Author: Akin Naphtal

Swedish audio-streaming giant, Spotify, has reported a record quarterly profit, causing its shares to rise over 14% in premarket trading by reducing costs through layoffs and cuts to its marketing budget last year, while simultaneously expanding its user base through promotions and new investments in podcasts. In the second quarter of 2024, Spotify saw its number of paying subscribers increase to 246 million, just above expectations. CEO Daniel Ek attributed this growth to the company’s diverse subscription offerings. “It really comes down to the number of subscription offerings we have now. We’re moving from one-size-fits-all to having something for everyone,”…

Google has announced that it will keep third-party cookies in its Chrome browser, instead of removing the tiny packets of code used to track users on the internet, despite concerns from advertisers and regulators about the potential impact on the digital advertising landscape. Advertisers, who represent Google’s primary source of revenue, have voiced worries that the elimination of cookies in the world’s most popular browser would hinder their ability to gather information for personalized ads. This, in turn, would increase their reliance on Google’s own user databases. Additionally, the UK’s Competition and Markets Authority (CMA) has examined Google’s plan over…

Diamond Trust Bank (DTB), as part of its digital innovation and expansion, has partnered with Network International, the leading enabler of digital commerce across the Middle East and Africa (MEA), to provide a robust processing platform for the hosting and issuing of cards. DTB, a tier one bank listed on the Nairobi Securities Exchange (NSE), has been operating in East Africa for 75 years of operation. It boasts a strong presence with over 155 branches across Kenya, Uganda, Tanzania, and Burundi. The agreement with Network International is set to reinforce DTB’s digital-first strategy in the Kenyan market. This move comes…

Vertiv, a global provider of critical digital infrastructure and continuity solutions, has announced a partnership with ZincFive, the world leader in nickel-zinc (NiZn) battery-based solutions for immediate power applications. This collaboration will see Vertiv adding the ZincFive BC Series uninterruptible power supply (UPS) Battery Cabinets to its range of battery systems available for data centre backup power. The safe and recyclable nickel-zinc batteries are compatible with select large and medium Vertiv™ UPS systems, including the recently launched Vertiv™ Trinergy. These batteries serve as a source of backup energy storage, aligning with Vertiv’s commitment to helping customers minimize the environmental footprint…

Egypt’s leading fintech company, MNT-Halan, has successfully raised $157.5 million in funding to support its upcoming international expansion. Established in 2018, MNT-Halan was designed to provide digital banking solutions to the unbanked and replace cash with electronic options. Its digital ecosystem offers a range of services, including small and micro-business lending, consumer finance, pre-paid cards, e-wallets, savings, payments, and e-commerce. Currently, MNT-Halan boasts over 2.2 million quarterly active users, has disbursed more than $4.4 billion in loans, and has served over seven million customers in Egypt. With this new capital injection, the company is poised to extend its reach beyond…

Uncover, a tech-enabled beauty brand, has secured $1.4 million in a Seed II funding round to enhance its technology platform, launch new products, and expand into new markets. Founded in 2021, Uncover is a women’s skincare brand that leverages data to create science-backed products tailored to the needs of women. The startup’s tech platform facilitates product discovery, provides educational information, and fosters community engagement, utilizing thousands of data points to personalize skincare solutions for its users. Uncover has built a digital community of over 200,000 women across Kenya, Nigeria, and the diaspora. Over the past two years, the company has…

Zaka VC, a venture capital firm founded in 2020 by entrepreneurs Jan Kasper and Peter Zalesak, has launched its first major investment fund aimed at supporting early-stage start-ups in the US and EU. The fund, which started this month with an initial closing of €10.5 million, has a goal of reaching €15 million. This launch marks a significant expansion for Zaka, which previously focused on the central and eastern European markets (CEE). “The trigger to create ZAKA was my daughter Valentina who has introduced me to the emerging start-up ecosystem,” Kasper said. “I recognised this opportunity as an exciting way…

Microsoft has said that the recent CrowdStrike outage affected about 8.5 million gadgets- less than one per cent of Windows machines on the globe. In a statement issued by the multinational company’s Vice President of Enterprise and Operating System Security. These are the first real numbers released by either Microsoft or CrowdStrike around the scale of yesterday’s outage, which was caused by an update to CrowdStrike’s cybersecurity software that led Windows machines to crash. (Mac and Linux devices were not affected.) Although the number of affected devices was relatively low, the havoc was widespread and global, affecting banks, retailers, brokerage…

Mastercard has partnered with Kalabash54, the fintech subsidiary of West Africa’s prominent online travel tech company, Wakanow Group, to launch innovative travel cards for customers in Nigeria and Ghana. This collaboration aims to provide a secure and convenient payment solution tailored to the needs of travellers in the region. The Kalabash54 travel card offers a comprehensive payment solution, allowing users to fund trips directly from the Kalabash54 app using either physical or virtual cards available in local currency or USD. Users can manage their card through the app, with features including activation, PIN changes, and security controls. Additional benefits include…

Network International has announced the extension of its strategic partnership with EGBANK to enhance the bank’s ATM acquiring service. This partnership was aimed at improving the banking experience for EGBANK’s customers and advancing the bank’s digital transformation through innovative solutions. Leveraging Network International’s expertise, which is a prominent enabler of digital commerce in the Middle East and Africa, the partnership aims to bolster EGBANK’s competitiveness in the Egyptian market. The collaboration will introduce advanced payment technology and innovative solutions designed to boost consumer trust and convenience, further solidifying Network International’s existing relationship with EGBANK. The Deputy CEO of EGBANK, Hossam…