Nigerian-founded Salad launches to support employees’ financial health. 2 other story and a trivia

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

1. Nigerian-founded Salad launches to support employees’ financial health

A Nigerian founded startup, Salad, has announced launching an offering that caters to the financial health of employees in Africa.

This is contained in a press statement signed by the CEO, Chikodi Ukaiwe, where he noted that the tech-enabled offering is hoped to enhance employees general wellbeing and productivity.

According to Chikodi, the startup was founded in 2022 alongside the CTO, Seunfunmi Omotunde.

Salad is expected to provide employees with the technology to access, save and manage money through a suite of financial products.

Speaking on the development, Chikodi noted that the ambition was to boost productivity of African employees.

“We partner directly with employers for prequalification and to access unique employee data. By working with us, employers maintain their cash flow from no longer having to fund salary advances, boost their employees’ productivity and attract the best talent,” he said.

“It also connotes the term “salary advance”, which refers to the range of cash advances and loans we provide to employees. With Salad, we seek to create a system where employees have access to their salaries on-demand, savings and wealth-building products, as well as many other benefits that enable them to live healthy and productive lives, free of financial stress,” he added.

What type of software is not protected by copyright?

A. Public domain
B. Commercial
C. Shareware
D. Proprietary

Answer: see end of post

2. UAE-based fintech TWIG closes seven-figure pre-Seed round

UAE-based fintech TWIG has closed an undisclosed pre-Seed round backed by Phoenician VC, MMK Capital, Soul Ventures, regional family offices and other angel investors.

TWIG, through its CEO Chafic Idriss, made the announcement in a press release on Thursday, May 11, 2023.

READ ALSO:Nigeria’s Dojah launches anti-fraud detector for digital businesses. 2 other story and a trivia

The two year old startup was founded by Chafic Idriss, Karam El Dik and Rayan Antonios, TWIG is a bank-agnostic automated saving platform.

The funding, according to Chafic, will be used to support the company’s expansion plans and promote financial wellness across the region.

Meanwhile, TWIG has received an Innovation Testing Licence (ITL) from the Dubai Financial Services Authority (DFSA).

Speaking on the development, Chafic said:

“Obtaining an Innovation Testing Licence is a major milestone for TWIG, and we are grateful to be part of DIFC’s leading ecosystem that is paving the way for the future of finance.”

3. Saudi AI startup, Mozn, announces GCC expansion

Saudi Arabia’s Mozn, a market leader in enterprise artificial-intelligence technologies, on Thursday, announced a regional expansion that will take the company into the thriving AI, finance and fintech markets of the United Arab Emirates and the GCC.

The startup made the announcement at the Dubai Fintech Summit, held at Madinat Jumeirah, Dubai.

According to the startup, its expansion into the GCC market through its UAE office will help provide innovative regulatory compliance and anti-fraud solutions powered by advanced AI.

The startup is looking to target financial institutions such as banks, digital banks, fintechs and other large financial organisations.

Dr. Mohammed Alhussein, Founder andChief Executive Officer at Mozn, said:

“The UAE has been making significant strides in enhancing its AML compliance and combating financial fraud, and Mozn’s entry into the UAE market will help accelerate these efforts.

“We are excited to begin this next chapter in Mozn’s growth journey as we enter the broader GCC market through our UAE office. We look forward to collaborating with prominent financial institutions in these markets, re-enforcing their compliance stance and further improving the stability of these nation’s financial sectors through our anti-fraud solutions.”

Trivia Answer: Public Domain

Public domain is a legal term that describes a work or product that is not protected by copyright. The copyright protection an item in the public domain may have 1) expired, 2) been released by the author, or 3) never existed in the first place. Public domain items are publicly available and can be freely accessed and redistributed.

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