financial services to more customers. Next Wave continues after this ad. TechCabal is taking Moonshot Conversations to Nairobi! We’re excited to invite you to our inaugural edition of Moonshot Conversations 2024 in Nairobi, Kenya this Friday, February 16th. Join us for an evening of discussion around all things AI, with cool demos from innovators doing interesting stuff with AI. It promises to be an evening filled with networking opportunities and fun at our post-event mixer. If you are an AI expert, enthusiast, regulator, or innovator within Kenya’s tech ecosystem, this is an experience not to be missed. Hurry now and register by clicking on the link below, we cannot wait to welcome you. And more! It will be remembered as the year that reset the trajectory (hopefully) for the better. Register now! However, with great and exciting news, comes some caveats. Sheharyar Khan, a finance expert, argues on LinkedIn that the success of an M&A is a futuristic expectation of three years. According to him, “If a business is able to retain the majority of its customers three years after an acquisition, this is a positive indicator that the acquisition was successful.” This means that a long wait lies ahead of us, especially with recent acquisitions. However, founders can score bonus points if they acquire related businesses. Nonetheless, only time will tell. Till then, let’s be optimistic. Joseph Olaoluwa Senior Reporter, TechCabal Thank you for reading this
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👨🏿🚀TechCabal Daily – Partech has $300 million to invest
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية Good morning Our friends at Flourish Ventures are surveying VC-backed founders in Egypt, Kenya, and Nigeria to find the unique challenges African tech founders face and raise awareness and support for their needs. They want to hear from founders and create a report that will help investors and ecosystem partners provide better support and resources for founders across the continent. If you’re a VC-backed founder in Egypt, Kenya, and Nigeria, please take a couple of minutes to complete this brief survey. All survey respondents will remain anonymous, and Flourish will share a comprehensive report later this year. In today’s edition Partech has $300 million to share Mara takes a break Kenya to ban secondhand EV imports Showmax continues to beat Netflix Nigeria to connect all its local governments to the internet The World Wide Web3 Opportunities Funding Partech closes $300 million in its Partech Africa II fund African startups raised $3.2 billion in 2023, the lowest funding since 2020’s $2.1 billion, and a 36% drop from 2022’s $5 billion. As investors tighten their belts and brace for a potentially tough first half of 2024, global VC firm, Partech Africa, has sent a strong signal of confidence by closing its second Africa-focused fund, “Partech II,” at $300 million. The amount doubles the size of its first fund, which closed at $143 million in 2018. Partech Africa II reached its final close of $300 million, a year after securing its first close at $263 million. The investment: According to Cyril Collon, general partner at Partech, nearly all investors like the International Finance Corporation (IFC) and the European Investment Bank (EIB) from their first fund have reinvested, with some even doubling their commitment. Additionally, the new funding comes from US and Middle East pension funds, including new “strategic partners” like Africa Reinsurance Corporation and Dubai Future District Fund (DFDF). Partech II will target investments in various sectors, focusing on seed to Series C rounds with ticket sizes ranging from $1 million to $15 million. Partech’s previous track record includes investments in African companies like Wave, Yoco, and Vendease. With its new fund, the firm has already invested in three promising startups, including Revio, a South African payment solution provider, and two other undisclosed startups in Egypt and Senegal. Zoom out: Building on its established presence in Dakar, Nairobi, and Dubai, Partech will further strengthen its commitment to African entrepreneurs by opening a new office in Lagos, a hub for a third of its portfolio companies. Access payments with Moniepoint You don’t have to take our word for it. Give it a shot like he did Click here to experience fast and reliable personal banking with Moniepoint. Crypto Mara takes a break Nigerian crypto wallet provider Mara has told customers that it paused UK operations in November 2023 due to new regulations. What regulations? CEOChiNnandi told TechCabal that Mara violated FCA rules of “providing or promoting financial services or products in the UK without permission.” FCA’s list didn’t include Mara or any of its known service providers. Mara, however, didn’t specify how its marketing activities became non-compliant with the regulations. The startup claims it’s working to “align with the new changes in policy”. Mara? Launched in 2021 by former Nvidia, Founders Bank, and Rappi executives, Mara primarily targeted Nigerian and Kenyan users, allowing them to buy, sell, and manage crypto and fiat currencies within its wallet platform. The startup with over 4 million users secured $23 million in funding from prominent investors like Coinbase and FTX. Following the November shutdown, Mara instructed users to move their funds to traditional bank accounts as it undergoes an “upgrade”. It has, however, not