Saudi Arabia’s Lendo raises $28m in Series B funding. 2 other stories and a trivia

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

1. Saudi Arabia’s Lendo raises $28m in Series B funding

Lendo, a Saudi Arabian debt crowdfunding platform, secures a noteworthy $28 million in Series B funding.

The CEO, Osama Alraee, stated this in a press statement seen by Ripples Nigeria on Monday, December 11, 2023.

The financing round is spearheaded by Sanabil Investments, a wholly-owned entity of the Public Investment Fund (PIF), and witnesses participation from notable backers like Shorooq Partners, AB Ventures, and various other investors.

Operating under the regulatory oversight of the Saudi Central Bank (SAMA), Lendo has marked an impressive 3X year-on-year growth in its customer base within Saudi Arabia.

The CEO unveiled the strategic plans for the future, encompassing market expansion, steadfast customer support, the introduction of Shariah-compliant products, and pioneering advancements in the digital lending sphere.

Trivia: How does a denial of service attack bring down a web server?

A. It hijacks the web server’s IP address
B. It takes over the administrator user account
C. It floods the server with requests until it is overwhelmed
D. It erases the server’s storage disk
Find answer below

2. Aleph partners Audiomack to revolutionize digital advertising in Nigeria, Ghana

Global digital ecosystem, Aleph, has entered an exclusive partnership with Audiomack, the New York-based audio streaming platform.

The Co-Founder, David Ponte, stated this in a statement seen by Ripples Nigeria on Monday, December 11, 2023.

This collaboration designates Aleph as Audiomack’s Authorized Sales Partner in Nigeria and Ghana, reinforcing Aleph’s commitment to strengthening its presence in Sub-Saharan Africa (SSA).

The strategic alliance was officially announced at the #AudiomackHouseLagos event on December 5, a vibrant pop-up celebration uniting key players in the music industry.

The primary goal of this partnership is to provide advertisers in Nigeria and Ghana with unparalleled reach and engagement opportunities.

David Ponte, Co-Founder and CMO of Audiomack, while speaking on the development, highlighted the strategic significance of aligning with Aleph.

He emphasized, “This partnership enhances our ability to offer tailored, impactful advertising solutions to our clients, leveraging Aleph’s expertise in digital advertising and our platform’s extensive reach.”

Stephen Newton, Aleph SSA Regional Director, echoed this sentiment, underlining the strategic alignment of the partnership.

He stated, “Collaborating with Audiomack propels our mission forward in connecting advertisers with diverse, engaged audiences. Our focus on localizing advertising content ensures that brands can effectively reach and resonate with their target demographic in Nigeria and Ghana.”

3. US Canapi Ventures secures $750m to empower Fintech entrepreneurs

Canapi Ventures, a US-based venture capital firm endorsed by approximately 70 American financial institutions and investors, has secured a $750 million for its latest fund, signaling a commitment to fortify investments in fintech ventures and propel the evolving financial services landscape.

Managing Partner, Gene Ludwig, stated this in a statement seen by Ripples Nigeria on Monday, December 11, 2023.

Building upon the success of Fund I, the VC firm asserts 20 strategic investments spanning areas such as fraud and identity, financial infrastructure, lending and credit, payments, and real estate technology.

These endeavors are estimated to generate approximately $40 million in annualized revenue while fostering the creation of 1,500 new jobs within the fintech and financial services sector.

With the infusion of the new fund, Canapi aspires to broaden its investment scope, focusing on companies addressing emerging challenges within the industry, including ventures dedicated to the responsible use and governance of AI and those intersecting financial services with climate technology.

Gene Ludwig, Managing Partner at Canapi, emphasizes, “Our venture capital model establishes a vital connection between high-quality fintech firms and our extensive network of banks and strategic partners, creating a mutually beneficial ecosystem. Our presence in Washington and ties to regulators enable us to guide companies through complex requirements, fostering compliance while collaborating with founders to maximize impact.”

In addition to unveiling the new fund, Canapi, established in 2018, reports a substantial expansion. The firm has more than doubled its team size since Fund I and opened new offices in New York City and San Francisco, complementing its headquarters in Washington, DC.

Trivia Answer: It floods the server with requests until it is overwhelmed

A denial of service attack is an effort to make one or more computer systems unavailable. It is typically targeted at web servers, but it can also be used on mail servers, name servers, and any other type of computer system.

Denial of service (DoS) attacks may be initiated from a single machine, but they typically use many computers to carry out an attack. Since most servers have firewalls and other security software installed, it is easy to lock out individual systems. Therefore, distributed denial of service (DDoS) attacks are often used to coordinate multiple systems in a simultaneous attack.

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