Tech
Egypt’s Nexta secures $2.2m pre-seed round. 1 other thing and a trivia
This line-up of stories will help you discover the latest happenings around the tech world, today.
1. Egypt’s Nexta secures $2.2m pre-seed round
Nexta, an Egyptian fintech and next-generation banking startup, has announced securing a US$2.2 million pre-seed funding round.
Set to launch operations after satisfying all Central Bank of Egypt (CBE) requirements, the startup was cofounded by Ibrahim Farag and Ahmed Hisham in 2021.
The digital bank promises to better everyday lives for Egyptians via providing “lifestyle banking”.
On features, the Nexta card aggregates a user’s existing payment cards, and allows for money transfer, with a multitude of other features to follow.
The US$2.2 million pre-seed funding round was led by Disruptech with the participation of key international backers.
Tech Trivia: What is the term “abend” short for?
A Abrupt end
B Abnormal end
C Arithmetic bend
D Algorithm bend
Answer: See end of post
READ ALSO: Y Combinator selects Ethiopia, Nigeria startups for W22 edition. 1 other thing and a trivia
2. Byju raises $400 million to scale its edtech service
Edtech startup, Byju, has raised a $400 million via multiple loans to scale its venture.
Founded by Byju Raveendran, the eponymous edtech giant revealed that it raised $800 million in a new financing round, where half of which was bankrolled by the founder.
Described to be taken at “very favorable terms,” the founder is said to have put approximately 2% shares in Byju’s as collateral to take the loan.
Byju is expected to pay off the loan within quarters as it looks to raise as much as $4 billion from the IPO.
In addition, Byju may raise as much as $1 billion of that in a pre-IPO round.
Trivia Answer: Abend
Short for “Abnormal end.” An abend is an unexpected or abnormal end to a process. In computer software, it typically refers to a software crash when a program unexpectedly quits. For example, an error in a program’s code may cause it to freeze or crash while running a certain command. The result is an unexpected (and often inconvenient) end to the program.
The term “ABEND” was initially used by IBM OS/360 systems as an error message. It is now used by Novell Netware systems and also as a general programming term.
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