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
HERide, a rideshare platform focused on women’s safety, has become the first Black-owned company to secure a contract with Hartsfield-Jackson Atlanta International Airport. Co-founded in 2019 by Jillian Anderson and DeVynne Starks, HERide conducts thorough background checks on drivers and integrates in-ride security features to ensure passenger safety. Focused on women’s safety Anderson’s experience as a rideshare driver highlighted many women’s discomfort using traditional services like Uber and Lyft, especially at night. “There were a lot of women that were hesitant with riding with men at night using Uber and Lyft,” Anderson told AFROTECH. “I
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
April Fools’ Day is known for its jokes, but in the tech world, it can be challenging to tell what’s real and what’s not, even on regular days. A lot is happening in tech, from ingenious deceits to blatant scams. We’ve got stories about everything from a Black tech pro who made up a fake assistant to earn more respect to the wrong use of AI in politics and huge money tricks in the crypto world. Here are 9 POCIT stories to check out this April Fools’ Day. 1. The
Wasoko, one of Africa’s largest B2B grocery marketplaces, has experienced a 48% markdown in its valuation. A B2B Grocery Marketplace Founded by Daniel Yu in 2014, Nairobi-based Wasoko has grown remarkably, expanding its operations across multiple African markets. By 2023, it boasted a significant customer base, secured agreements with major suppliers, and offered competitive pricing. TechCrunch reports that VNV Global, a Swedish investment firm, has revised Wasoko’s value to about $260 million, a 48% reduction from previous estimates, according to its annual report for 2023. This revision coincides with Wasoko’s planned merger
Amazon Web Services (AWS), a leading cloud computing platform, is expandng its reach in South Africa’s tech landscape through its Equity Equivalent Investment Program (EEIP). The 18-24 month enablement and acceleration program supports South African Black-owned small and medium enterprises (SMEs) who want to build their AWS business. The EEIP, launched in 2020, has already developed 27 SMEs and is looking to expand its reach to 20 more in its 2024 cohort. AWS targets female and youth entrepreneurs, addressing the gender gap in tech startups. “These SMEs are critical drivers of our economic future,” said Chris
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
MacKenzie Scott’s Yield Giving initiative has granted a $2 million donation to Birthing Beautiful Communities (BBC), a Black women-led doula organization and platform in Northeast Ohio. This financial boost will empower BBC in its vital mission to enhance maternal and infant health outcomes for Black mothers and families. The Yield Giving Initiative The Yield Giving Open Call, an initiative of MacKenzie Scott’s philanthropic efforts, was launched in March 2023 to back community-led, community-focused organizations. With over 6,000 applicants, the initial plan to award $1 million each to 250 organizations was significantly expanded,
Leigh Higginbotham Butler has a pioneering AI platform and network for Black women, Akina. Akina, which means “strong family bond” in Swahili, originated from a personal need to create a safe space for discussions and support among Black mothers. It has since evolved into a Community-as-a-Service (CaaS) app and platform that leverages culturally competent AI and machine learning technology. From A Social Network To A Movement Akina was initially started 2020 as a social media platform for Black mothers. “It came about in the aftermath of the murders of George Floyd, Breonna Taylor, Ahmuad
BeSocial, a short-form video app that empowers Black and African creators, is carving out a space in the tech landscape. The platform aims to combine short-form content, the practicality of social shopping, and social commerce. BeSocial Founded in 2022 by Kwesi Buabeng, a former executive at Ecobank, Google, and Coinbase, and his team, BeSocial’s vision is democratizing content creation. The focus on Black and African creators is a move acknowledging their role as trendsetters in social media, often without adequate recognition or compensation. Since its beta launch, BeSocial has been a hub of creativity and
