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The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against SoLo Funds, an online lending platform, over its lending practices.  According to the CFPB, SoLo Funds used deceptive tactics to ensure almost every borrower paid hidden fees despite advertising zero-cost loans. Misleading Tactics and Hidden Fees SoLo Funds markets itself as a consumer-friendly alternative to high-cost, short-term loans.  However, the CFPB alleges that SoLo’s practice of requesting borrowers pay “tips” and “donations” hides the actual cost of their loans. The lawsuit alleges that from March 2018 through December 2022, SoLo received

Toro Taxes and Trez, two Latine-owned companies, have formed a strategic partnership to better deliver their services to Latine entrepreneurs across the U.S. The Partnership The Latine market represents nearly 19% of the country’s population and continues to be the fastest-growing demographic in the US. Toro Taxes, the largest Hispanic tax preparation and business services franchise in the U.S., operates over 200 locations nationwide. Trez, a specialized payroll and benefits platform designed for the Latine community, will serve as the primary platform for onboarding the Toro Taxes’ clients onto the

Toku, a fintech startup that specializes in recurring payment solutions, has raised $9.3 million in its latest funding round.  The funding round was led by Gradient Ventures and supported by existing investors including F-Prime Capital, Clocktower, Y Combinator, Wollef, and Funders Club.  This latest investment has now pushed Toku’s total funding to nearly $20 million. Revolutionizing Payment Collections In Latin America Founded in 2020, Toku has become a leading player in the fintech sector by automating the entire payment processing lifecycle.  Its platform offers varied payment options, handles customer outreach, and optimizes collection strategies using real-time data.  This approach enhances the

NBA star Chris Paul has teamed up with Goalsetter, a Black women-owned fintech company founded by Tanya Van Court, promoting financial literacy among middle school students in Oakland, California. Addressing the Financial Literacy Gap Goalsetter’s recent study with Ivy League students revealed a gap in financial knowledge, with many failing to answer basic financial literacy questions correctly.  “Empowering our youth with the knowledge and tools to secure a financially sound future is not just a commitment, it’s a necessity,” Paul said in a press release sent to AFROTECH. “We owe

In the first quarter (Q1) of 2024, Africa’s startup scene saw another year-on-year and quarter-on-quarter dip in investments – with a notable exception in the mobility and fintech sectors. A drop in funding According to Africa: The Big Deal, Q1 saw $466 million raised through $100k+ deals by 121 startups (excluding exits). This is a 27% decrease from the previous quarter and only half of the amount raised at the same time last year. Techpoint Africa’s analysis of data from Intelpoint notes a 62% drop in African tech startup funding compared

Nigerian startup Thepeer, which gained prominence for its API-based payment solutions, has announced its closure just three years after its inception.  Thepeer went from securing $2.1 million in seed funding led by Raba Partnership, with participation from Rali_cap Ventures, BYLD, and fintech giants like Chipper Cash and Stitch, to its unexpected shutdown recently announced. “We embarked on a mission to create something unprecedented, a unique method for transferring money between digital wallets and making payments for goods and services directly from these wallets,” the founders said in a statement. “Yet, we soon realized that exceptional

Visa and Mastercard are setting their sights on Africa’s fintech market. Africa’s booming fintech sector E-commerce is booming across the continent. The Wall Street Journal reports that by the end of this year, an estimated 435 million Africans are expected to shop online, a nearly twofold increase since the pandemic. However, people are less likely to make payments using cards than in other global markets, relying instead on mobile money, digital wallets, and bank transfers. Visa and Mastercard, determined to stay relevant, are pouring millions of dollars into the continent

Belong, a London-based fintech startup has recently launched out of stealth, following a €3.4 million ($3.6 million) pre-seed funding.  This achievement marks the largest pre-seed round ever raised by female founders in Europe. Helping millenials build wealth Millennials are the first generation in history to be worse off than their parents financially. Belong was established in 2023 by former investment banker Avion Gray and behavioral economist Samantha Rosenberg to change this. Nick Hungerford, a pioneer in European fintech, brought together co-founders Gray and Rosenberg. Hungerford’s legacy continues to influence the company, even after passing in July 2023. “We

Created by fintech professional Viola Carmona, Tussle is the new livestream platform taking on TikTok’s Live feature with better revenue terms and fewer restrictions. Carmona’s Journey To Tussle TikTok first introduced its Live feature in 2019, enabling creators to earn through virtual gifts. However, according to AFROTECH, Carmona’s friends and creators experienced the platform’s 50/50 revenue split firsthand after often conducting near 24-hour livestreams only to receive a fraction of their due earnings. “Some of my creator friends that I built a community with, they found a lot of problems with

Uber Technologies Inc. has officially led a $100 million Series B funding round for Moove, an African mobility fintech company.  This investment propels Moove’s valuation to an impressive $750 million and marks Uber’s first foray into African continent investment. Moove Founded in Lagos in 2020 by British-born Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove has revolutionized vehicle financing. It operates with a business model that provides access to vehicle ownership for mobility entrepreneurs who traditionally face barriers in accessing financing.  Moove’s model allows drivers to own vehicles by paying a portion of their weekly income, which

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