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Plus: Hackers want ShopRite to pay for its customers’data.

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Editor’s Notes

  • Week 28, 2022
  • Read time: 5 minutes

The freezing of accounts of Nigerian companies, Korapay Technologies and Kandon Technologies, is our top story this week and one we’ll continue to monitor closely. If you’d like to get into angel investing, our June 3 TC Live session is a conversation you want to catch up on.

Have a great weekend.

Kelechi Njoku,
Senior Editor, TechCabal.

Editor’s Picks

Nigerian Korapay and Kandon accused of money laundering in Kenya

What is it about this year’s winter in Kenya? Kenya’s high court has frozen the bank accounts of Nigerian-owned Korapay and Kandon Technologies. They are accused of card fraud and money laundering alongside Flutterwave and 6 other Nigerian companies.

Full story is on TechCabal.

Flutterwave and others shutdown virtual card services

For the first time “Let’s break up, it’s not you, it’s me” is truthfully said in a relationship. Yesterday, Flutterwave and many other African virtual card companies sent emails to their customers announcing an indefinite discontinuation of their virtual card services. This spells trouble for thousands of African businesses. 

Read about it on TechCabal.

Togo launches novel e-visa platform

Imagine you could start and finish an application for a country’s visa on your phone without visiting any immigration office. That imagination is a reality, and Togo is the country. Togo launched Togo Voyage—a website that digitises its entire visa application process. 

Learn more on TechCabal.

Wingcopter raises $42 million to bring 12,000 drones to Africa

More drones are coming to Africa’s delivery tech scene. Drone tech company Wingcopter has raised $42 million to bring 12,000 drones to sub-Saharan Africa. The company will also build “roads” for the incoming drones in the sky.

Learn more on TechCabal.

London based fintech Zazuu raises $2 million 

Zazuu is giving the African diaspora the power of choice. It enables users to compare the rates of transfer providers and choose who to send money with. Zazuu has raised $2 million to go beyond Facebook and Telegram groups and build a remittance marketplace. 

More details are on TechCabal.

Remittance solution SendSprint launches in the UK 

SendSprint wants to make payments from diaspora to Africa feel like a quick sprint. It launched 2 products in the UK—Send Money for money transfers to Africa at a flat rate of $5 and Sprint Connect for buying gift cards from African retailers. 

Learn more on TechCabal.

Egyptian startup Swvl expands to Mexico

Last week, Swvl laid off some employees; this week it welcomed Mexican mobility tech Urbvan into its growing list of acquisitions. This new acquisition gives Swvl presence in Mexico and takes the company’s dream of global expansion further.

The news is on TechCabal.

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Who brought the money this week?

  • Africa-focused fintech Zazuu received $2 million in funding.
  • Stakefair, a DeFi gaming startup based in Nigeria, secured $670,000 in a pre-seed funding round.
  • Nigeria-based fintech Swipe raised $500,000 in pre-seed funding to facilitate the expansion of its credit services.
  • CreditChek, a credit assessment startup based in Nigeria, received $240,000 in a pre-seed round led by Atom Capital.
  • Ghanaian e-mobility company SolarTaxi raised an undisclosed amount of funding from Persistent.

Puzzle: How Many Words Can You Find?

There are 19 words and we’ve already given you 1.
How many words can you create from “dollar”?

Top Tweets of the week

What else to read this weekend?

  • The Next Wave: Why has AfCFTA not created the promised trade empire?
  • Fintech Focus: Why is embedded finance becoming popular?
  • How is Klasha’s plan to solve the biggest problems in African ecommerce paying off?
  • Angolan telecommunications service provider ITA rebrands to Paratus Angola.
  • Jumia teams up with Errand360 to deliver packages to the last mile.

Written by: Ngozi Chukwu

Edited by: Kelechi Njoku

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