Payday secures $3M seed to expand infrastructure. 2 other stories and a trivia
This line-up of stories will help you discover the latest happenings around the tech world, today
1. Payday secures $3M seed to expand infrastructure
A neobank that provides Africans with global (USD, EUR, and GBP) accounts, Payday, has announced securing a $3 million to expand technological infrastructure.
Founder Favour Ori, who confirmed the development in a statement on Wednesday, stated that the oversubscribed seed investment was led by Moniepoint Inc.
The funding also saw participation from Techstars, HoaQ, DFS Lab’s Stellar Africa Fund, Ingressive Capital Fund II, and angel investors such as MFS Africa chief Dare Okoudjou and Norebase CEO Tola Onayemi.
Launched in June 2021, the fintech allows African remote workers and freelancers, particularly in Nigeria and Rwanda to send and receive money in USD, GBP, and EUR, as well as 20 other currencies.
“We are building TransferWise for Africa; we want our customers to move money faster with the bank accounts and cards we issue.
Other platforms focus on Africans in the diaspora; we’re focusing on people in Africa while planning to focus on those abroad by expanding to the U.K.,” Ori explained.
The platform plans to leverage borderless payment options in various currencies to support its “future of work” strategy.
Tech Trivia: What does it mean if a component is hot-swappable?
A. It can be replaced with a part from a different manufacturer.
B. It can be used on both Mac and Windows machines.
C. It can be used in extremely high temperatures.
D. It can be replaced while the computer is powered on.
Answer: see end of post
2. Hygraph secures $30M to expand market footprints
Berlin-based startup, Hygraph, has secured $30M to expand its market footprint.
Read also:Lagos-based startup, Fez Delivery, secures $1M funding. 2 other stories and a trivia
The company announced the Series B funding in a media release on Wednesday.
Previous backers OpenOcean and SquareOne, as well as new individual investor Boris Lokschin also participated.
Ripples Nigeria gathered that the startup previously raised $13 million and it’s not disclosing its valuation.
The business was formerly known as GraphCMS, and its platform is based on GraphQL and the idea of composable design.
“We are not just front-end agnostic but also back-end agnostic. We make it easy to integrate the back-end and front-end into one universal content API,” said Michael Lukaszczyk, the CEO and co-founder.
The money, according to Lukaszczyk, would be utilized to expand into other regions and to continue expanding the platform and how it may be used.
3. Cabify secures $110M, targets expansion
Spanish ridesharing service, Cabify, has announced securing $110 million in funding to spur its expansion in Spain and Latin America.
Cabify CEO Juan de Antonio disclosed this in a statement on Wednesday.
Ripples Nigeria gathered that Cabify closed the funding round with participation from investors like Orilla Asset Management and AXIS, through Fond-ICO Next Tech.
“This commitment by strategic investors is a recognition of Cabify’s positive impact and potential to continue creating long-term value for our investors and the cities in which we operate,” said de Antonio.
De Antonio added that by 2025 in Spain and by 2030 in Latin America, the business wants all rides booked through its app to be in zero-emission vehicles.
Trivia Answer: It can be replaced while the computer is powered on
In electronics terminology, the word “hot” is often used to mean “active” or “powered on.”
Therefore, a hot-swappable device is a peripheral component that can be removed or added while a computer is running.
By Kayode Hamsat
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