Africa Tech News

Genesis, a digital assets financial services firm, may be in hot water as it looks to raise fresh capital for its lending unit or potentially face bankruptcy if it can’t. A Genesis spokesperson says their goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.Sources shared that Genesis...

Electric vehicle startup-gone-SPAC Faraday Future has raised a going concern warning, per regulatory filings. The company says it has substantial doubt as to whether it would be able to continue operating over the next year, adding that it is uncertain when it will dispatch the first deliveries of its FF 91 luxury EVs. Faraday has 369 preorders, down from 399 refundable, non-binding, paid...

Cobee, a platform, and app to make organizing and accessing these a little easier by way of an app, a payment card (physical or virtual), and an integration with payroll, has announced some funding on the heels of seeing strong interest in its services, with revenues growing 3x this year. The company has raised €40 million in a Series B round of funding co-led by Octopus Ventures and Notion...

Paystack, the Nigerian-born fintech company acquired by Stripe, has secured a payment service provider license from the Central Bank of Kenya, enabling it to facilitate payments and optimize merchant experience for Kenyan businesses. This development follows the company’s expansion into Kenya and its private beta product launch. Paystack acquired its payment license despite the country’s apex...

Pan-African cross-border payment app Chipper Cash is set to acquire Zambian fintech company Zoona Transactions International. This acquisition will allow Chipper Cash, which has a self-reported user count of 5 million, to add new online services and a new agent network to its offerings. This move is also an expansion strategy by the company into Zambia. Chipper Cash’s VP of Corporate Development,...

Africa’s e-commerce giant Jumia is ending its free delivery Prime subscription service and cutting staff costs according to its Q3 earnings announcement. The company’s results showed consistent growth but lapses in some areas compared with Jumia’s previous quarter. The company reported $50.5 million in revenue for this year’s third quarter, a 6% growth compared to $47.6 million in Q2, and an...

Unicorn Flexport is revolutionizing the world of logistics, serving as a freight forwarder with software that enables customers to manage their shipments. But there are still thousands of smaller freight forwarders, many running on outdated ERP software or spreadsheets. A startup called GoFreight wants to help them compete by providing the Shopify of freight forwarding, with backend software that...

Google says it has evidence that a commercial surveillance vendor was exploiting three zero-day security vulnerabilities found in newer Samsung smartphones. The vulnerabilities, discovered in Samsung’s custom-built software, were used together as part of an exploit chain to target Samsung phones running Android. The chained vulnerabilities allow an attacker to gain kernel read and write...

Blnk is providing consumers with access to credit at the point of sale. The startup has raised a total of $32 million in a combined pre-seed and seed funding round, which comprises $23.7 million in equity and debt funding as well as $8.3 million in securitized bond issuance. The $12.5 equity round was led by Abu Dhabi’s Emirates International Investment Company and Egypt-based venture capital...

Kenyan-based fulfillment and logistics startup Sendy has announced that it has received undisclosed funding from MOL PLUS, the venture capital arm of Japanese transport company Mitsui O.S.K. Lines, Ltd. The funding, which appears to be a bail-out fund, is expected to keep things steady at Sendy as the logistics startup figures out its next act. The funding negotiations with MOL PLUS appear to...