The leading African tech moves from July

The slowest month for funding so far [Read this online](=.LgVT-qf6b9xQMkDVvoH2rUI4_lBdEqy9w79pDMNiTBc) [TC Daily Logo] 5 AUGUST, 2022 IN PARTNERSHIP WITH [Flutterwave Logo] Happy Friday 🎊 H2 is off to a slow start. July brought the lowest funding of the year for Africa’s tech ecosystem, but that’s about the only thing that was slow in July. Last month, we saw droves of accusations, allegations, and approvals. In Kenya, there was Kenya’s Asset Recovery Agency (ARA) which accused several fintechs of money laundering. There’s also the indictment of Ping Express’ executives who bagged some jail time in the US for non-compliance issues. There’s more about the biggest tech moves from July in TC Daily today. In today's edition - [Crypto Market](#Crypto) - [The leading tech moves from July](#Story1) - [TC Insights: Funding Tracker](#Story2) - [Job opportunities](#Opportunities) CRYPTO MARKET =.hBZYb-0F2SKyN9_OP392YifCy_qPp8TabaJ8MXdwhcg Bitcoin $22,525 - 3.49% Ethereum $1,596 - 3.04% BNB $311 - 3.13% Solana $38.43 - 4.41% Cardano $0.49 - 2.63% Name of the coin Price of the coin 24-hour percentage change Source: CoinMarketCap * Data as of 21:30 PM WAT, August 4, 2022. [WhatsApp](=.3QvdhFXb2W1jrcRCInbvqgIPAF02hownPdJ51t1m6uA) [Twitter](=.GzA4d6V5xSzSMFDDhPSfoNBWNyJsY5lqWfE5bGZEMoE) [LinkedIn](=.ab6Z5bBSJAr3Q5_6kupT-T_el_-KhE0NHZScHNv8zGw) [Facebook](=.vkc-ACwMeflKKMrLtExV3QFbWGL5oPzU7xPbhwBdqIM) [Email](mailto:info@example.com?&subject=&body= THE LEADING TECH MOVES FROM JULY =.JjJ-6K8h3t98qDhzcPwrovfKGeYDmZdf8xnkd5tffIw 1. FUNDING: H2 IS OFF TO A SLOW START In July 2022, African startups made 20 fully disclosed* raises totalling $239,706,000. This total is the lowest amount raised so far in a month by African startups, [a 43.77% decrease](=.Lraq8T513SSpnhlgUWvRc1Rp6lBKtbCtrSZKipAKPrs) from June’s $426,280,000. Per sector, the top 3 sectors in July are fintech, energytech, and media/telecoms. Fintech startups raised $110,040,000 (45.9%), energytech startups raised $66,046,000 (27.6%), and media/telecoms startups raised $25,670,000 (10.7%). =.zUuo9aujoWLXH5WvK2Dbyoa-hotyPE7SQSbB5Sx7Hfw Per region, West Africa led with $148,660,000 of the funding, with fintech Wave’s $91 million raise at the helm. East Africa came a close second with $60,000,000, while startups headquartered in North Africa brought in $21,746,000. South Africa brought in the lowest funding from July with only $1.2 million in disclosed funding. =.2E4ZO61Ja1oFTw9WFUnf5E_u23oVmoFE2vlCHQRt7SY The top 5 disclosed deals of July 2022 are: - Senegalese fintech Wave’s [$91 million syndicated loan](=.p52UvZ_HMCmmdzw_v1nKif0cwxoAKdBfJjEi2hIBqYM) from IFC. - Kenyan energytech [d.light’s $50 million](=.NA6s4zdv0KwOo35D5K6rMnigAJKxnRsIB2zqOU7DkIo) debt financing raise. - Nigerian sports gaming platform Scorefam’s [$25 million raise](=.YGRkPMtvbR5GmQZOY3r2P8QDH_KJO_uRUcZp2Gm4T-c) from GEM Digital. - Moove Africa’s [$20 million investment](=.Hi9QVAdvIgqK3LrajCuibqB1Q380_1oc0g7gq06H6tk) from Absa Corporate and Investment Banking (CIB). - Egyptian e-commerce Cartona’s [$12 million Series A round](=.ITfg7hxtb9okmZd_4qwOCSxA5nuT_ugCdxa3TMeR_Ow). Note: This data is inclusive only of funding deals announced in July 2022. Raises are often announced later than when the deals are actually made. This data is exclusive of estimated grants from accelerators like Techstars or Y Combinator. SEND BY FLUTTERWAVE =.Yv5H5FRYpC0Lf4noX8DtVwDemryn6oGLTguIG1_Ua34 Don't just send money, send money fast. Send and receive money directly to mobile wallets, bank accounts, Barter or through cash pickup with $end. Visit [send.flutterwave.com](=.VDKzLD6X7Rl3tE1OS7pA1NdA096eKQ5ka_kjlSyEVOI) and do it now! This is partner content. 