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Egypt’s Paymob secures $50m Series B funding. 2 other stories and a trivia



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

1. Egypt’s Paymob secures $50m Series B funding

A Cairo-based fintech startup, Paymob, has announced securing a $50 million Series B funding.

The Co-Founder and Chief Executive Officer, Islam Shawky, disclosed this in a statement on Monday.

According to Shawky, the round was led by PayPal Ventures, the global corporate venture arm of PayPal; New-York-based venture capital Kora Capital; and London-based Clay Point.

Paymob was founded in 2015 by Alain El Hajj, Islam Shawky, and Mostafa Menessy with headquarters in Cairo, Egypt.

The fintech platform builds payments infrastructure technologies, empowering the underserved with access to financial services.

The startup bridges the financial inclusion gap in the MEA region by enabling businesses of all sizes to benefit from the power of digital payments and what it unlocks.

Commenting on the new raiser, Shawky said:

“For us, this is a game changer for face-to-face transactions because this opens the market up for us and helps us grow tremendously.

“So together we offer merchants, whether an SME or an international brand, the ability to accept all those payment methods and thus, increasing the probability and enhancing the probability for them to purchase and hopefully grow the revenue.”

Tech Trivia: What kind of display may need to be occasionally degaussed?
C Plasma
Answer: see end of post

2. Opay wins Bronze STEVIE® award at 2022 American Business Awards

Police shuts down OPay office in Kano

Top financial service provider and a fintech unicorn in emerging markets, Opay, has Monday announced winning the Bronze Stevie® Award in the “Product and Service Innovation Award” category.

Read also :Nigeria’s fintech startup, Kwaba, raises pre-seed funding. 1 other story and a trivia

The latest award was confirmed by officials of the Steve Award as published on the official website.

Ripples Nigeria gathered that the award saw the nomination of persons as Gold, Silver, and Bronze receivers of the Stevie® Awards in The 2022 American Business Awards®.

Opay through its product NanoPay, won the Bronze STEVIE® in this year’s edition.

Other winners include Cisco, Shell, UOB, and other companies.

According to the award body, the winners were determined by the average scores of more than 230 professionals worldwide in the three-month judging process.

NanoPay by Visa is one of the products owned by OPay that provides different types of credit cards based on the user’s credit history.

3. TradeDepot appoints Chidi Akubuiro as Managing Director for West Africa

A B2B eCommerce platform TradeDepot, has Monday announced appointing ex Coca-Cola HBC and Hayat Kimya Nigeria executive Chidi Akubuiro as its Managing Director for West Africa operations.

Onyekachi Izukanne, CEO and co-founder of TradeDepot, confirmed the latest development in a statement seen by Ripples Nigeria.

TradeDepot was founded in 2016 by MICHAEL UKPONG, Onyekachi Izukanne, Ruke Awaritefe with headquarters in Lagos, Nigeria.

Ripples Nigeria gathered that the B2B e-commerce and embedded finance platform offers consumer goods to SME retailers.

Izukanne, who spoke on the development, extols the experience of Chidi while explaining the reason for the appointment.

He said: “Chidi brings a wealth of experience that will be invaluable to our mission to make life easier for retailers across Africa.

“In his short time with us, he has made many valuable contributions that have put us in a stronger position to achieve our objectives and I am looking forward to working more closely with him to drive more success and profitability across the board.”

Trivia Answer: CRT monitor

Degaussing is the process of reducing a magnetic field. It can be used to reset the magnetic field of a CRT monitor or to destroy the data on a magnetic storage device.

A CRT monitor displays images by firing electrons through a cathode ray tube (CRT) onto the screen. The electron beams are focused by a plate near the screen called a shadow mask.

If this plate becomes unevenly magnetized by surrounding objects or simply the earth’s magnetic field, it can cause discoloration on the screen.

Therefore, CRT monitors often include a “Degauss” command that resets the magnetic field when run.

By Hamsat Kayode

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