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

Asaak, Koree, Twitter (X), Cribstock, HEDG, Smartprof, PayHelpa, Kwik, SeekMake, Xpeng, Glamera were some of the names that made the headlines this week.

Cribstock, a Nigerian real estate investment startup, is offering users the opportunity to become landlords within minutes by purchasing shares of properties that generate monthly rent from tenants in Lagos.

Also, PayHelpa, an avant-garde fintech company renowned for harnessing the potential of artificial general intelligence in facilitating seamless cross-border transactions, has introduced its anticipated Student Ambassador Program.

 

Let’s get into details.

Ugandan fintech firm, Asaak, has completed the acquisition of FlexClub Mexico, expanding its operations to Latin America.

Although the financial details of the transaction remain undisclosed, the acquisition will see the startup make entry into the Latin American market.

This strategic acquisition comes as a testament to Asaak’s commitment to providing innovative financial solutions for mobility workers globally.

 

Cameroonian startup, Koree, a consumer app acting as a digital wallet for loyalty cards, is gearing up for expansion across Francophone Africa with the support of matching funding from Catalytic Africa.

Founded in September 2022, Koree enables consumers to digitally collect spare change from cash retail payment roundups and earn cashback from various stores and brands across multiple categories.

The startup recently received a EUR20,000 (US$22,000) investment from the Cameroon Angels Network (CAN), unlocking a 3X matching investment of EUR60,000 (US$66,000) from Catalytic Africa, an investment fund established by the African Business Angels Network (ABAN) and AfriLabs.

 

The owner of X, formerly known as Twitter, Elon Musk, has disclosed that the social media platform will add audio and video call features to increase the services to its users.

Musk informed his followers of the impending features on Thursday through a post, stating that the audio and video calls will be possible without a phone number.

The new features will be compatible with Android, iOS, PC, and Mac users, but Musk didn’t reveal the date X will release the audio and video call features.

 

Cribstock, a Nigerian real estate investment startup, is offering users the opportunity to become landlords within minutes by purchasing shares of properties that generate monthly rent from tenants in Lagos.

Founded in 2021, Cribstock allows users to own fractions of properties and earn a portion of the rental income.

This micro-investing platform aims to democratize real estate investment, providing users with an alternative to traditional money market assets.

 

Cairo-based fintech startup HEDG has secured a substantial six-figure pre-Seed funding round from local and Saudi investors, positioning itself to disrupt traditional retirement services for private workers in Egypt.

Co-founded by Ahmed Abdel Moaty and Ahmed Eraqi in 2022, HEDG aims to introduce seamless digital experiences and tailored retirement plans to Egypt’s micro, small, and medium enterprises (MSMEs).

HEDG’s focus on addressing the specific needs of MSMEs stands out, offering alternative savings and investment avenues for this segment of the economy. With a pioneering B2B module on the horizon, HEDG aims to empower businesses of all sizes to provide robust pension solutions for their employees.

 

Moroccan edtech startup Smartprof has taken a significant step forward with a new funding infusion from Fuze, a key player in funding Francophone African startups.

Smartprof, which connects students with qualified tutors, is poised to enhance learning experiences and bridge the gap between proficient tutors and parents seeking effective educational support for their children.

The collaboration with Fuze not only brings financial support but also strategic insights to Smartprof.

 

PayHelpa, an avant-garde fintech company renowned for harnessing the potential of artificial general intelligence in facilitating seamless cross-border transactions, has introduced its anticipated Student Ambassador Program.

The inaugural event took place at Texas USA, marking a momentous stride towards broadening prospects for Nigerian students pursuing education in the United States and Canada.

During the program’s launch, Ayodeji Adesola, co-founder of PayHelpa, emphasized the company’s unwavering commitment to nurturing the next generation of fintech trailblazers.

 

Nigerian logistics startup Kwik has introduced its on-demand e-commerce fulfillment service, KwikShelf, marking a significant addition to its offerings.

The company’s first fulfillment center, according to the company, has been established at Iddo House in Lagos.

After raising seed funding in 2019 and securing a US$2 million Series A funding round in 2022, Kwik expanded its scope by launching KwikStore, a free e-commerce storefront solution enabling African businesses to create online stores with ease.

 

Xiaomi, a leading Chinese mobile phone manufacturer, has experienced a setback with a 4% decline in revenue during the second quarter, reflecting an ongoing downturn in China’s handset market.

While sales dropped to C¥67.4 billion from C¥70.2 billion in the same period the previous year, the figures surpassed analysts’ projections of C¥65.1 billion.

The income surged to C¥5.1 billion, marking a remarkable 147% increase from C¥2.1 billion a year earlier, exceeding analysts’ expectations.

 

UAE-based social networking and content monetization platform, Lyvely, has secured an undisclosed amount of investment from Cypher Capital.

Lyvely, which recently experienced rapid growth and user adoption after its soft launch, aims to revolutionize the social networking and social e-commerce landscape.

The platform challenges the traditional model followed by major tech giants, offering a Web3 experience that rewards users fairly.

 

Tunisian startup, SeekMake, has secured a significant investment of 500,000 euros (approximately $539,000).

Lafayette Group, a renowned European private equity firm with stakes in key manufacturing enterprises across the continent, led the round. The round is expected to bolster SeekMake’s international expansion plans.

Lafayette Group’s investment signifies their acknowledgment of SeekMake’s unique position as a facilitator streamlining the manufacturing process.

 

Chinese electric vehicle (EV) manufacturer, Xpeng, has announced its intention to acquire Didi’s electric car development business in a deal worth $744 million.

The agreement is expected to enhance Xpeng’s vehicle production capabilities and lower costs.

Shares in Xpeng rose by 11 percent in Hong Kong stock exchange following the news, building on the momentum generated by its recent partnership with Germany’s Volkswagen.

 

Egyptian beauty services booking platform, Glamera, has obtained the fintech license “SoftPOS” from Saudi Payments, the major payment system in Saudi Arabia, established by Ministry of Finance under the supervision of Saudi Central Bank.

Launched in September 2019, Glamera allows users to book appointments with hundreds of contracted providers covering all beauty sections, including salons, clinics, spa, gym, and dental.

The startup has a growing number of users and hundreds of providers in Egypt, and is also active in Riyadh, Saudi Arabia.

 

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