This line-up of stories will help you discover the latest happenings around the tech world, today.
1. Nigeria’s Mono raises $15m led by Tiger Global
Africa-focused fintech startup, Mono, has announced raising $15 million in a Series A round of investment.
According to the startup, the round was led by Tiger Global, and saw the participation of new investors like Target Global (an investor in neobank Kuda), General Catalyst, and SBI Investment.
Mono, as a tech venture, allows users easily connect their bank accounts to financial apps.
The new investment makes the third major investment by Tiger Global in Africa, this year.
Earlier, Tiger Global had participated in investments in two other Fintechs namely Flutterwave and FairMoney.
Today, the new fundraising round, coupled with the existing ones from Entree Capital, Lateral Capital, GPIC, Acuity VC, and Ingressive Capital, brings Mono’s total raise to a little over $17 million since its launch last year.
Tech Trivia: What is another name for data generated by a program?
Answer: See end of post
2. Nigeria’s Opay makes CB Insights’ top 250 fintech startups list
Nigeria’s fintech startup, Opay, has been rated amongst the top 250 fintech startups in the world, going by a recent list published by CB Insights, a New York-based market intelligence company.
Opay, which is one of the six largest fintech players in Africa, recently raised a $400m round in August to be the startup with the highest raiser in the third quarter of 2021.
On criteria for selection, CB Insights stated that the 250 companies were selected from a pool of over 17,000 companies around the globe.
According to CB Insight, some of these companies applied for themselves while others were nominated.
Since 2016, these startups featured have collectively raised approximately $73.8 billion across nearly 1,200 deals.
CB Insight further revealed that 118 of the 250 companies selected (47%) are unicorns, all valued at $1 billion or above as of their latest funding round.
3. Kenya’s Sendy expands into Ivory Coast via investment in Kamtar
Kenyan logistics startup, Sendy, has thrust its foot in Ivory Coast through an investment into the country’s logistics startup, Kamtar.
Sendy, on Monday, completed this strategic equity investment in Ivory Coast-based counterpart to boost the former’s expansion plans in West Africa.
In 2015, Sendy was founded as a venture, offering a marketplace for last-mile package delivery and logistics services.
Since then, it allows customers to send packages and documents using a mobile application that connects them to motorcycle riders, and drivers of vans and pickup trucks.
Today, the startup is active in Kenya, Uganda and Tanzania, but announced in the wake of a US$20 million funding round last year that it planned to expand elsewhere.
Operating in Ivory Coast and Senegal, Kamtar is a digital logistics startup with 5,000 drivers on its network.
Kamtar connects SMEs and corporate businesses to truckers and allows for effective delivery operations and cost savings by eliminating intermediaries.
Tech Trivia Answer: Output
An output is data that a computer sends out after processing. Computers only work with digital information. Any input that a computer receives must be digitised. Often data has to be converted back to an analogue format when it’s output, for example the sound from a computer’s speakers.
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