According to the annual African Tech Startups Funding Report 2018 released by startup news and research portal Disrupt Africa, which is now in its fourth year, African tech startups smashed funding records in 2018 as 210 startups secured US$334.5 million worth of investment. The report, which tracks the total amount of funding raised by African tech startups each year, found 210 startups raised a total of US$334,520,500 in funding in 2018. This represented the best year since records began, and a substantial leap on 2017. The number of startups that raised grew by 32.1 per cent, and total funding jumped by an impressive 71.5 per cent. A key finding of the report was the emergence of Nigeria as Africa’s startup funding hub, after years of playing second fiddle to South Africa. With 5
Nearly everyone would agree that 2018 was a far-from-boring year, and that applies to small and medium-sized business IT as well. Raymond Boggs, vice president of small and medium business research at IDC, notes that it was a surprising year in terms of cloud adoption for SMBs, particularly on two points. First, while cloud adoption is taking off with SMBs — a recent survey of SMBs from CDW found that 73 percent of respondents were using cloud in some capacity — there is still some hesitation among very small businesses. “The smallest of the small businesses, those with five to nine employees, are still slow when it comes to cloud adoption, which is curious because many of the issues around security and other concerns have been largely resolved. That was quite a surprise,”
PayPal Inc Holdings Inc has made an unspecified strategic investment in Tala, a financial technology startup that lends to underserved consumers in emerging markets, the companies said on Monday reports Reuters. Based in Santa Monica, California, Tala lends to individuals in Kenya, Tanzania, the Philippines, and Mexico through its smartphone app. The company has lent more than $500 million to customers and has more than 300 employees around the world. It is among a growing cohort of new entrants in finance that take advantage of digital technologies to service individuals that have been excluded by the traditional banking sector because they were considered too risky or too unprofitable to serve. To service these consumers, Tala analyzes device and behavioral data to underwrite th...
Google has now taken a cheeky dig at the usefulness of cryptocurrencies. In a recent advertisement for its call screening service, the search engine giant mocked cryptocurrency’s high electricity consumption even going ahead to say that “it is not real money.” Starting June, Google banned all cryptocurrency related ads only to relax the rules later to allow select regulated exchange desks to advertise in the US and Japan. The latest video ad is perhaps trying to send a subtle message by advertising cryptocurrencies in its own content? Recently an industry player Vitalik Buterin, co-founder of Ethereum, indicated that the days of explosive growth in the blockchain industry have likely come and gone now the average person is aware of its existence. “The blockchain space is getting to
Uber was the pioneer taxi hailing app in Africa, but that seems to be changing, the Estonian company Taxify is taking the fight for market share in Africa with Uber to places where Uber isn’t. Much of Taxify’s expansion has been due to being bankrolled by its recent $175 million capital raise—a funding round which valued the company at more than $1 billion. Taxify’s backers include Daimler, the German car giant and Didi Chuxing. In South Africa, Taxify is in fierce competition with Uber in Cape Town, Durban, Johannesburg and Port Elizabeth but has also expanded to Polokwane. It is set to also launch in East London later this month. In addition to Lagos and Abuja, the only two cities where Uber currently operates in Nigeria, Taxify has launched operations in Ibadan, Nigeria’s largest