Nigerian fintech, FairMoney, acquires PayForce. 2 other stories and a trivia

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

1. Nigerian fintech, FairMoney, acquires PayForce

Nigerian credit-led fintech startup, FairMoney, has announced acquiring PayForce.

This was contained in a statement by the startup’s CEO Laurin Hainy on Tuesday.

PayForce, a sub-brand of YC-backed CrowdForce, is a merchant payment service that serves small businesses

Sources privy to the acquisition disclosed that the transaction was a cash-and-stock deal in the range of $15 million to $20 million.

“We see ourselves as a retail bank, but the line between merchants and retail is often blurry.

“We’ve thought about the merchant space more and more, and we see a lot of potential synergies between what PayForce and we have built independently,” explained Hainy.

Tech Trivia: Properties and methods can be assigned to which of the following entities?
A. Integer
B. Array
C. String
D. Object
Answer: see end of post

2. MENA’s online coffee marketplace, COFE, secures $15M Series B

COFE, an online coffee retailer in MENA, has raised $15 million in a Series B funding round that was organized and managed by WAED Ventures.

Read also:Healthtech startup, Envisionit Deep AI, raises $1.65M investment. 2 other stories and a trivia

Saad Al-Bader, Al Imtiaz Investment Group Executive Vice President, confirmed the funding in a media release on Tuesday.

The Series B round also witnessed participation from eWTP Arabia Capital, Al Imtiaz Investment Group, KISP Ventures (KFH Capital), and Rasameel Investment Company.

“We believe that COFE is ready to scale internationally into new markets and to further strengthen its market position and service offerings,” said Al-Bader.

The startup claimed its Series B round of funding would be used to expand its e-commerce capabilities and pursue its goal of being a full-service provider of coffee solutions.

3. MENA VC, Flat6Labs, set to invest $95M investment outside MENA

An Egypt-based seed-stage accelerator, Flat6Labs, is embarking on a journey into East and West Africa with its new $95 million investment.

The firm’s CEO Ramez El-Serafy confirmed the development in a statement seen by Ripples Nigeria on Tuesday.

Ripples Nigeria understands that the Seed Fund investment vehicle will mark its first venture outside MENA.

“We’re embarking on a new phase for the organization by expanding into sub-Saharan Africa through Africa Seed Fund,” said El-Serafy.

According to El-Serafy, the sector-neutral fund intends to invest in companies in the following areas: fintech, healthtech, logistics, mobility, cleantech, agtech, retail, and e-commerce.

Trivia Answer: Object

An object, in object-oriented programming (OOP), is an abstract data type created by a developer. It can include multiple properties and methods and may even contain other objects.

By Kayode Hamsat

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