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The region has growing institutional momentum and retail adoption, as the countries face economic challenges that could provide fertile ground for Web3. Sub-Saharan Africa is the third-fastest growing region for crypto adoption, according to a new report from blockchain data platform Chainalysis. The report underscores the region’s emphasis on real-world crypto use cases in the…
Khalid Ashmawy remembers the first time he wired money home while studying in Europe. He had just received his monthly stipend as a master’s student in Stuttgart and wanted to send part of it back to his family in Cairo. It was usually a slow and expensive process, he recalled. A $400 wire transfer, for…
Chowdeck, a Lagos-based food delivery startup that has stayed profitable in a notoriously tough and low-margin market, has raised $9 million in Series A funding to launch a quick commerce strategy and expand into more cities in Nigeria and Ghana. The equity round was led by Novastar Ventures, with participation from Y Combinator, AAIC Investment,…
Gaming, daily purchases, and travel bookings emerge as the leading categories where Gen Z users strongly prefer cryptocurrency. Cryptocurrency payments are gaining prominence among numerous user cohorts for daily transactions and even high-value payments, signaling that digital assets are evolving beyond speculative tools. Gen Z users stand out in terms of daily transactions, with 36%…
African B2B e-commerce startup Sabi has laid off around 20% of its workforce (~50 employees) as it pivots from its original retail-focused platform to double down on a growing business in commodity exports. The layoffs, confirmed by the company on Thursday, are part of a broader restructuring aimed at aligning resources with what it describes…
Yellow Card plans to roll out stablecoin payments with Visa in at least one African country this year amid a trend driven partly by limited access to US dollars. Credit card giant Visa has partnered with Yellow Card Financial, an African stablecoin payments provider, to accelerate the adoption of digital dollars across the continent, underscoring…
When Joe Kinvi joined Touchtech Payments in 2017 as head of finance, the Irish startup couldn’t afford his full salary. So he negotiated for stock to make up the difference. Eighteen months later, Stripe acquired the company, and that equity converted into Stripe shares, enough to let Kinvi leave his job, bootstrap a side project,…
Canal+ has signed a first-of-its-kind distribution deal with Netflix that will see the French pay-TV player carry Netflix content for countries across Sub-Saharan Africa. Starting next month, Canal+ will offer its subscribers across 24 French-speaking African countries Netflix original content, from global hits such as Stranger Things, Money Heist, Squid Game, and Emily in Paris,…
PalmPay, an African digital bank fintech, is in talks to raise between $50 million and $100 million in a Series B round, according to multiple sources familiar with the matter. It’s unclear what valuation it hopes to get, but its last round, in 2021, ranked it among the continent’s most valuable startups, estimated just shy…
The platform allows investors in Africa to access global real estate and stock markets through tokenized fractional shares using stablecoins. Xend Finance, a decentralized finance project backed by Binance and Google, is launching a platform in Africa to offer tokenized access to global real estate and stock markets. Partners in the launch include Risevest, a…