Tech
Nigeria’s TradeDepot acquires Ghana’s Green Lion. 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 TradeDepot acquires Ghana’s Green Lion
TradeDepot, a Nigerian B2B e-commerce and embedded finance startup has consolidation the acquisition of Accra-based counterpart, Green Lion.
The acquired startup (Green Lion) is the biggest and fastest growing B2B e-commerce platform in Ghana, with year of establishment marked as 2018.
The development comes as TradeDepot seeks to expand its delivery services in Ghana.
TradeDepot was founded in 2016, connecting consumer goods brands in Africa directly to a target market of several million retail outlets across the continent.
The startup through its ShopTopUp platform offers a broad range of consumer goods to SME retailers within its network and provides credit lines to enable these retailers to access inventory.
In addition, users can also pay in instalments as they sell on to their own customers.
In December 2021, the startup raised a US$110 million Series B funding round.
in December, is already active in South Africa and Ghana, and will now be expanding further across the latter after acquiring Green Lion.
Tech Trivia: Which term is synonymous with “Internet?”
A World wide web
B Social media
C Cyberspace
D Wi-Fi
Answer: See end of post
2. Weaver Fintech acquires South Africa’s PayJustNow
Mauritian startup, Weaver Fintech, has announced acquiring cape Town-based fintech startup, PayJustNow as it looks to grow its venture.
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PayJustNow sold its controlling stake of the business to company despite being the largest business of its kind in Southern Africa.
The startup was founded in August 2019, and has more than 180,000 customers signed up and over 1,000 retailers offering its product.
The Mauritian financial services startup is a subsidiary of HiL, which offers personal lending, insurance, payments, and value-added services on digital platforms through its FinChoice brand.
The acquisition implies that Weaver Fintech is making its entry into the payments space with the acquisition.
Speaking on the development, Craig Newborn, founder and CEO of PayJustNow, noted that the investment presented exciting opportunities such as expansion and growth.
“Weaver Fintech’s recognition through their investment and funding is an affirmation that what we set out to do holds real value,” he said.
3. Floatpays closes $1m funding from Naspers Foundry
Floatpays, a South African fintech startup, has closed a US$1 million in funding from Naspers Foundry.
This comes as part of its US$4 million round it announced last month.
The startup was founded in 2019 and participated in the S21 cohort of the Silicon Valley-based Y Combinator accelerator.
The startup is a technology platform that enables on-demand access to pay, seamless savings functionality and financial education to build employee financial wellness.
Naspers is one of the largest technology investors in the world.
The VC launched a ZAR1.4 billion (US$96 million) Foundry fund in October 2018.
The VC’s portfolio include the SweepSouth, Aerobotics, Food Supply Network, The Student Hub, WhereIsMyTransport, Ctrl and Naked Insurance.
Trivia Answer: Cyberspace
Unlike most computer terms, “cyberspace” does not have a standard, objective definition. Instead, it is used to describe the virtual world of computers. For example, an object in cyberspace refers to a block of data floating around a computer system or network.
With the advent of the Internet, cyberspace now extends to the global network of computers. So, after sending an e-mail to your friend, you could say you sent the message to her through cyberspace. However, use this term sparingly, as it is a popular newbie term and is well overused.
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