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Mexico’s Baubap secures $120m in Pre-Series A round. 2 other stories and a trivia

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

1. Mexico’s Baubap secures $120m in Pre-Series A round

Baubap, a Fintech based in Mexico City, has secured $120 million in debt financing in a pre-Series A round led by US-based fintech capital partner SixPoint Capital Management.

Roberto Salcedo, CEO and co-founder of Baubap, confirmed this in a translated statement seen by Ripples Nigeria on Monday March 4, 2024.

The microlending platform, founded in 2018, operates an app-based service, providing consumers with microloans of up to MXN 5,000 ($300) using alternative data sources and presently services half a million active loans a month

The infusion of funds will be directed towards expanding its credit lending operations, particularly targeting underserved borrowers who often face exclusion from traditional lending channels.

Speaking on the development, Roberto said the latest funds will “provide us with the opportunity to assist millions of Mexicans, primarily in steering clear of informal loans, the costliest form of credit, and providing them with viable alternatives.”

Trivia: What does it mean when a site includes UGC?

A. All of the content is copyright-protected.
B. It is built on framework like WordPress or Weebly.
C. It includes content contributed by users.
D. Its HTML and images are stored on a CDN.

Find answer below

2. Elon Musk slams OpenAI lawsuit, alleging breach of founding agreement

Elon Musk, a significant donor and co-founder of OpenAI in 2015 before stepping down from the board in 2018, has filed a lawsuit against OpenAI.

Musk alleges that OpenAI, originally established as a non-profit organization to serve humanity’s interests and counter the competitive threat from Google, has transitioned into a closed-source subsidiary of Microsoft.

Musk’s complaint, lodged in a San Francisco court, contends that OpenAI’s departure from its non-profit origins infringes upon its founding agreement.

Having contributed over $44 million to the organization between 2016 and September 2020, Musk seeks to compel OpenAI to uphold its initial mission as a non-profit entity through the lawsuit and to prevent the commercialization of technologies developed under OpenAI’s non-profit umbrella for the exclusive benefit of OpenAI executives or partners, such as Microsoft.

In addition, the lawsuit petitions the court to classify AI systems like GPT-4 as AGI (Artificial General Intelligence), requesting an audit and potential reimbursement of donations if the court determines that OpenAI now operates for private gain.

3. Bosun Tijani introduces new cohort for 3MTT initiative

The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, has announced the selection of 270,000 fellows for the program’s second phase.

This was confirmed by the Minister via his Twitter handle seen by Ripples Nigeria on Monday March 4, 2024.

In the post announcing the development, the minister highlighted the achievements of the first cohort, noting successful intern placements across the country.

According to the Minister, the participants were preparing for hackathons in their respective states, collaborating to apply their skills and devise innovative solutions.

Recognizing the entrepreneurial potential, Tijani emphasized ongoing support for those interested in launching tech startups to address pressing challenges.

Trivia Answer: It includes content contributed by users

UGC Stands for “User Generated Content.” In the early years of the Web, most websites were static, meaning each page had fixed content that did not change unless it was updated by the webmaster.

As the Web evolved, dynamic websites, which generate content from a database, became the norm. Now, in the Web 2.0 era, many websites now include UGC, or content created by visitors.

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