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



Pakistan’s Sadapay raises $10.7m to launch financial services

Syarpa, Etap, Algebra Ventures, Union54,AfDB, BFA Global, SadaPay, Soter Analytics. These are some of the names that made the headlines this week.

A Nigeria-based fintech startup, Syarpa, during the week, announced securing a pre-seed funding worth $500K.

Also, a Nigerian-based startup, Etap, secured a $1.5M pre-seed funding as it seeks to drive expansion across West African countries.

Let’s get into details.

A lot is expected from Africa. The funds are coming in. From Nigeria to Egypt and South Africa. It’s raining money.

During the week, Egypt-based VC, Algebra Ventures, announced closing a $15M investment from International Finance Cooperation (IFC), a member of the World Bank Group.

Ripples Nigeria reported that the new investment vehicle followed the VC’s first $54 million fund last year which it invested in startups such as Trella, elmenus, GoodsMart, and Halan.

Tech correspondent Ridwan Adelaja noted that Algebra Ventures was founded in 2015 by Karim Hussein, Tarek Assaad, and Ziad Mokhtar.

Like Egypt, like Zambia. Africa must seize this golden opportunity. Perhaps, it is time to get out of the woods.

A Zambian virtual and physical debit card issuing fintech, Union54, during the week, raised a $12M in seed extension round.

Perseus Mlambo, Union54’s CEO, disclosed this in a statement seen by Ripples Nigeria on Monday.

Led by Tiger Global, the round saw participation from Vibe VC, Earl Grey Capital, and Packy Mccormick’s Not Boring Capital.

How else can Africa show readiness to develop? Beyond ideas, we are seeing financial commitment from outside and within.

While news on rounds from foreign investors were doing the round in the week, African Development Bank, AfDB, led a financial vehicle by approving €9.8m equity support fund for African entrepreneurs

Ripples Nigeria reported that the fund was to stimulate venture capital investments in Africa.

The Director in charge of Financial Sector Development in AfDB, Stefan Nalletamby, was quoted to have said the Bank would provide €7 million while the European Union (EU) would invest €2.8 million in partnership with the Organization of African, California and Pacific States (OACPS).

Still on fund raisers to support startups in Africa. Another testimony for fintech startups, especially.

BFA Global launched a $3.3M venture capital fund to support fintech startups.

The Director of Digital Economy at FSD Africa, Juliet Munro, confirmed the development in a statement on Friday.

Ripples Nigeria gathered that the initiative tagged Triggering Exponential Climate Action (TECA), comes in partnership with FSD Africa, a community development network established in 2012 and supported by UK aid.

Outside Africa, tech startups are equally doing well. And fund raisers are common features as it is the case in Nigeria and Africa.

During the week, Pakistan-based fintech startup, SadaPay, raised a $10.7M round to expand its team and launch services.

The startup’s Founder, Brandon Timinsky, confirmed the development, in a press release on Friday.

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

Ripples Nigeria reported that the round came as an extension of its March 2021 seed round, initially recorded at $7.2 million.

Nigerians can expect to pay less for internet services in the nearest future. How so?

The week was greeted with the news of Google’s Equiano subsea cable arriving Lagos.

According to Google, soon, residents will have to pay less for more internet usage as retail Internet prices are bound to reduce by 21% after full deployment of the facility.

The company disclosed this on Thursday, while also expressing optimism that the new tech infrastructure will create 1.6 million jobs and boost Nigeria’s Gross Domestic Product by $10.1bn.

The Equiano cable starts in Portugal in Western Europe, running more than 12,000km along the West Coast of Africa and initially lands in Lomé, Togo; Lagos, Nigeria; Swakopmund, Namibia; Rupert’s Bay, Saint Helena, and Melkbosstrand, South Africa.

The Federal Government of Nigeria is seeking to tag to the present. Perhaps, saying good bye to old traditions and embracing technology.

During the week, the Director-General of the Bureau of Public Service Reform, Dr Dasuki Arabi, has said that the Federal Government will roll out a road map for the implementation of blockchain technology in Nigeria.

Arabi said the BPSR was also planning to train 500,000 public servants ahead of the adoption of the new technology.

Arabi disclosed this on Wednesday at a workshop organised by the Nigerian Communications Commission (NCC) in Abuja.

$500K in the bag. Though, small compared to other raisers recorded during the week. It, sure, will do something in scaling the startup, especially being a pre-seed.

During the week, Nigeria-based fintech startup, Syarpa, announced securing a pre-seed funding worth $500K.

The Founder and CEO, Adedapo Sodipo, Thursday confirmed the development in a press statement seen by Ripples Nigeria.

Based in Lekki, the startup claims to offer users the option to perform international transfers with different currencies with an option of using crypto transfer.

Finally Etap’s $1.5M pre-seed came through, a million more than what Syarpa recorded. When people ask why some raisers are reported undisclosed, this is one of the reasons.

Etap, a Nigerian-based startup, secured a $1.5M pre-seed funding as it seeks to drive expansion across West African countries.

The company’s CEO and founder, Ibraheem Babalola, Tuesday disclosed this in a statement, where he shared how the idea of the startup came into fruition.

Ripples Nigeria reported that the pre-seed funding round was co-led by Mobility 54 and CFAO Group.

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