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

Opay, Africarare, YouLend, Interswitch, PayPal, Roboost, GSMA, Tesla, Paymob, Fund Park, Mastercard, OfferZen, are some of the names that made the headlines this week.

Nigerian edtech startup, AltSchool Africa, has extended its reach to Kenya, marking the second-largest market in revenue.

Also, Tesla is facing legal action from 25 California counties, accusing the automaker of persistent mishandling of hazardous waste at various facilities across the state.

Let’s get into details

Paris-based accounting firm, Pennylane, has raised $43 million in Series C funding from existing investors DST and Sequoia, catapulting the company into unicorn status.

The CEO and founder, Arthur Waller, confirmed the funding round in a statement seen by Ripples Nigeria on Thursday, February 8, 2024.

Established in 2020, Pennylane collaborates with 120,000 SMEs and 2,000 accounting firms to streamline and digitize their accounting procedures.

Atlantic Money, a UK-based fintech start-up, has received regulatory clearance to extend its fixed-fee money transfer services to the US, Canada, and Australia.

The CEO and co-founder, Neeraj Baid, confirmed this in a statement seen by Ripples Nigeria on Thursday February 8, 2024.

The fintech plans to offer both individual and business services in Canada as a foreign money services business licensed by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and as an independent remittance dealer in Australia licensed by the Australian Transaction Reports and Analysis Centre (AUSTRAC).

CAMB.AI, an Artificial Intelligence dubbing startup based in the UAE, has announced raising $4 million in a seed funding round spearheaded by Courtside Ventures, alongside contributions from TRTL Ventures, Blue Star Innovation Partners, Ikemori Ventures, and Eisaburo Maeda.

The CEO, Avneesh Prakash, confirmed this in a statement seen by Ripples Nigeria on Thursday, February 8, 2024.

Established in 2022 by Avneesh Prakash and his son Akshat Prakash, CAMB.AI specializes in speech AI technology, enabling instantaneous dubbing of performances in over 100 languages, dialects, and accents while preserving the original nuances of the voices.

Saudi-based proptech firm, Rize, has announced closing a $2.9 million seed round from investors including Seedra Ventures, Hala Ventures, JOA Capital, RZM Investments, Bonat Investments, Nama Ventures, and a consortium of angel investors.

The Co-Founder and CTO, Mohammed Alfraihi, confirmed this raise in a statement seen by Ripples Nigeria on Wednesday February 7, 2024.

Founded in 2021 by Ibrahim Balilah and Mohammed AlFraihi, Rize operates on a rent-now-pay-later model, offering tenants flexible monthly installment options for rent payments.

Nigeria’s Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, has secured a position on the Digital Innovation Board of the Innovation and Entrepreneurship Alliance for Digital Development, overseen by the International Telecommunication Union (ITU), joining 17 other distinguished members in this role.

The ITU-established alliance aims to bridge the global digital innovation divide and support ITU members in achieving a fair digital future.

Each board member has been selected for their proven track record in innovation and will provide strategic guidance, expertise, and advocacy to advance the alliance’s goals and vision.

Nigerian educational technology platform, Klas, has secured a $1 million in pre-seed funding in a round led by Ingressive Capital, with participation from Techstars, HoaQ Capital, and several angel investors.

Confirmation of this investment came from Sunil Sharma, Managing Director of Techstars Toronto, in a statement seen by Ripples Nigeria on Wednesday, February 7th, 2024.

Founded in 2022 by Nathan Nwachuku and Lekan Adejumo, Klas is a platform enabling users to create and monetize ebooks, courses, and live classes.

A travel technology company based in the United Arab Emirates, The Digital Hotelier (TDH), has closed a $1 million Seed round from Plug and Play, a Silicon Valley-based VC firm, Bahrain’s Hope Funds, and a consortium of angel investors.

The startup CEO, Qutaiba Alali, confirmed the investment in a statement seen by Ripples Nigeria on Tuesday, February 6, 2024.

Established by Ali Fouad and Qutaiba Alali in 2022, TDH claims to operate as a comprehensive platform facilitating guest experiences by enabling booking and payment for various hotel services.

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