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Nigeria’s Prospa closes $3.8m pre-seed to accelerate growth. 1 other thing and a trivia



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

1. Nigeria’s Prospa closes $3.8m pre-seed to accelerate growth

Prospa, a Nigerian fintech startup, has closed a US$3.8 million pre-seed funding round.

The fund is expected to help the startup accelerate customer acquisition, team expansion and further develop its product suite.

The startup was founded in 2019 by Frederik Obasi, Chioma Ugo, and Rodney Jackson-Cole.

At inception, the startup was founded to provide banking and software services for micro-businesses.

Prospa allows users open a fully operational bank account in five minutes and also offering access to a suite of tools such as invoicing, inventory management, employee payroll, an e-commerce platform and an analytics dashboard.

Tech Trivia: Which tech buzzword is closely related to Artificial Intelligence (AI)?

A. Virtual reality
B. Machine learning
C. Cryptocurrency
D. Microservices

Answer: See end of post

2. Nigeria’s Autochek expands into Kenya, Uganda

With Cheki’s new acquisition, Nigerian auto-tech startup, Autochek, has announced expanding its venture into Kenya and Uganda.

The expansion was made possible with the acquisition of Cheki platforms for each of those countries from ROAM Africa.

Autochek aims to build digital solutions that will enhance and enable a seamless and safe automotive commerce experience across Africa, starting with Nigeria and Ghana.

According to local sources, the startup plans to use technology to transform the automotive buying and selling experience for African consumers, by creating a single marketplace for consumers’ automotive needs, from sourcing and financing to after sales support and warranties.

Having opened its doors in Ghana, Autochek is now following the same playbook to expand to Kenya and Uganda, formalising an agreement with ROAM Africa to acquire Cheki Kenya and Cheki Uganda.

READ ALSO: TechNigeria: A weekly digest of what went down in Nigeria’s tech space

Speaking on the development, Etop Ikpe, founder and chief executive officer (CEO) of Autochek, noted that the acquisition was an important milestone for the company.

He said: “The acquisition of Cheki Kenya and Uganda is an important milestone for us, and we are excited to be working with ROAM Africa once again, building on their achievements over the past years.

“ROAM Africa has an unrivalled track record of operating and scaling some of Sub-Saharan Africa’s most innovative classified marketplaces and we look forward to leveraging on this solid business foundation.”

Tech Trivia Answer: Machine Learning

Machine learning is the tech buzzword closely related to Artificial Intelligence. Machine learning is related to Artificial Intelligence because both have self-learning algorithms that learn models from data.

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