Cashflow management platform Lenkie has secured £49 million ($62 million) in Series A funding to transform how UK small businesses access capital. The funding round was led by a large US private credit fund focused on supporting lenders internationally. It also included a £4 million ($5 million) equity and a £45 million ($57 million) debt facility, according to a press release shared with POCIT. How does Lenkie support SMEs? Lenkie specializes in payables financing. Instead of waiting weeks or months for payments to process, Lenkie steps in to pay suppliers upfront, helping
British police forces are using AI crime prediction tools that disproportionately target Black and racialized communities, a new report from Amnesty International UK has revealed. According to Amnesty, nearly three-quarters of UK police forces rely on predictive policing, which uses past crime data to estimate where crimes might happen or who might commit them. The 120-page report, “Automated Racism – How Police Data and Algorithms Code Discrimination Into Policing,” argues that these predictive systems reinforce racial bias instead of improving public safety. “These systems have been built with discriminatory data
Nigeria is suing Binance for $79.5 billion in economic losses, which it alleges were caused by the cryptocurrency exchange’s actions in the country, and $2 billion in unpaid taxes, according to court documents seen by Reuters. Nigerian officials condemned Binance for Nigeria’s currency problems and detained two of its executives in 2024 following cryptocurrency websites emerging as preferred platforms for trading the local naira currency. Binance is one of the most significant crypto exchange currencies globally but is not registered in Nigeria. It did not respond to a request for
Microsoft has announced its plans to train one million people in digital skills through an Artificial Intelligence skilling initiative in South Africa. The initiative will give South Africans insight into the strategic aspects of AI whilst empowering leaders with the necessary tools and knowledge required to navigate the advancing AI landscape. “Harnessing the transformative power of artificial intelligence (AI) is no longer a futuristic vision, but a tangible reality for organisations seeking to achieve exponential growth and optimisation,” Lillian Barnard, President for Microsoft Africa, said in a press release. What
Tech workers union Prospect is asking UK lawmakers to examine the diversity efforts of US multinational companies operating in the UK to ensure they comply with UK regulations and values. It has written to Parliament’s Women and Equalities, asking them to review American businesses rolling back DEI efforts. “Prospect represents thousands of UK tech workers, including in companies like Meta, and we have been alarmed to see how these companies have acted since Donald Trump’s inauguration as President,” the letter stated. It added “Not only have the CEOs of many
MANSA, a global fintech innovator in trans-regional payments, announced its recent $10 million funding round. It raised $3 million in a pre-seed funding round led by Tether and co-headed by Polymorphic Capital with the help of other significant investors like Faculty Group, Octerra Capital, and Thrive Digital. They secured a further $7 million in liquidity funding from corporate investors, quantitative funds, and alternative investment firms. “This funding accelerates our global expansion, enabling us to empower payment companies with seamless, real-time settlement infrastructure and drive the future of payments,” Mouloukou Sanoh, CEO and
Raenest, a multi-currency platform for Africans, raised $11 million in series A funding, bringing its total venture funding to $14.3 million. The funding round was led by QED Investors, Norrsken22, Ventures Platform, P1 Ventures, and Seedstars. Who are Raenest, and what do they do? Lagos-based Raenest is a global multi-currency platform that aims to simplify how Africans manage their money across borders. The company offers quick, affordable international payments and simple ways to spend, save, and invest. “We strongly believe that no African, whether a business or an individual, should face barriers to accessing
Deloitte recently shared that it would scrap its diversity goals and urged government contract employees to remove gender pronouns from their email signatures. However, in the UK, Deloitte’s senior partner and chief executive Richard Houston informed staff in an email that diversity “remains a priority” despite the US firm’s plans for DEI. Deloitte US rolling back on DEI efforts. The Financial Times reported that the firm told consultants to remove pronouns highlighting their gender from external emails to align with emerging government client practices and requirements,” as stated by people with
A Ghanaian fintech startup, Affinity Africa has raised $8 million in seed funding to expand its financial products nationwide. Affinity Africa is a digital banking platform committed to providing Ghanaians with affordable and accessible financial services. Individuals and micro-enterprises are both supported by the Ghanaian fintech. Customers can access free savings and current accounts with no transaction limits, and users gain credit scoring based on their transaction history. Who is the founder of Affinity Africa? Founder and CEO Tarek Mouganie comes from a fourth-generation Ghanaian family of Lebanese descent. He gained
Meta will start a round of layoffs in Africa, Europe, and Asia, affecting over 3000 employees, beginning Monday, 10 February 2024, according to Techpoint. Staff members in most countries (including Africa) will receive their notices from 5:00 am local time. Due to local labor laws, employees in Germany, France, Italy, or the Netherlands are excluded. But, staff members in Asia, Africa, and other parts of Europe could expect bad news between any time from February 11 and 18. This is not the first time Meta has scaled back its workforce
