South Africa’s leading digital bank, TymeBank, has successfully raised $77.8 million in a pre-Series C funding round. The round was co-led by African growth-stage investor Norrsken22 and global impact investment firm Blue Earth Capital. This increase of capital brings TymeBank’s total raised funds to over $260 million, marking a milestone in the bank’s growth and expansion plans. Existing investor Tencent, which spearheaded TymeBank’s $180 million Series B round in December 2021, also participated in this round, further increasing its stake to become the third-largest shareholder. Strategic Investments and Growth Launched
AI and satellite imagery are being used to fight spatial apartheid in South Africa, exposing stark inequalities and driving systemic change. According to MIT Technology Review, Raesetje Sefala, a 28-year-old researcher from Limpopo, South Africa, is at the forefront of using AI and satellite imagery to combat spatial apartheid. Growing up in a township, Sefala witnessed firsthand the disparities between Black townships and affluent white neighborhoods. Now, she’s using cutting-edge technology to address these injustices. Unearthing Spatial Inequities In collaboration with computer scientists Nyalleng Moorosi and Timnit Gebru at the
HyperionDev, a leading South African startup, has raised R95 million (approximately $5 million) to expand tech education. This latest financial infusion is part of a broader R595 million ($31.1 million) investment to accelerate the company’s expansion within South Africa and internationally, particularly in the United Kingdom. Strategic Expansion and Educational Innovation With the new capital, HyperionDev plans to broaden its reach by entering new markets and increasing tech education accessibility across its platforms. A portion of the funds will also support the expansion of the HyperionDev Academy and its scholarship programs. “This
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
South Africa is poised to make a significant move in the global digital economy by introducing digital nomad visas. These visas are aimed at attracting highly skilled professionals, particularly in the IT sector. The initiative, published by the Department of Home Affairs, aligns with President Cyril Ramaphosa’s vision of enhancing the country’s competitiveness and job creation. The Digital Nomad Visas The proposed digital nomad visas will allow remote workers, especially those employed by foreign companies, to live and work in South Africa. This move is expected to attract a number
Google has announced its cloud region in Johannesburg, South Africa, is operational, the first on the continent. Africa’s internet economy is estimated to reach $180 billion by 2025, accounting for 5.2% of the continent’s gross domestic product. Google alone has committed $1 billion to boost Africa’s digital transformation, recognizing that critical drivers of the continent’s growth will include investing in infrastructure, nurturing the growing tech talent pool, and enabling a vibrant startup ecosystem. Now, a year after the company picked Johannesburg as its first African site, the cloud region is
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
Tools like ChatGPT, WordPress, and React have made creating a website easier than ever, opening the doors of web design to a broader audience. However, this democratization of web design has presented opportunities and challenges, particularly for those who have long relied on it for their livelihood. In South Africa, where web design was once a lucrative profession, AI-powered web design tools bring promise and uncertainty to professionals in the field, Rest of the World reports. An oversaturated market In 2018, web designers in South Africa could earn an average
South Africa’s Competition Commission released a report that alleged that Google and tech companies were hindering fair market competition and the growth of South Africa’s digital economy. The watchdog claimed that Alphabet Inc. -owned Google’s search dominance “distorts platform competition” in favor of prominent market players. In addition, the report recommends several remedies focused on improving visibility for smaller South African companies in search results to address the issue. What did the report find? According to the commission’s report, Google’s model disadvantages new, small and underfunded South African businesses. The
Social media giant Meta Platforms, Inc., formerly known as Facebook, Inc., faces prosecution in South Africa for unfairly trying to block local startups from using its WhatsApp Business Application Programming Interface (API), a government agency said Monday. It comes after the country’s competition regulator, the Competition Commission, said in a statement that it has referred Meta Platforms and its subsidiaries WhatsApp Inc and Facebook South Africa to the Competition Tribunal for prosecution for abusing its market dominance. According to Anadolu Agency, the commission alleges that Facebook in July 2020 threatened to
