Nigeria’s Moove closes $63.2m Series A. 2 other things and a trivia

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

1. Nigeria’s Moove closes $63.2m Series A

Moove, Nigerian mobility startup, has announced closing a US$63.2 million Series A.

The funding, which comes as a debt and equity funding round, is expected to help it expand more quickly.

The startup was cofounded by British-born Nigerians Ladi Delano and Jide Odunsi.

Since its venture, Moove has been democratising vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs.

Today, the startup embeds its alternative credit-scoring technology onto ride-hailing and e-logistics platforms.

The new technology of Moove allows access to proprietary performance and revenue analytics of mobility entrepreneurs to underwrite loans.

Tech Trivia: what is Carol Shaw famous for?
A. The first female video game developer
B. The first female pilot
C. The first female mechanical engineer
D. The first female doctor
Answer: See end of post

2. Egypt’s Cassbana looks to scale offering to unbanked communities

Egyptian fintech startup Cassbana, has completed plans to scale its venture in a bid to provided more than 10,000 loans across 14 cities.

The startup builds financial identities for the underserved and unbanked communities.

Cassbana was founded in June of last year as a venture using machine learning and AI to offer financial identities for underserved and unbanked consumers.

With its technology and data, Cassbana offers financial institutions and companies the opportunity to create innovative lending and financial support solutions by analysing consumer behaviour patterns.

READ ALSO: Nigerian agri-tech startup Zowasel secures $100k. 2 other things and a trivia

The company initially launched its services on a trial basis with one service provider in Cairo, but in one year has now facilitated 10,000 loans across 14 cities, with a 1.6 per cent default rate.

Speaking on the development, Haitham Nassar, founder and chief executive officer (CEO) of Cassbana, stated that the startup is building a behaviour-based scoring system and smart data analysis scheme that is the future of data-based financial advisory.

He said: “By developing mobile technology and data science algorithms, Cassbana disrupts the way financial identities are being built within the modern financial sector. The main goal of Cassbana is to reach and penetrate underbanked segments in growing markets in MEA, through using alternative data, network behaviour and instant credit.”

3. Global Endeavor network accepts Egyptian and Nigerian founders

Global Endeavor network, having gained access to various support services to help their companies scale, has accepted new founders of tech startups based in Egypt and Nigeria into its fold.

The Endeavor initiative, which works to catalyse long-term economic growth, selects, mentors, and accelerates the best high-impact entrepreneurs worldwide.

Since launch, the initiative has accepted a host of African entrepreneurs into its network in recent years.

Nigerian startups continued to be welcomed by Endeavor, with the 16th vISP, held June 20-23, seeing the selection of Tosin Eniolorunda and Felix Ike, founders of TeamApt, which is reinventing banking and financial services to serve the next billion Africans.

The 17th vISP, held July 12-14, witnessed the selection of Dimeji Sofowora, Tito Ovia and Goke Olubusi, founders of Helium Health, a healthcare technology company focused on digitising and promoting data-driven healthcare in Nigeria.

Tech Trivia Answer: The first female video game developer

Carol Shaw (born 1955) is one of the first female game designers and programmers in the video game industry. She is best known for creating the Atari 2600 vertically scrolling shooter River Raid (1982) for Activision. She worked for Atari, Inc. from 1978–1980 where she designed multiple games including 3-D Tic-Tac-Toe (1978) and Video Checkers (1980), both for the Atari 2600. She left game development in 1984 and retired in 1990.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now