Klasha, the fintech company changing cross-border B2B payments between Africa and Asia, has raised an additional $2 million in funding. This latest investment round, backed by existing investors such as Expert Dojo, Alumni Ventures, and Breega, brings Klasha’s total funding to $6.5 million. The new capital will be used to accelerate its expansion into the Asian market, including opening an office in Hangzhou, China, the hub of e-commerce giants like Alibaba. Scaling Payment Solutions for Emerging Markets With a focus on enabling seamless cross-border payments between merchants in Africa and
In a development for South Africa’s renewable energy sector, Grid Africa has raised R50 million ($2.8 million) in equity from Rifuwo Energy Partners. This investment comes at a pivotal time as the nation faces rising energy costs, exacerbated by Eskom’s – a government-owned company that is South Africa’s main supplier of electric power – proposed 36% tariff hike. The fresh funds will fuel the acceleration of solar energy projects across the country, offering businesses a cost-effective alternative to grid electricity. Timing Amidst Rising Energy Costs With South Africa’s state-owned power
Justin Lee, an aerospace engineer and Tuskegee University alumnus, has created a device to support people with hearing loss. Inspired by his close friend, Kenneth Tissot, a Vietnam veteran who struggled with hearing the television, Lee founded Quantum Senses in 2021. The company’s flagship product, Earcoustic headphones, is a battery-free hearing amplifier that enhances sound for individuals with mild to moderate hearing loss. At a highly affordable price of just $19.99, the product is designed to bridge the gap for those who may not have the means to afford expensive
CapWay, the fintech startup aimed at tackling financial inequity, has officially shut down. Founder Sheena Allen announced the closure, expressing pride in CapWay’s mission while also sharing disappointment that the journey ended prematurely. Allen’s LinkedIn post marked the end of CapWay, a company that strived to serve underbanked communities often described as “banking deserts.” “Although it has been a while, I am finally making the announcement that CapWay is no longer an active business,” Allen wrote on LinkedIn. Challenges in Fintech Funding and Regulation Founded in 2016, CapWay sought to
Hundreds of Americans have faced arrest after being linked to crimes by facial recognition software, according to a Washington Post investigation. However, the use of this technology is often not disclosed to defendants, depriving them of the opportunity to challenge its reliability in court. This finding is especially concerning for Black people who have been disproportionately subjected to wrongful arrests because of facial recognition tech. Lack of Transparency in Investigations The investigation found that police departments in 15 states used facial recognition in over 1,000 criminal cases over the last
Pamela Maynard, the newly appointed Chief AI Transformation Officer at Microsoft Customer and Partner Solutions, has been named the 2024 Black British Business Person of the Year. Maynard received the award at the 11th annual Black British Business Awards (BBBAwards), which celebrates the achievements of Black professionals and entrepreneurs across the UK. Pamela Maynard Pamela Maynard, formerly CEO of Avanade, a Microsoft-Accenture joint venture, led the company to significant growth and secured its 18th Microsoft Partner of the Year title. During her acceptance speech, Maynard emphasized the ongoing work to break down
Career Karma, best known for helping people transition into tech careers, has launched OutRival, a new AI platform designed to transform customer experience across industries. OutRival empowers customer experience teams to build AI-driven conversational agents without using a single line of code. Building on Career Karma’s Success Career Karma’s journey began in 2018 with a focus on workforce development and educational tools. After announcing its Series B funding in 2022, CEO Ruben Harris and his team saw an even bigger opportunity in AI technology. “When Career Karma announced our Series
The Kenya Revenue Authority (KRA) is exploring technologies like Artificial Intelligence (AI) and Machine Learning to detect and combat tax evasion. This move is part of KRA’s broader strategy to enhance revenue collection through improved efficiency and compliance. AI and Machine Learning to Transform Tax Collection “AI and machine learning will analyze vast data sets to identify tax evasion patterns, optimize resource allocation, and predict future revenue streams,” Humphrey Wattanga, the KRA Commissioner General said according to Kenyan Wall Street. “Integrating these technologies will not only boost tax collection but
Wrk Receipts, an AI-powered mobile platform designed to offer real-time workplace advocacy, was recently launched, bringing a fresh approach to how employees navigate professional challenges. Founded by Cierra Gross, the app aims to provide employees with more transparency and control over their workplace experiences, setting a new standard for workplace empowerment. At the heart of Wrk Receipts is Jayla, an AI advocate that helps users document and address workplace issues. By offering personalized advice on employment laws and company policies, Jayla guides employees through complex scenarios, ensuring they know their
Jackson State University (JSU) has been awarded a $2 million grant from the Entergy Charitable Foundation to establish a Critical Power Grid Network Security Lab, designed to address the growing cybersecurity needs of the energy sector. This significant investment will support JSU’s commitment to training a diverse, skilled workforce capable of safeguarding critical infrastructure. The grant was formally announced during a ceremony on October 7, where JSU President Marcus Thompson, Ph.D., received the check from Entergy Mississippi President and CEO Haley Fisackerly. Advancing Cybersecurity in the Energy Sector The new
