Author: Akin Naphtal

South African gym management software platform Octiv has raised an seven-figure US dollar Series A funding round from local VC firm Knife Capital to help accelerate its global expansion. Founded by Mark Fawzy in Cape Town in 2014, and previously known as BoxChamp, Octiv provides gyms and fitness studios with the correct software with which to run a profitable fitness business. The startup’s platform personalises the gym member experience and provides them with an outstanding digital experience. The startup previously raised seed capital from prominent South African angel investors, and has now closed an seven-figure Series A led by Knife,…

Alloy, the New York-based company behind an operating system that helps banks and fintechs make better identity and risk decisions, has raised $52 million at a $1.55 billion valuation. Lightspeed Venture Partners and Avenir Growth led the funding with participation from Canapi Ventures, Bessemer Venture Partners, Avid Ventures, and Felicis Ventures. Over 300 companies use Alloy’s API-based platform to connect to more than 160 data sources, automate identity decisions during account origination, and monitor them on an ongoing basis. The firm will use the funding for a global expansion taking in 40 countries across North America, Emea, Latin America, and…

Roberts David Oluwadamilare, a 14 year old student of Ijaiye Housing Estate Senior Grammar School of Ogun State, Nigeria, has won the maiden Africa Digital Economy Forum Spelling Bee competition. In a demonstration of its efforts in promoting and building a sustainable intellectual capacity among Africans, Africa Digital Economy Forum (ADEF) a forum promoting Africa’s digital economy agenda recently organized a spelling bee competition to support educational development in Africa. ADEF Spelling Bee Competition is a literacy program to teach students the effective pronunciation of words, their meaning, and the proper context of usage in the English Language. The Spelling…

United Arab Emirates-based Ajman Bank has joined forces with Mastercard to launch a card for blind and partially sighted customers. Ajman is the world’s first issuer to roll out a Mastercard Touch Card, which has distinctive notches on the side to help customers identify it. The notches are designed to address a problem that many blind and partially sighted people have – quickly determining whether they are holding their credit, debit or prepaid card. Mastercard says the problem has become worse in recent years as more cards move to flat designs without embossed names and numbers. Raja Rajamannar, chief marketing…

London-based mPOS unicorn SumUp is expanding into the B2C payments space through the launch of a digital wallet with an integrated loyalty scheme. The SumUp Pay app includes a virtual Mastercard – which can be topped up using a saved card or via bank transfer – allowing users to make remote or in-person purchases enabled by Google Pay and Apple Pay, transfers and withdrawals. The app has an integrated loyalty scheme focused on supporting local businesses. Points are earned on all transactions and can then be redeemed at any local business collecting payments with SumUp. Other features include QR code-based…

Grey, a fintech started by two Nigerians to simplify sending and receiving foreign payments for Africans, has raised $2 million in seed funding. The service offered by Grey enables its customers to have virtual international bank accounts for free and enjoy a seamless foreign payment process. “Grey was founded in 2021 to empower people to live a location-independent lifestyle,” CEO of Grey, Idorenyin Obong, says. “I believe that the least of your worries as a freelancer, remote worker, or digital nomad should be sending or receiving payments, so we’ve made it easy. We like to say that we’re on a…

Flutterwave, the Nigerian fintech firm has announced that it has been granted a Switching and Processing License by the Central Bank of Nigeria (CBN), the highest licence given to fintech companies in the country. Only top-tier players in the tech ecosystem like Interswitch, eTranzact, 3Line, Unified Payments (UPSL), Cards Technology Limited (CTL) and a few others currently possess the licence. This means that Flutterwave, which has before now depended on its Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licenses for its operations in Nigeria, can now carry out more functions including card processing services, non-bank acquiring,…

Lagos state of Nigeria is drawing nearer to its ambitious Smart city plans as it prepares to launch its state-wide fibre optics duct infrastructure allowing it to connect every inch of its territorial land area of 351,861 hectares or 1,171.28 km2 (452.23 sq mi). The state has also started state-wide deployment of CCTV (Closed circuit television) all to ride on the fibre optic backbone in a way that further helps to improve security and track traffic CCTV is going beyond selected locations to become a state-wide phenomenon as is the case in advanced countries, said a senior official in the…

Eyowo, a digital bank has unveiled its Digital First payment offering – the Better Card – which is certified by Mastercard. As one of the pioneer partners in Nigeria to join Mastercard’s Digital First Card Program, Eyowo brings a best-in-class digital banking experience to its customers. This includes digital access to card information, unsurpassed payment security and access to a host of payment options (ecommerce, contactless and QR) from any digital device of their choice. Powered by Providus Bank, the Better Card offers customers a seamless payment experience that eliminates the risk of card fraud by safely storing their payment…

Microsoft’s African Transformation Office (ATO) has announced that Microsoft veteran Kunle Awosika has been appointed to the position of Managing Director as previous MD Wael Elkabbany steps into a new role heading up the Africa Regional Cluster. The tech giant says that Awosika, a Nigerian native, has more than 22 years of experience working in multiple countries across the continent. When Microsoft opened its Nigeria office, he was one of the three pioneer team members and has played various roles in the company, including Director of Enterprise Business, Country Manager: Microsoft Kenya and Director: Small and Medium Corporates, Emerging Markets.…