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UK’s BII invests $20m in Lagos-based mobility fintech, Moove. 2 other stories and a trivia



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

1. UK’s BII invests $20m in Lagos-based mobility fintech, Moove

The United Kingdom’s British International Investment (BII), has announced investing a $20 million 4-year structured credit investment in Moove.

The British High Commissioner, H.E. Catriona Laing CB, Thursday made the announcement during its change of name event monitored online by Ripples Nigeria.

The Commissioner, who expressed his pleasure to host Nick O’Donohoe during his visit to Nigeria, noted that the fund was dedicated to support the mobility startup.

Ladi Delano, co-founder and co-CEO at Moove, who spoke on the investment, said:

“With our new funding, we’re now in an even stronger position to use our technology and productivity data in creating a more inclusive financing ecosystem, whilst also tackling the unemployment problem affecting over a third of Nigerians by generating the opportunity for more seamless and sustainable employment.”

The latest funding is expected to provide more jobs and boost the economic power of many Nigerians.

Tech Trivia: Which of the following statements best describes middleware?
A It is software that allows two different programs to interact.
B It is a minor version of a software program between two major versions.
C It is an app that runs on both desktop and mobile devices.
D It is a virtual machine that can run multiple operating systems.
Answer: see end of post

2. African fintech startup, Sava, secures $2m pre-seed funding

An African money management platform, Sava, has secured a $2 million pre-seed funding to expand its geographical footprint across Africa.

The startup Thursday confirmed the development in a media release, citing Quona Capital, Breega, CRE Ventures, Ingressive Capital, RaliCap, Unicorn Growth Capital, and Sherpa Ventures as major participating VCs.

Read also:South African fintech start-up, Yellow, raises $20m debt financing. 2 other stories and a trivia

Yoeal Haile, Sava’s co-founder, and CEO, noted that the startup offers customized credit solutions to business owners.

The startup was founded in South Africa by Yoeal Haile, Federico Von Bary Landesmann, and Kolawole Olajide in 2022.

Haile explained that his experience in his previous startup helped him with Sava.

He said: “During my time at Aspira, when I was working with about 100 retail partners, I noticed that a lot of them struggled to stay on top of the cash flows and then manage their finances.”

The company further noted that the new funding will help with its plans to launch in Kenya as it looks to expand into other markets like Nigeria and Egypt.

3. Snapchat launches monthly premium subscription plan

Popular multimedia instant messaging app, Snapchat, has formally launched its monthly premium plan set at $3.99 per month.

The company made the announcement in a media release on Wednesday, 29th June, 2022.

According to the release, the paid subscription plan is called Snapchat+, seeing the startup follow the path of other social media apps that have launched various premium subscription plans.

“Today we’re launching Snapchat+, a collection of exclusive, experimental, and pre-release features available in Snapchat for $3.99/month.

“This subscription will allow us to deliver new Snapchat features to some of the most passionate members of our community and allow us to provide prioritized support,” the company said.

Ripples Nigeria gathered that the latest premium subscription plan will be available in the United States, Canada, the United Kingdom, France, Germany, Australia, New Zealand, Saudi Arabia, and the United Arab Emirates, with more countries to be added soon.

Trivia answer: It is software that allows two different programs to interact.

Middleware has two separate but related meanings. One is software that enables two separate programs to interact with each other.

Another is a software layer inside a single application that allows different aspects of the program to work together.

By Kayode Hamsat

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