provided a timeline for resuming services. Mara’s recent pause adds to a string of setbacks it faced in the past year. The year began with layoffs in its marketing team and nearly its entire non-profit arm. Soon after, Mara Foundation also shut down Mara Academy, its crypto education platform launched in partnership with Circle, the issuer of the popular stablecoin USDC. Secure payment gateway for your business Fincra’s payment gateway enables you to easily collect Naira payments as a business; you can collect payments in minutes through bank transfers, cards, virtual accounts and mobile money. Create a free account and start collecting NGN payments with Fincra. Regulation Kenya bans second-hand EVs Eighty-five out of every 100 cars imported into Kenya are second-used cars. The country now wants to change this narrative for its nascent EV market. The news: Yesterday, Kenya’s Bureau of Standards (KEBS)—a regulatory body responsible for enforcing quality and safety standards—banned the importation of electric vehicles that have less than 80% battery life. The body also directed that used vehicles imported from Japan, UAE, Thailand, Singapore, South Africa and the UK will be subject to mandatory pre-inspection by the bureau-appointed inspection agent—Quality Inspection Services Inc. (QISJ). Why? A short answer is that Kenya is taking a stand against becoming a dumping ground for electronic waste and subpar vehicles. The KEBS in recent times has applied extra layers of scrutiny on the kind of cars that are allowed in the country. In December last year, the KEBS banned the importation of vehicles whose year of first registration is before January 1, 2017. While these proactive measures showcase Kenya’s commitment to sustainable development and responsible consumer practices, it remains to be seen if other African nations follow suit. Streaming Showmax surpasses Netflix in Africa Since it lost nearly 1.2 million subscribers in the first half of 2022, its first decline in a decade, Netflix has been fighting to regain its market share. By Q2 of 2023, the company managed to add nearly 6 million subscribers, thanks to measures like a crackdown on password sharing and a cheaper ad-supported subscription tier. However, despite this subscriber growth, the company’s shares plummeted by roughly 20% in July 2023. As Netflix grapples with regaining lost ground, it’s also facing stiff competition in Africa, one of
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Coinbase-backed Mara paused wallet service since November citing UK regulations
Mara Wallet, a multicurrency wallet by Mara, the crypto startup that raised $23 million from investors like Coinbase and FTX, has been inaccessible since November 2023. The company told users to move their deposits to traditional bank accounts pending the completion of the upgrade but did not specify a timeline. Mara, which claims to have 4 million users, said it paused the wallet to comply with new regulations in the UK. “We’re changing our regulatory backend to align with our new EU regulatory compliant partner in response to changes in UK policy,” Nnandi said in an email to TechCabal. Nnandi shared a link to an article about the UK regulation that triggered the pause of the wallet service. That article contained a link to a list of companies the FCA says may be “providing or promoting financial services or products in the UK without our permission.” The list does not include Mara or any of its known service providers. Mara did not specify how its marketing was no longer compliant with the country’s new regulations. The wallet service, which allows users to buy, send, sell, and withdraw crypto assets and fiat, was primarily marketed to Nigerian and Kenyan users. It used a referral system that rewarded users (Mara Champions) with “Mara tokens.” Champions earned tokens for downloading the wallet and referring others. Per the company, one Mara token is equivalent to $1, and some of Mara’s champions referred as many as 200 users to the crypto wallet service. But many of those users say they have never been able to withdraw these tokens. In November 2023, when Mara asked users to withdraw their deposits from the wallet, users were unable to withdraw their referral earnings, even though the app displayed the funds in the wallet. Some users who have been waiting for nearly a year to withdraw their referral earnings have expressed worry that their marketing efforts have been in vain. “All referral bonuses accumulated will be available once the Mara Exchange is launched,” Nnandi, Mara’s CEO, said. The company is also working on a separate pro-exchange for sophisticated traders. Mara was founded in 2021 by Chi Nnadi, Dearg OBartuin, Kate Kallot, and Lucas Llinás, former Nvidia, Founders Bank, and Rappi executives. The startup raised a seed round of $23 million in equity and token sales from over 100 investors, including Coinbase Ventures, Alameda Research (FTX), and Distributed Global, in 2022. Since 2022, two co-founders, Kallot and Llinás, have left the company. Kallot, who has gone on to raise funding for her climate-tech start-up, Amini, did not respond to requests for comments. In 2023, the startup also laid off its marketing team and nearly everyone at its nonprofit arm. After the layoffs, Mara Foundation also shut down Mara Academy, a crypto education platform, that it launched in partnership with Circle, the issuer of the popular stablecoin USDC.
