This line-up of stories will help you discover the latest happenings around the tech world, today.
1. Egypt’s MoneyHash secures new investment for expansion
MoneyHash, an Egyptian fintech company, has secured additional funding from Tom Preston-Werner, co-founder of GitHub and former CEO, in an undisclosed seed funding round.
The investment, which marks Preston-Werner’s debut in the Middle East market, is his second venture in Africa, and is expected to conclude in the coming weeks.
Founded in late 2020 by Nader Abdelrazik, Mustafa Eid, and Anisha Sekar, MoneyHash specializes in helping companies customize their payment infrastructure to align precisely with their unique needs.
Tom Preston-Werner, well-known for his contributions to the technology sector as the founder of GitHub, is now turning his attention to early-stage startups.
With previous investments in Stripe, Preston-Werner has a keen interest in technology infrastructure products, particularly tools and development environments.
His investment in MoneyHash highlights his strong belief in product quality and its ability to address critical issues for customers in emerging markets.
MoneyHash has undertaken the significant challenge of addressing a prevalent issue in the region — over 30% of digital payments experience failure due to the fragmented and intricate payment ecosystem in the Middle East and Africa.
Tech Trivia: Which of the following terms does not describe a type of software?
Answer: see end of post
2. Spotify unveils new Audiobooks Service for Premium Subscribers
Spotify has introduced its latest innovation in the world of audiobooks during an event at its New York offices.
The company has revealed a revamped business model where Spotify Premium subscribers will gain access to a curated selection of 150,000 audiobook titles.
The service will make its debut in the U.K. and Australia starting immediately, with a U.S. launch planned later this year, followed by expansion into additional markets.
Spotify founder and CEO Daniel Ek, speaking at the event, expressed the company’s aspiration to tap into the audiobook market, which is currently dominated by a single player.
Ek emphasized Spotify’s commitment to leveraging its existing tools and expertise to facilitate the discovery of a vast library of audiobooks.
Spotify ventured into the audiobook realm in September 2022 through its acquisition of digital audiobook distributor Findaway.
The initial catalog featured 300,000 titles, with plans for expansion into English-speaking markets and Canada.
Spotify also aims to address distribution and discovery challenges within the audiobooks market, akin to its success in the music and podcasting spheres.
3. PayPal, Venmo Cards Now Compatible with Apple Wallet
PayPal has revealed that users can now seamlessly add their PayPal and Venmo credit or debit cards to their Apple Wallet, opening up new avenues for making payments in stores, online, or within apps using Apple Pay.
The integration is expected to ensure users receive cashback rewards as usual.
To get started with this feature, users can open the Apple Wallet app and select the “add debit or credit card” option.
PayPal plans to enable the use of a PayPal Business Debit Card with Apple Pay in the near future.
The integration follows PayPal’s recent announcement that PYUSD, its stablecoin designed for payments and transfers, is now accessible on Venmo.
4. Aeropay, UBank join forces for gaming industry payment innovation
Aeropay, a paytech startup based in Chicago, has forged a strategic partnership with Texas-based UBank, aiming to transform the landscape where financial services intersect with the gaming sector.
The collaboration’s primary focus is on streamlining in-game payments, with an additional commitment to “enhance compliance and expand total reach.”
The partners seek to tackle what they refer to as the “complex payment challenges” prevalent in today’s gaming ecosystem.
Aeropay, headquartered in Chicago and known for its expertise in tailored business payment solutions, will combine its proficiency in payment processing with UBank’s self-proclaimed “modern and progressive” approach.
Daniel Muller, CEO of Aeropay, noted that the collaboration will establish a new benchmark for the gaming industry as the industry envisions a future where operators and developers gain access to tailored, sophisticated payment solutions.
Speaking on the development, Justin Armstrong, President of UBank, underscored the significance of this partnership, stating that they are pioneering solutions designed to cater to the distinctive requirements of the gaming industry.
Trivia Answer: Peopleware
Computers operate using a combination of hardware and software. However, without user interaction, most computers would be useless machines. Therefore, “peopleware” is sometimes considered a third aspect that takes into account the importance of humans in the computing process.
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