A Kenyan High Court has reportedly granted the Asset Recovery Agency’s (ARA) request to drop its final lawsuit against Flutterware, a Nigerian payment company. A Re-Run Of Flutterwave To Date Flutterwave was founded in 2016 and achieved unicorn status in 2021, leaving it valued at $3 billion by February 2022. This made the company the most valuable African startup before facing several allegations and reports of the CEO Olugbenga Agboola bullying and harassing staff. There were also allegations that Agboola illegally exploited assets, participated in financial impropriety, and operated without
Archivi.ng is giving old newspapers in Nigeria a digital home as it recaptures 18,627 days of lost Nigerian news. Archivi.ng Archivi.ng began its mission to recapture lost Nigerian history by digitizing old newspapers and making them accessible to everyone online in December 2020. Project leader Fu’ad Lawal told Rest of World that his biggest motivation came from life in the newsroom as a journalist, as he found it frustrating to write about a particular place but not find any information online. He and a group of friends, as a weekend
African mobile video network StarNews Mobile has secured $3 million in pre-Series A funding to empower African content creators to connect with their fanbase and make money. Notable Black French soccer players participated in the funding round, including Aurelien Tchouameni from Real Madrid CF, Jules Kounde from FC Barcelona, and Mike Maignan from AC Milan. Helping African creators monetize their content StarNews Mobile is a leading African media platform empowering content creators by providing opportunities to connect with their fanbase and monetize their content. It was founded in 2017 by
Clean energy company Husk Power Systems has raised $103 million in equity and debt to launch over 1,000 new solar minigrids, electrifying rural Sub-Saharan Africa and South Asia communities. Solar mini-grids Husk Power Systems Husk Power is the leading rural energy services company in weak-grid and off-grid communities in Africa and Asia. The company was founded in 2008 to provide reliable power to rural communities and businesses from renewable energy sources at affordable prices. The company does this through solar minigrids – a set of small-scale electricity generators and energy
Nigeria’s Federal Ministry of Communications, Innovation, and Digital Economy (FMoCDE) has announced a three-year partnership with IHS Nigeria to empower Nigerians with critical digital skills. IHS Nigeria is one of the world’s largest independent owners, operators, and developers of shared communications infrastructure. The partnership supports the recently launched 3 Million Technical Talent (3MTT) initiative to train three million Nigerians with technical skills in four years. The Partnership The three-year partnership aims to establish the 3MTT Learning Community and facilitate the setting up of learning communities in Nigeria’s 36 states and
Sony Group has announced the establishment of the Sony Innovation Fund: Africa (SIF: AF) to support the growth of African entertainment businesses. Sony Innovation Fund The Sony Innovation Fund invests in technology-driven transformational companies shaping the future of business, entertainment, and society. Since 2016, Sony has been participating in the ecosystem of new business creation worldwide, with SIF specifically investing in seed to early-seed companies. The fund invests in startups bringing creativity and promising innovations to the world who’d benefit from partnering with Sony. Sony also has the Innovation Growth
A South African digital bank, Bank Zero, has expanded into commercial banking with the launch of its zero-cost business banking app. Disrupting Traditional Banking Bank Zero was founded by tech entrepreneur Michael Jordaan, banking innovator Yatin Narsai, and five other co-founders. Founded in 2018, the company entered the South African market three years later and is now 45% Black-owned and 20% women-owned. The co-founders have a combination of deep and diverse banking and technology skills, with extensive experience in and knowledge of banking through previous roles. Bank Zero aims to disrupt
Ghanaian fintech startup Dash is reportedly closing its doors following a tumultuous journey filled with accusations of financial misconduct. According to WeeTracker, Dash held a company-wide meeting on October 3, during which the news of impending layoffs and the closure of the company was delivered to its employees. The innovative startup, which offered an alternative payment network, had raised over $85 million in under five years from major investors. Early success Founded in 2019 by Prince Boakye Boampong, Dash initially made significant strides in the fintech sector. Boampong was a
Editi Effiòng’s Nollywood action-thriller, The Black Book, has claimed the top spot worldwide on Netflix after leaders in Nigeria’s fintech startup space came together to fund the film. The Black Book The Black Book claimed the top spot worldwide just five days after its debut on Netflix, also making it the first ever number-one African film on Netflix. Vanguard reported that from September 18 to 24, the film accumulated 5.6 million views and 11.6 million watch hours. The movie, which traces the story of a mourning father seeking justice following
African venture capital (VC) firm Enza Capital has closed $58 million across its two funds and announced the launch of its Founder Partner Program. Enza Capital Enza Capital is a multi-stage venture fund that backs startups and founders using technology to solve meaningful problems across Sub-Saharan Africa. The Nairobi-headquartered firm invests in and partners with technology companies building in the fintech, logistics, health, human capital, and climate-smart sectors. The firm began its VC journey in 2019 when it launched an early-stage fund to find, back, and help build category-defining startups
