AFEX secures $26.5m funding from BII. 2 other stories and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today.

 

 

1. AFEX secures $26.5m funding from BII

 

 

A Nigeria-based commodities platform, AFEX, has announced raising a $26.5 million in funding from British International Investment (BII), the UK’s development finance institution (DFI) and impact investor.

 

The CEO, Ayodeji Balogun confirmed this in a press release seen by Ripples Nigeria on Thursday, November 2, 2023.

 

 

Headquartered in Abuja, AFEX operates as a business facilitating trade for commodities in Africa. 

 

 

With three distinct business units, AFEX addresses the challenges encountered by smallholder farmers, offering improved access to inputs, credit facilities, micro-insurance, storage services, training, and markets.

 

 

The company presently manages over 200 warehouses located in Nigeria, Kenya, and Uganda, providing services to more than 450,000 farmers.

 

 

The $26.5 million funding from BII will support structural enhancements in Africa’s agricultural industry, leading to substantial benefits for smallholder farmers and advancements in food security.

 

Speaking on the development, Balogun said, “This investment from British International Investment is a landmark moment in our mission to revolutionize agriculture and elevate food security across Africa.

 

 

“By directing fresh capital towards the development of technologically advanced warehouses and critical facilities, we are significantly enhancing market access and income potential for smallholder farmers. 

 

 

“In alignment with UN SDGs, our mission is to enable Africa to feed itself efficiently and sustainably. Today’s investment doesn’t just propel AFEX’s growth, it forges a more secure and prosperous future for an entire continent.”

 

Trivia: A file association describes the relationship between a file type and what?

1. A folder that contains files of that type
2. The default program that opens that file type
3. The maximum file size for that file type
4. Which user accounts have permission to open that file type

 

See Answer below

 

 

2. Charlie closes $23m Series A Funding 

 

 

A new banking app designed for the 62+ community in the US, Charlie, has closed a $23 million Series A funding round, with TTV Capital leading the way.

 

 

The funding round, consisting of $16 million in equity and $7 million in debt, included participation from FPV and other seed investors, such as Better Tomorrow Ventures.

 

 

Launched six months ago, Charlie is making strides in helping retired and soon-to-retire individuals manage their finances. 

 

 

The app offers various features, including the ability for customers to withdraw their social security checks three to five days in advance, a 3% interest rate on deposits with no minimums or fees, and banking services provided by Sutton Bank.

 

 

Since its debut, Charlie claims to have acquired customers in all 50 states across the US and plans to introduce “industry-first” fraud protection measures tailored to the elderly.

 

 

3. LinkedIn launches AI Chatbot for premium users 

 

 

LinkedIn has introduced new AI-driven tools for its Premium users, including an AI chatbot designed to assist job seekers.

 

 

The chatbot, known as a “job seeker coach,” utilizes OpenAI’s GPT-4 technology and aims to help users evaluate whether a job application is worth pursuing. 

 

 

This tool simplifies the process by providing key insights, sparing users from reading lengthy articles or watching numerous videos.

 

 

The new product leverages Microsoft Bing to offer up-to-date and comprehensive information about current events. 

 

 

Users can ask questions on various topics, and LinkedIn provides resources from both its platform and the wider web.

 

 

LinkedIn’s investment in AI-driven tools has been ongoing, with features like automated recruiter messages, job descriptions, and AI-powered profile writing suggestions.

 

 

 

Trivia Answer: The default program that opens that file type

 

A file association is a relationship between a file type and a supporting application. For example, a Word document may be associated with Microsoft Word. This means when you double-click a Word document, Microsoft Word will open the file.

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