Read MorePartech’s record $300 million Africa-focused fund reaches final close despite global funding dip
Partech Africa, the global VC fund, has closed “Partech II,” its second Africa-focused fund, at $300 million to invest in African startups in multiple sectors. It is the largest Africa-focused fund, doubling Partech’s first fund, which closed at $143 million in 2018. The new fund will focus on investing in seed to Series C rounds with ticket sizes ranging from $1 million to $15 million. Partech’s close comes as funding for Africa fell by 36% last year, and more than half of investors pulled back on funding African startups. The close comes a year after Partech hit its first close at $263 million and the new funding comes from US and Middle East pension funds, sovereign funds, and new “strategic investors” like Africa Reinsurance Corporation and Dubai Future District Fund (DFDF). “We are grateful for the support and commitment of our investors: almost all Fund I investors reinvested, and some more than doubled their commitment. We are also honored to get support from a new set of strategic investors from the US, the Middle East and Africa, and for some of whom, this marks their first commitment in African tech,” said Cyril Collon, General Partner at Partech. Partech, one of the most active African venture stage investors last year, invested in startups like Wave, Yoco and Vendease in its first fund and has now invested in three startups, including Revio, a payment startup in South Africa and two other undisclosed startups in Egypt and Senegal with its second fund. Partech will also open a new office in Lagos, home to a third of its portfolio, as it expands its team and base in Africa. “With our presence in Dakar, Nairobi, Dubai and now Lagos, we are strengthening our support on the ground for entrepreneurs,” said Tidjane Deme, general partner at Partech. Funding reaches two-year decline as African startups raise $3.2 billion in 2023 *This is a developing story
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How to add multiple WhatsApp accounts to one WhatsApp 2024
WhatsApp recently rolled out an update to improve the user messaging experience: the ability to add multiple WhatsApp accounts within a single WhatsApp app. This long-awaited feature brings convenience and flexibility to users who previously had to juggle between different WhatsApp apps or devices to manage their various WhatsApp identities. Here, we’ll show you how to add multiple WhatsApp accounts to one WhatsApp app. How to add multiple WhatsApp accounts in one app Carefully read through the steps to get your WhatsApp to accommodate your multiple WhatsApp accounts: 1. Update your WhatsApp App First, ensure that your WhatsApp application is up to date. Head over to your app store – whether it’s the Google Play Store for Android users or the App Store for iOS users – and download the latest update for WhatsApp. 2. Access Settings Once your app is updated, open WhatsApp on your device. Navigate to the settings menu within the app. This can typically be found by tapping on the three dots in the top right corner of the screen. 3. Click on account Within the settings menu, locate and tap on the “Account” option. This will take you to a screen where you can manage various settings related to your WhatsApp account. 4. Find Add Account Scroll through the account settings until you find the option labelled “Add Account.” This is the feature that allows you to incorporate additional WhatsApp accounts into your existing setup. 5. Add or Create a New WhatsApp Account After clicking on “Add Account,” you’ll see your current WhatsApp account displayed, accompanied by a plus sign. Tap on the plus sign to either add an existing WhatsApp account or create a new one. Follow the prompts to complete the process. 6. Repeat as needed You can repeat this process to integrate more WhatsApp profiles as you require. Whether it’s for personal, professional, or other purposes, adding multiple WhatsApp profiles is now easier than ever. Bonus Tip on how to add multiple WhatsApp accounts in one app : WhatsApp Beta If you’re eager to access new WhatsApp features before they’re officially rolled out to the public, consider joining WhatsApp Beta. This testing platform allows users to try out upcoming features and updates ahead of time, including the ability to add multiple WhatsApp accounts. Final thoughts on how to add multiple WhatsApp accounts to one WhatsApp app With these simple steps, you can seamlessly integrate multiple WhatsApp accounts into a single app, streamline your communication and enhance your organization. Whether you’re managing personal and professional contacts or simply prefer to keep different aspects of your life separate, the “add account” feature in WhatsApp offers unparalleled convenience and flexibility.
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