Morocco’s CASH PLUS closes $60m for expansion. 2 other stories and a trivia

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

1. Morocco’s CASH PLUS closes $60m for expansion

A private equity firm, Mediterrania Capital Partners, has announced a substantial €57 million ($60M) investment in Morocco’s financial services provider, CASH PLUS.

Nabil Amar, Chairman of the Board of Directors of the CASH PLUS Group disclosed this in press release seen by Ripples on Thursday, October 20, 2023

The investment is made in collaboration with FMO, the entrepreneurial development bank from the Netherlands, and IFC, a member of the World Bank Group.

With over 3,600 physical locations spanning Morocco, the company is one of the nation’s largest financial service providers.

According to the company board, the combined €57 million equity investment is poised to propel CASH PLUS further, as it seeks to expand its network of branches both nationally and internationally.

Meanwhile, the funding is expected to bolster the company’s digital financial services offerings, with a particular focus on enhancing its M-Wallet application, which currently caters to more than 1 million customers.

Speaking on the development, Hatim Ben Ahmed, Managing Partner at Mediterrania Capital Partners, said: “We’re thrilled to be backing Cash Plus management in its ambitious development strategy.

“CASH PLUS has emerged as one of the continent’s fastest-growing financial institutions, and Mediterrania Capital will provide support in creating additional value for customers and stakeholders.”

Albert Alsina, Founder and CEO at Mediterrania Capital Partners, added, “We are delighted to be part of this project alongside our long-time partners, IFC and FMO. CASH PLUS is a company that we know well and which fully embodies our mission of improving people’s lives through responsible investments.”

Trivia: What kind of computer component uses the NVMe specification?

A. High-speed SSDs
B. Biometric sensors
C. Network adapters
D. Integrated laptop monitors

See Answer below

2. South African startup, Outsized, secures Series A funding

A South African-founded startup, Outsized, has secured a Series A funding round spearheaded by South African venture capital firm, Knife Capital.

The round, according to media sources, saw the participation of private investors, including Adrian Durham, founder of FNZ Group.

Niclas Thelander, Founder & CMO of Outsized stated this in a press release seen by Ripples Nigeria on Thursday, October 20, 2023

The new investment seeks to empower Outsized to solidify its position as a leader in growth markets within the $5 billion freelance platform sector.

The company plans to expand its sales and engineering teams, extend its reach in existing regions, and accelerate product development for both enterprise clients and independent professionals.

Its AI-powered platform offers enterprises access to a carefully vetted network of 25,000 top-tier independent professionals, transforming agile workforce solutions in these regions.

Niclas Thelander, Founder & CMO of Outsized, said, “This funding is a game-changer, paving the way for new, innovative solutions for our clients and talent.”

3. Meta expands “Broadcast Channels” feature to Facebook and Messenger

Meta, the parent company of Facebook, is extending its “broadcast channels” feature, similar to Telegram’s channels, to Facebook and Messenger.

Initially introduced on Instagram and WhatsApp earlier this year, Meta has revealed plans to make this feature available on Facebook and Messenger.

Meta’s CEO, Mark Zuckerberg stated this in a statement on Thursday, October 19, 2023.

The feature is designed to empower creators and public figures to communicate one-to-many messages, enabling direct interaction with their followers.

Broadcast channels support various content types, including text, images, polls, reactions, and more.

Message-sending privileges are reserved for the channel creator, while viewers can react to messages and participate in polls.

Creators and public figures can use broadcast channels to keep their followers updated and provide behind-the-scenes insights.

Meta’s CEO, Mark Zuckerberg, and other company executives have already been using these channels to share feature and product updates.

Meta is currently in the testing phase of enabling Facebook Pages to create broadcast channels, with a rollout expected in the coming weeks.

Facebook Page administrators with access will be able to initiate a channel directly from their Page, while those without immediate access can join a waitlist.

Trivia Answer: High-speed SSDs

NVMe Stands for “Non-Volatile Memory Express.” NVMe is an internal storage device specification based on PCI Express. It provides a high-speed connection for solid state drives (SSDs), with more bandwidth and less latency than a SATA connection.

NVMe drives look similar to RAM chips (memory modules), while SATA SSDs look more like traditional hard drives. The NVMe interface is simpler and more compact than a SATA or an mSATA connector since the drive controller is integrated into the drive.

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