Jake Bright Contributor Jake Bright is a writer and author in New York City. He is co-author of The Next Africa. More posts by this contributor Pan-African e-tailer Jumia grows 3Q revenue, e-payments and losses Nigeria’s Interswitch confirms $1B valuation after Visa investment Emerging markets credit startup Mines.io has closed a $13 million Series A round led by The Rise Fund, the global impact fund formed by private equity giant TPG, and 10 others, including Velocity Capital. Mines provides business to consumer (B2C) “credit-as-a-service” products to large firms. “We’re a technology company that facilitates local institutions — banks, mobile operators, retailers — to offer credit to their customers,” Mines CEO and co-founder Ekechi Nwokah told TechCrunch. Most of Mines’ partnerships entail white-label lending products offered on mobile phones, including non-smart USSD devices. With offices in San Mateo and … [Read more...] about Offering a white-labeled lending service in emerging markets, Mines raises $13 million
Jake Bright Contributor Jake Bright is a writer and author in New York City. He is co-author of The Next Africa. More posts by this contributor Chaka opens up global investing to Africa’s most populous nation Pan-African e-tailer Jumia grows 3Q revenue, e-payments and losses Fintech startup Flutterwave has partnered with Visa to launch a consumer payment product for Africa called GetBarter. The app-based offering is aimed at facilitating personal and small merchant payments within countries and across Africa’s national borders. Existing Visa cardholders can send and receive funds at home or internationally on GetBarter. The product also lets non-cardholders (those with accounts or mobile wallets on other platforms) create a virtual Visa card to link to the app. A Visa spokesperson confirmed the product partnership. GetBarter allows Flutterwave — which has scaled as a payment gateway for big companies through its Rave product — to … [Read more...] about Flutterwave and Visa launch African consumer payment service GetBarter
Jake Bright Contributor Jake Bright is a writer and author in New York City. He is co-author of The Next Africa. More posts by this contributor Chaka opens up global investing to Africa’s most populous nation Pan-African e-tailer Jumia grows 3Q revenue, e-payments and losses 2018 saw Africa’s tech sector become more dynamic and international. VC firms on the continent multiplied. There were numerous investment rounds. And startups pursued acquisitions and global expansion. Here’s a snapshot of the news that shaped African tech over the last year. Surge in VC funds A notable 2018 trend was Africa’s VC landscape becoming more African, with an increasing number of investment funds headquartered on the continent and run by locals, according to Crunchbase data released in this TechCrunch exclusive. Drawing on its database and primary source research, Crunchbase identified 51 viable Africa-focused VC funds globally with at least 7-10 investments in African … [Read more...] about Venture capital, global expansion, blockchain and drones characterize African tech in 2018
The SoftBank Vision Fund has been screaming from the venture headlines the last few months, driven by eye-popping rounds (and valuations!) into some of the most notable startups around the world. Yet, SoftBank isn’t the only player rapidly buying up the cap tables of top startups. Indeed, another firm, more than a century old, has been fighting for that late-stage equity crown. Baillie Gifford . … Who the what? When our fintech contributor Gregg Schoenberg interviewed Charles Plowden, the firm’s joint senior partner, about the firm’s prodigious investing, we realized that we have never gone in-depth on one of the most influential investors in Silicon Valley. So here goes. Baillie Gifford’s Charles Plowden on 110 years of investing Baillie Gifford is a 110-year-old asset management firm based out of Edinburgh, Scotland, and has long had a penchant for pre-IPO tech companies. The firm was an early investor into some of the world’s most valuable … [Read more...] about WTF is Baillie Gifford?
Jason Rowley Contributor Jason Rowley is a venture capital and technology reporter for Crunchbase News. More posts by this contributor Where are all the biotech startups raising? Ride-hailing, bike and scooter companies probably raised less money than you thought In venture capital, a variant on the Glengarry Glen Ross mandate is most fund managers’ modus operandi: Always. Be. Raising. And it seems like VCs have picked up on that. In the last few months, even casual readers of the tech press would notice many, many stories about VCs raising big new funds. So are venture investors spinning up new funds as often as they did in the past? VCs are certainly raising tons of money, and Crunchbase News reported earlier this week that these huge funds are bending the shape of the VC fundraising curve upward. But is that the full story? Even though 2018 has been a banner year so far for venture fund origination on the highest end of the assets-under-management spectrum, … [Read more...] about In VC fund creation, have we passed the peak?