2. MONEY LAUNDERING ALLEGATIONS HOME AND ABROAD In July, money laundering allegations rocked Africa's tech ecosystem home and abroad. At home, Kenya’s Asset Recovery Agency (ARA) [accused payment giant Flutterwave](=.ZYE7P6OTEoh_YxCi7kixo8f05oNSNYc-7oowJ9fmB6M) of money laundering, and secured a court order to freeze the fintech’s 52 Kenyan bank accounts, all of which contained Ksh 7 billion ($59 million). Weeks later, the Central Bank of Kenya (CBK) confirmed an earlier statement by the ARA which claimed that Flutterwave—and cross-border payment fintech, Chipper Cash—are unlicensed to operate in Kenya, an allegation [Flutterwave has confirmed](=.JTAkTdsgkg9SVYNEcM4Mu5Gv4BaqIwY29OvG_rCKaFk). Other fintechs, including Korapay and Kandon Technologies Limited, also [received lawsuits](=.10grjXi_osaH8WrEQHTJKA0vUYKXsjwJAXLq2TfPsZQ) from Kenya’s ARA for the same accusations. Abroad, the executives of fintech Ping Express have been [sentenced to a combined 8 years](=.VdU9oAIOxB3rJgtNPhHGgidzYAMFKtlnig_CF5n5-DM) in US federal prison for breaking money laundering rules. 3. FINTECHS PAUSE VIRTUAL USD CARDS Last month, several African fintechs including Nigeria’s Flutterwave, Uganda’s Eversend, and Rwanda’s Payday [paused their virtual USD card](=.R6ZA93-YrrHeeWngorIi4rF4juKi_ob1o2jXhVjstWQ) offerings. The shutdown came after mutual card provider, Union54, experienced [a rise in chargeback fraud](=.1qf3QagXwd3WtqdK6dzG4qaK-5DKIYvL9RGzOxde0YE) and couldn't meet up with an ultimatum from Mastercard to keep chargeback fraud to less than 1.5% or improve its processes by July 18. 4. NIGERIAN PARLIAMENT APPROVES STARTUP BILL Nigeria’s tech ecosystem moved several steps forward in July. Within the space of one week, the Nigerian parliament—the [Senate](=.PGJkcmO80ZyUWoMENtFDHPyoWoTE4wIJ3Jh7tG5979s) and [House of Reps](=.IbrwAu8m40XA-rn7shaadL6fEpHTQQVF7miv8sgzyLE)—both passed the Nigerian Startup Bill (NSB). As the bill moves in for a presidential assent, [another bill](=.gk2oFBoRrQG0n2DPKTtjv7aXVrD0S6a2vIt-IB9MZXA) by the Nigeria Information Technology Development Agency (NITDA) threatens to hamper NSB’s objective of bridging the engagement gap between startups and regulators. 5. META PREPARES FOR KENYA’S GENERAL ELECTIONS Fake news is more prominent during election season, and Kenya isn't having any of it. In preparation for its general elections slated for August 9, [Meta laid out its plans](=.3La4YDpWdKzOSeKyYmuasWmyuwIy-rrFR3ckpJB79xQ) to curb disinformation in July. The company has created a dedicated Kenyan Elections Operation Centre which rolled out policies and products to limit or completely remove fake news across Facebook, Instagram, and WhatsApp. It's also teamed up with third-party fact-checkers in Kenya: AFP, PesaCheck, and Africa Check. UNDERSTAND WITH PAYSTACK [Paystack](=.OSUgyaSEZJLxl8Sk67z4i9UtHwPwTdyZMv1WizAbK_U) Curious about the launch of MTN’s MoMo Payment Service Bank, and what this means for customers and fintech operators? Read a [detailed analysis here](=.-U8-2CVFeI5-d5HJnOZnn_k1tceRxK7ViffOSO91TCo). This is partner content. 6. LAY-OFFS IN AFRICA'S TECH ECOSYSTEM CONTINUE Following lay-offs from Swvl and Vezeeta in June, more African startups announced lay-offs in July. Francophone African unicorn [Wave laid off 300 employees](=.7NHN0ZrPrkfqAS22epjaZgMIND3vWhaerMQSAFDC67w) in a “hard call” to scale back operations in Mali, Uganda, and Burkina Faso. Kenyan logistics startup, Sendy, also [laid off 10%](=.CDoHxcTTlDy2o4at2yuHRPvxcdRKbKR4GLBetsYXmd8)—about 300 employees—of its workforce in an unfortunate turn of events that may see the startup halt its expansion to Egypt and South Africa. 