Tech

Convergence closes $296m to drive technology. 2 other stories and a trivia

Published

1 year ago

January 30, 2023

Ripples Nigeria

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

1. Convergence closes $296m to drive technology

Private equity investor, Convergence Partners, has closed its Convergence Partners Digital Infrastructure Fund (CPDIF) at $296 million to drive technological innovation across sub-Saharan Africa.

Brandon Doyle, CEO and founding partner of Convergence Partners, disclosed the funding in a media release on Monday.

The new funding, according to the statement, exceeds its initial target by over 18% bringing total funds under management to more than $600 million.

“The closing of CPDIF is a major step forward for Convergence Partners and the development of the digital economy in sub-Saharan Africa,” says Doyle.

Doyle added that the fund invests in sub-Saharan African digital infrastructure prospects.

Tech Trivia:Which Windows API is used for network communication?
A. Winsock
B. SENS
C. WIC
D. BITS
Answer: see end of post

2. App Store increases prices in Nigeria, South Africa, other countries

App marketplace developed and maintained by Apple Inc. App Store has announced an increment in prices in Egypt, South Africa, and other countries.

In a blog post seen by Ripples Nigeria on Monday, Apple confirmed the increment would start on February 13.

The tech giant disclosed that the hike was due to shifts in taxes and foreign exchange rates.

“On February 13, 2023, prices of apps and in-app purchases (excluding auto-renewable subscriptions) on the App Store will increase in Colombia, Egypt, Hungary, Nigeria, Norway, South Africa, and the United Kingdom,” Apple stated.

Ripples Nigeria gathered that prices in Uzbekistan would decrease to reflect a reduced value-added tax rate, and prices on the App Store in Ireland, Luxembourg, Singapore, and Zimbabwe won’t change.

3. Dubai Investments buys 9% interest in Monument Bank in the UK

An investment company listed on the Dubai Financial Market, Dubai Investment has acquired a 9% equity stake in Monument Bank Limited, a UK-based digital bank.

Khalid Bin Kalban, Dubai Investments’ Vice Chairman and CEO, confirmed the partial acquisition in a media statement on Monday.

Monument Bank Limited is a UK-based digital bank regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

The Bank claims it is focused on the underserved, mass affluent market in the UK and offers essential banking services and clever, effective, and flexible solutions.

“With Monument Bank combining traditional and established banking products with innovative solutions, the Group is looking forward to being a part of the evolving and the continued growth phase of digital banks while expanding horizons and diversifying strategically,” stated Bin Kalban.

Mintoo Bhandari, the Head of Institutional Relationships and Founder of Monument, also expressed his pleasure in having Dubai Investments as a strategic investor.

Trivia Answer: Winsock

Winsock is short for “Windows sockets,” files that allow Windows programs to connect to the Internet and other computers.

Technically, Winsock is an “Application Programming Interface (API)” that developers use to make their programs network-enabled.

By Kayode Hamsat

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