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Nigeria’s digital security platform, Identitypass, raises $2.8m seed funding. 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. Nigeria’s digital security platform, Identitypass, raises $2.8m seed funding

A Lagos-based digital security platform, Identitypass, has announced raising a $2.8 million seed funding to increase its current facilities and expand into new African countries.

The co-founder and CEO, Lanre Ogungbe, confirmed the latest raiser in a statement on Thursday.

The seed funding was led by MaC Venture Capital and saw participation from Y Combinator, Soma Capital, True Capital Fund, and Sherwani Capital.

Ripples Nigeria gathered that the Lagos-based startup was founded in 2021 by Ebuka David Obi, Lanre Ogungbe, and Niyi Adegboye.

The startup uses OTPs or a four-pin password for basic authentication, and the company wanted to expand its authentication options by launching Identitypass.

Ogungbe, while commenting on Identitypass’ USP, said:

“At the point of when we’re building it [the payments solution], there was no one in the market that had the kind of infrastructure that we wanted to use.

“We wanted to build a substitute for authentication. That was it.”

Tech Trivia: What capability does ICS enable?
A It allows multiple computers to use the same Internet connection.
B It prevents unwanted files from being downloaded to a computer.
C It increases file transfer speeds over the Internet.
D It allows Mac and Windows computers to communicate over a network.
Answer: see end of post

2. Milan-based payment giant, Nexi, acquires Orderbird to expand SMB strategy

A Milan-based fintech giant, Nexi, has announced the full acquisition of German startup, Orderbird, in an undisclosed deal.

Read also :Two Nigerian startups shortlisted among top 45 African startups. 2 other stories and a trivia.

Orderbird’s Chief Executive Officer, Mark Schoen, confirmed the latest acquisition in a statement on Thursday.

The latest acquisition comes on the heels of the acquisition of Danish-based rival, Nets.

Nexi, which is a fintech giant in Italy, provides card issuing services for credit, debit and pre-paid cards, as well as merchant acquiring/POS management services.

Though the term of the deal is undisclosed, sources close to the startup evaluate Orderbird to be in the range of €130 million -140 million ($140 million – $150 million).

Commenting on the development, Schoen said:

“Joining forces with the Nets / Nexi Group, a recognized European PayTech leader, allows us to take this mission to the next level.

“This will collectively enhance our business presence in Europe while continuing to provide our customers with the best and most relevant solutions they need today – and tomorrow.”

3. US-based Activant Capital expands footprint to Cape Town

A US-based growth equity firm, Activant Capital, has announced opening a new office in Cape Town as it seeks to expand its footprint in Africa.

This development was confirmed by the startup’s founder and general partner, Steve Sarracino, in a statement seen by Ripples Nigeria on Thursday.

The global investment firm partners with high-growth companies with an ambition to transform commerce.

The new office according to Sarracino will be headed by Research Director Robert Lamprecht, alongside with JJ Brink and Jonathan Vickery, both South African natives.

Commenting on the latest expansion, Sarracino said:

“We’re excited to put down roots in Cape Town. Activant has always been a thesis-led firm; by focusing intensely on a few key sectors – commerce infrastructure, fintech, and supply chain – we can find, invest in, and support the best founders and companies.

“Our Cape Town team allows us to double down on this thesis-first approach. The city offers a deep pool of talent, an amazing quality of life, and shares a time zone with Berlin, making it an ideal location for Activant as we expand.”

Trivia Answer: ICS

Stands for “Internet Connection Sharing.” ICS allows multiple computers to connect to the Internet using the same Internet connection and IP address.

For example, several computers in a household can connect to the same cable or DSL modem using a router. As long as the router is connected to the modem, every computer connected to the router is also connected to the Internet.

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