LATEST TECH NEWS: Nigerian fintech startup Wallets Africa secures new funding. Four other things and a trivia you need to know today, June 29, 2020

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

1. Nigerian fintech startup Wallets Africa secures new funding

Nigerian fintech startup Wallets Africa has announced securing new funding, however, amount undisclosed. According to the Fintech startup, the funding was secured from a host of investors, and is expected to be committed into its plans to expand usage of its product to more African countries. Founded in 2018, the African tech venture allows people and companies to send and receive money, and make payments, using their phone numbers.

Recall that the startup took part in the Y Combinator accelerator in 2019. This, perhaps, explains why the programme’s chief executive officer (CEO) Michael Seibel is among the investors in this latest round. However, the new round of fund also features the participation of Samurai Incubate Africa, Mozilla Corporation, Brad Flora, Friale Fund, 9 Yards Capital, Venture Souq, Maria Alegre, Zach and Noah Cohen, and Radu Spineau.

2. Economic challenges lead Y Combinator to cut investment down to $125k

US-based seed-stage accelerator, Y Combinator (YC), will reduce the standard deal of its investment from $150 000 to $125 000, the organisation has stated. However, it will maintain its 7% equity stake in backed startups. The president, Geoff Ralston made the announcement while informing the press about the accelerator’s call for application for the upcoming Winter batch 2021.

The president stated, “We are making two changes to our standard deal in conjunction with a recent fundraise. Starting with the Winter 2021 batch, our deal will be $125 000 for 7% equity on a post-money safe.” The development, which is a reaction to economic challenges, will also see the body to reduce its pro-rata right to 4% when investing in follow-up rounds. This, therefore, means that if a YC-backed startup is raising a subsequent round, the accelerator has a 4% participation right to invest in that startup.

Tech Trivia:

A “clickable” web address embedded into a web document is called what?
A. Cursory
B. Clickhost
C. Hyperlink
D. Follow through
Answer: See end of post.

3. Healthcare professional discovery platform TeleAfya launches venture in Kenya

E-health startup TeleAfya has launched in Kenya, and will see to help patients find and connect with community medical practitioners. The TeleAfya initiative, upon launch, has rolled out a provider discovery system that allows users to identify and contact medical professionals, nearby emergency services, local diagnostic lab centres, pharmacies and medical delivery services, and local transport and ride providers.

Aside from its link up and treatment service, it has equally developed a digital symptoms tracker that disseminates severity alerts and information to healthcare providers and government entities to fight infectious diseases. Reviewers have noted that the facility has also built a telemedicine system that allows patients to consult with doctors and clinicians using state of the art video-calling. According to its founder Vincent Chepkwony, the venture emerged following identification of the vacuum it is filling.

4. Telegram to pay fine of $18.5 million to SEC

Pavel Durov’s vision for his Telegram messaging service are seemingly ending with an $18.5 million civil settlement with the U.S. Securities and Exchange Commission. This fine, coming as a shock and major set back for the firm, will also be accompanied by another pledge to return more than $1.2 billion that investors had put into its TON digital token. This, according to press, is the settlement that is hoped to end a month’s long legal battle between the company and the regulator.

Recall in October 2019, the regulator SEC filed a complaint against Telegram alleging the company had raised capital through the sale of 2.9 billion Grams to finance its business. After filing the complaint, the SEC thereafter sought to enjoin Telegram from delivering the Grams it sold, which the regulator alleged were securities. In argument, the regulator noted that Telegram didn’t follow the rules. That had it worked with the regulator instead of launching its offering without any oversight, the outcome might have been different.

5. Chinese learning app Zuoyebang nets $750M

Beijing-headquartered startup Zuoyebang said on Monday, June 29, that it has raised $750 million in a new financing round. According to the Chinese firm, the fund reiterated investors’ demonstration of their continued trust in the Asia’s booming edtech market. Listing its investors, U.S. investment firm Tiger Global and Hong Kong-based private equity firm FountainVest Partners led the six-year-old startup’s Series E financing round.

However, existing investors including SoftBank’s Vision Fund, Sequoia Capital China, Xiang He Capital, Qatar Investment Authority also participated in the round, bringing the startup’s to-date raise to $1.33 billion. Zuoyebang’s app helps students ranging from kindergarten to 12th-grade solve problems and understand complex concepts. The app, according to reviewers which offers online courses and runs live lessons, also allows students to take a picture of a problem, upload it to the app, and get its solution.

Tech Trivia Answer: Hyperlink

A hyperlink is a word, phrase, or image that you can click on to jump to a new document or a new section within the current document. Hyperlinks are found in nearly all Web pages, allowing users to click their way from page to page. Text hyperlinks are often blue and underlined, but don’t have to be. When you move the cursor over a hyperlink, whether it is text or an image, the arrow should change to a small hand pointing at the link. When you click it, a new page or place in the current page will open.

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