7. TELKOM DRAGS RAMAPHOSA TO COURT In July, South African teleco, Telkom, [launched a multi-part application](=.v-LIsudZn_KNcuy1r779TCqaDmvUpeyvtZbpXcAkeqI) against the country’s president, Cyril Ramaphosa. Telkom doesn't want the Special Investigation Unit (SIU) to obey an order from the president which will see the telco investigated for allegations of maladministration and misconduct. 8. AIRTEL RAMPS UP 4G PLANS IN UGANDA AND DRC? Less than 30% of mobile connections on the continent are 4G; many Africans are still on the 2G/3G spectrum. Airtel Africa has been ramping up its plans to give more of its users across Central and East Africa access to the 4G network. In Kenya, the telco recently [spent $40 million](=.ltGwPYTqRdfJ2h7cVGGwJp0mJsqyTbuAqoouewZJRog) to purchase a 15-year license for an additional 60 MHz of spectrum on the 2600 MHz band. In the Democratic Republic of Congo (DRC), in July, the telco also recently [spent $42 million](=.G-P9Pt_TM2h5C74B7jZYx7oifSIbkURKQMnEsebrEz4) to buy 58 MHz additional spectrum. 9. PARTNERSHIPS: BUMPA + META, MAX + YAMAHA, MOOVE + UBER In big partnerships for July, [Bumpa integrated with Meta](=.YFbnlA9BoR5ymcRePBI_NpUjaPeBXzyBwau2k-i1pQM) to enable social merchants on its platform to manage their direct messages (DMs) from Instagram, Facebook, and WhatsApp directly on Bumpa. Nigerian bike-hailing platform [Max.ng partnered with Yamaha’s](=.148pL2vrxff0oqu2_ZYhOPjrHhYOI2QPRNrYYGDIV40) Nigerian subsidiary to expand operations across West Africa, and finance and maintain over 50,000 vehicles over the next 2 years. Another Nigerian mobility startup [Moove partnered with Uber India](=.iKeVxaXHMu9QrEuQjOriMWpNLMNzmbY6hPWnvi-q9Ng) to expand to the Asian country and launch 5,000 electric and compressed natural gas (CNG) vehicles within 1 year. 10. CRYPTO: GHANA TESTS THE ECEDI WHILE CAR LAUNCHES SANGO COIN In a push for financial inclusion, the Bank of Ghana has [started testing](=.W2tas2I_XLg1NWcIHjVHtsHxbW8KFamVGtjj6u0QXAU) the country's central bank-backed digital currency (CBDC), the e-cedi, in rural areas with little or no connectivity. On the other hand, the Central African Republic (CAR) launched its cryptocurrency, the [sango coin](=.6RG2VWW6tCGd5MY90IUY-CUC7wFX-QtJQUnt22RISg4), in July, but the project is off to a slow start. Only 1.38%—about $272,000—of the coin’s $20 million initial offering has been sold so far. 11. EQUIANO LANDS IN NAMIBIA After snaking its way through Togo and Nigeria, Google's first African subsea internet cable finally [landed in Swakopmund, Namibia](=.LRydL0_Cvo7I64t_3Ef1HcFUmtXm3jSTe7aSaTKNJyU) in July. In the country, the cable is set to increase internet speed by 750% over the next 3 years. Equiano is also expected to create 21,000 jobs between 2022 and 2025. TC INSIGHTS: FUNDING TRACKER =.oei-LxJ1iQaVoKjT-81PLChVYOD_CvrL-dLU5wbL6oE This week, [Homzmart](=.teUhsiv9b3EAXKbQN4e5XBuAAqb1ojv1nC2lUx219KA), an online retail startup based in Egypt, [raised](=.jBn2jaoC-kuU2dFgwuWlgh2bomVrHrLVsQQDOoCR2cA) $23 million in a pre-Series B round from the Riyadh-based technology venture capital fund STV, Impact46, Outliers Ventures, Rise Capital, and NUWA Capital. Here are the other deals for the week: - Kenya-based insurtech startup Lami Technologies [closed](=.fdKMDPTnu9IYdi0ctYMV0mKr9yss6GtutyFJu_GH-7M) a $ 3.7 million seed extension in a round led by Harlem Capital. Other participants in the round include early-stage