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LATEST TECH NEWS: Checkout closes fresh $450m Series C round. 2 other things and a trivia you need to know today, January 12, 2021

LATEST TECH NEWS: Checkout closes fresh $450m Series C round. 2 other things and a trivia you need to know today, January 12, 2021

These latest stories from the tech space will keep you updated with trends today.

1. Checkout closes fresh $450 million Series C round

LATEST TECH NEWS: Checkout closes fresh $450m Series C round. 2 other things and a trivia you need to know today, January 12, 2021

Reachibg a $15 billion valuation, Payments company has closed a $450 million Series C round, perhaps, the largest raiser for the week.

The multimillion dollar raiser, which was led by Tiger Global Management, saw the participation of Greenoaks Capital and all existing investors.

According to reviews, the Checkout payments company seeks to build a one-stop shop for all things related to payments.

Today, the company has recorded success in payment offerings to include accepting transactions, processing them and detecting fraud.

The nine year old company will continue to focus on large merchants as it tries to make its product as customizable as possible so that any client can integrate it as an infrastructure partner in their product.

Meanwhile, the current evaluation pegged at $15 billion, puts the company as the fourth largest fintech company globally.

Tech Trivia:

The field that deals with how machines (or computers) mimic cognitive functions of humans is called…

Answer: See end of post.

2. Cassbana secures $1m pre-seed to expand venture

Cassbana, a thriving Egyptian fintech startup has announced securing a US$1 million pre-seed funding round to help it expand its venture.

Newly founded last year, Cassbana utilises artificial intelligence (AI) to run a behaviour-based credit-scoring system.

With the AI product, the company has been able to offer financial identities for underserved and unbanked consumers, achieving this through its technology and data, sourced through an Android app.

Earlier in June 2020, the Fintech company launched its services on a trial basis with one service provider in Cairo.
Today, however, it has more than 20 service providers in Cairo, the Nile Delta, and other cities.

Speaking to news men, CEO and founder, Haitham Nassar, while disclosing the intent of the company on the new raiser, noted that the US$1 million pre-seed round was led by VC firm Disruptech, featuring some other fintech funds and angel investors.

Read also: LATEST TECH NEWS: Nigeria’s InstaNovella launches as social platform for African writers. 2 other things and a trivia you need to know today, January 11, 2021

He said: “Our goal is to create financial identities for the underserved and unbanked who cannot receive financing options from their suppliers and service providers to scale their small shadow businesses or to pass through a difficult time in their business journey.

“Instead of them being assumed to be a high default risk, our financial identities offer them a chance to receive different financing options with a low risk of default,” he added.

3. Docspert banks 6-figure seed round for expansion

Docspert, Egypt’s telemedicine startup has banked a six-figure US dollar seed funding round.

The undisclosed amount is said to help it expand its services across all of Egypt, and then into the Arabian Gulf.

The one year old startup, which was founded in February 2020 by a team of medical doctors, connects patients in the Middle East and Africa with leading international medical experts online and through video conferencing.

According to reviews, the company has be hailed for helping to remove and overcome the need and challenge to travel while seeking medical consultation.

Nearly a year in service, the startup provides services in over 40 medical specialties through a network of more than 100 handpicked leading international medical experts in the United Kingdom, United States (US), and Europe.

Tech Trivia Answer: Artificial Intelligence

Artificial intelligence (AI), sometimes called machine intelligence, is the field that focuses on intelligence demonstrated by machines, unlike the natural intelligence displayed by humans and animals.

Leading AI textbooks define the field as the study of “intelligent agents”: any device that perceives its environment and takes actions that maximize its chance of successfully achieving its goals.

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