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
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
Registered non-profit organization Darkies in Tech has launched a new website designed to drive inclusion by providing a centralized platform for professionals of color within the South African tech industry. Founded by Ntsako Mgiba in February 2021, Darkies in Tech has become the largest vetted community of its kind in South Africa, with over 450 members, including founders, investors, and ecosystem builders. The community has consistently hosted educational and social events aimed at creating a more inclusive environment for Black professionals in tech. Addressing Exclusion in South Africa’s Tech Scene
Southeast Asian investment network XA Network has expanded to the African continent with the launch of XA Africa. XA Africa aims to connect local founders with international investors, offering both capital and mentorship to help scale their ventures globally. Co-founded by Nitin Gajria, former Managing Director of Google Sub-Saharan Africa, Black Angel Group Co-Founder Jason Scott, and YouTube marketing director Marek Dawidowicz, XA Africa brings a wealth of experience to the continent’s entrepreneurial landscape. Their mission is to equip African startups with the resources and expertise needed to solve critical
Venture capital firm Fearless Fund has announced a seven-figure investment in Zimi, an emerging e-commerce platform. Zimi, co-founded by Audrey Djiya and Peter Nsaka, specializes in inventory management, storage, and logistics to help businesses in emerging markets, particularly Africa, expand globally. This latest investment reaffirms Fearless Fund’s continued commitment to supporting underresourced founders, including women of color, following its year-long legal battle with the American Alliance for Equal Rights (AAER) over its grant program for Black women founders. Fearless Fund Backs Zimi Zimi launched in August with the goal of
AMAKA Studio has successfully raised $2 million in seed funding, led by Equitane Ventures, with contributions from Morgan Stanley Inclusive Ventures Lab, Silverbacks Holdings, and several angel investors. The social publishing platform is on a mission to empower Black and African creators to reach a global audience and earn through subscriptions and gigs. Fueling Growth and Innovation The funds will primarily support the expansion of AMAKA Gigs, a platform that connects Black and African creators with brands for commissioned work, streamlining the process and ensuring fair compensation. AMAKA also plans to
Africa’s push towards digital identity systems—promoted by the World Bank and UN agencies—has largely failed to deliver on its promises of democratization and development. A year-long investigation by Bloomberg and Lighthouse Reports has found that these systems have disproportionately benefited tech vendors instead of the public. The Push For Digital IDs Countries across Africa have implemented biometric data collection to establish national identity registries, aiming to fulfill the UN’s sustainable development goal of providing legal identity for all. However, in Uganda, Mozambique, and the Democratic Republic of Congo (DRC), digital
A new R300-million ($15.6 million) Seed Fund of Funds has been launched to provide crucial early-stage capital for South African tech startups. This initiative, backed by the SA SME Fund, the Department of Science and Innovation (DSI), the Technology Innovation Agency (TIA), and impact investor E Squared Investments, aims to fund at least 50 technology-driven startups. The fund seeks to address a gap in South Africa’s venture capital landscape, which has historically favored later-stage investments. By focusing on seed capital, it will help budding entrepreneurs transition their ideas into viable
OpenAI recently launched an advanced voice mode for ChatGPT, enabling users to hold natural, real-time conversations in a wide range of languages and dialects. Clips of the chatbot speaking in Jamaican Patois, Nigerian Pidgin, and Trinidadian creole have taken the internet by storm, impressing some users while leaving others skeptical. A Voice Feature with Global Reach OpenAI began introducing its voice feature earlier this year, but its latest update brings a richer and faster audio experience to premium subscribers. This enhanced voice mode, launched in late September 2024, not only