venture capital firm, Newtown Partners; Peter Bruce-Clark, a partner at Social Impact Capital; Caribou Honig and Jay Weintraub of InsureTech Connect; and senior members from Exotix Advisory. - Cape Town-based gaming startup, Skrmiish, [raised](=.2NPCKt-BXr6rCkn4AHjGI_kYhvbiO7bDT20c5X-YFM0) a $2.5 million seed round from [Launch Africa Ventures](=.0hx26RwqO49nTLQAWfdRjpU_xy7Ug8L1L4HwBcf7YVE), the Blockchain Founders Fund, and Stellar. - [Youverify](=.bVAnwVeaBaNPDsnh706KluwWwSYLN3j38EjlcnIT_I8), an identity verification company [secured](=.x2S8MAo8_juy9E1aev8Q3pCIVf9CmAN9J5D_KqSmxYo) a $1 million seed round extension, bringing its total seed raise to $2.5 million. Africa-focused VCs, Orange Ventures and LoftyInc Capital, led the extension. Additional investment came from Octerra Capital, Plug & Play Venture, Syntax Ventures, HTTP Investors, Afer Group, and Fronesyz Capital. - South African auto repair platform Michanic [secured](=.jW32CCXXjIl6SdLo3Pr_89V7QNo9rP8-WLutVvFO_ZQ) $400,000 in debt capital from the MultiChoice Innovation Fund. That’s it for this week! Follow us on [Twitter](=.wDblLtE835bg7TckECHBRefrckmp84gTdMchTcykDEI), [Instagram](=.ptreZcjkbgG93Zo6To3hazQhkgbNSNet4iBnj_Ip-0Q), and [LinkedIn](=.WKJ9NUqlHCUVNvC9TVnMiJvKAvRPeoJ6MNvpc-5XOtw) for more funding announcements. [WhatsApp](=.gWT6ci6hJERJBJCPFAZi1BBd4t_OJXlug7dP3OXtVOQ) [Twitter](=.IIb3Kk-BVxkRApHU34PSl3khLqo_YBvTSrEZkrqsyho) [LinkedIn](=.ckR0WXd23CK4Nrxe5b5PxPsPem8wo8tkH666WWdfGFc) [Facebook](=.NrtxrJJ2p_o42rFeUWBW542-8hKwkj0u53NJLxsmJrM) [Email](mailto:info@example.com?&subject=&body= THINK BIG WITH ENDEAVOR [Endeavor](=.WIof7PoTcb71LUWSyOGbgGRttRlw3dHMZNN2LuZULzs) Join Endeavor Nigeria on Thursday, 25 August at 12:00 PM WAT for a Thinking Big session with Karl Toriola (CEO of MTN Nigeria and Endeavor Nigeria mentor). Karl will be talking about and answering questions on "Technology and the future of telecoms in Nigeria". Register for the webinar and [send in your questions here](=.uK7KcAP7SVxCXvJeI80VTulFY2z5DEUIGTOpqvRwEZE). This is partner content. IN OTHER NEWS FROM TECHCABAL South African mobile network provider Telkom Group has announced that OpenServe, its wholesale network infrastructure business, will [split from the Group into a standalone subsidiary](=.XkvAS8QZM5Xv5Ob8eFxUZccbvBkko3JDdx00vRC-jkY). This Nigerian is [creating software to help the world understand babies’ cries with](=.FS3vPYzc6DeoEVSLNibcl-m-OZRiZ2x_CIFr2XsK-Mg) his startup, Ubenwa. JOB OPPORTUNITIES - Big Cabal Media -[Head of Events](=.0Lqcg9psiiizmCrOuyWojtZCwYCduJuBQpcNr28Niqw), [Newsletter Editor](=.azJ6dLfsoOXre39aqIhk07vxRkxhow_s_iNDwyuIcDQ) - Lagos, Nigeria - Fincra - [Business Analyst](=.Df5JPVN73h7aQgcgCDxtf0X1z0dfEkOthi7-jwDu7q8) - Lagos, Nigeria - QuickCheck - [Senior Software Engineer](=.SwtG8a92oDiVT1X52qNV3Oz8yqq5SF9-dgYU4XOmv54) - Lagos, Nigeria - Chipper Cash - [Senior Security Engineer](=.sepfHNlJ1XWHDiFJTp0R9LvkBN0lJrW7FIv9FXYSa2A)- Ghana (Remote) - DRO Health -[Product Manager](=.PDeDG91ZafHeps7TFUelEIxeWhWF24UIiC8DEGJY1wg) - Nigeria (Remote) What else is happening in tech? - DStv slapped with [R200,000 ($12,000) fine](=.MgzAwQJj7-JcWvi1CJx9xYMrmRlikUQMmZ4tvPzRRUo) for airing bandit documentary in Nigeria. - Tesla is the latest company to be drawn into the [Elon Musk-Twitter legal mess](=.Bs8epmgDjtPWm688bOWXo5l4yKdzlrmJlS_VgaSJSos). - This YouTuber [turned a PC into a WC](=.EeFETseHVAczOF0Ij0KTYJbD66rs2yJt3AKPslvURhI). - Meta is [expanding NFT support](=.ge8pmudOgdGqkuEtSykE4an8zlMx3LyQpYwJ0LnQFNo) on Instagram to 100 countries. 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