This week: Korapay and Kandon akquitted

Editor’s Be aware

Week 47, 2022
Learn time: 5 minutes

The tech trade is headed for a protracted winter, it might appear. This week brings information of extra layoffs, closures, and even theft as corporations within the ecosystem really feel the frigid gusts of the worldwide financial winter. SWVL and Quidax lay off a few of their workers, whereas SweepSouth clears out of Nigeria. On a lighter word, Kandon Applied sciences and Korapay had been cleared of all expenses in Kenya.

Extra tales of happenings within the tech ecosystem await you on this version of TC Weekender. Comfortable studying!

Pamela Tetteh Editor, TechCabal.

Editor’s Picks

	Kenya acquits Kandon Applied sciences Kandon Applied sciences, a Nigerian cost firm, has been cleared of cash laundering and card fraud allegations. In July, Kenyan authorities accused the startup of being a conduit for worldwide cash laundering actions. Learn more.
	Kora cleared of fraud allegations in Kenya KoraPay, one other Nigerian cost startup, was additionally accused of cash laundering and card fraud in July. The costs have been dropped as authorities discovered no proof to show Kora responsible. Learn more.
	Google to delist unregistered mortgage apps in Nigeria and Kenya Google now calls for that every one mortgage apps in Nigeria and Kenya have licenses from the Federal Competitors and Client Safety Fee (FCCPC) and the Central Financial institution of Kenya, respectively. That is to stem the predatory actions of digital lenders. Learn more.
	Jumia plans layoffs and ends “Prime” Ecommerce large Jumia is planning to put off workers to cut back its working prices. Although the nation had an amazing monetary 12 months, it’s terminating Jumia Prime, a loyalty program that supplied limitless free deliveries. Learn more.

	Twitter to barter with its Africa staff The Accra-based ex-employees of Twitter have accused the social media behemoth of terminating them in an illegitimate and discriminatory method. After CNN reported the scenario, the Elon Musk-led firm contacted them to barter fairer severance phrases. Learn more.

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	SweepSouth leaves Nigeria South African cleantech startup SweepSouth is pausing its operations in Nigeria. One 12 months after coming into a profitable Nigerian market, it seems that the nation’s dire financial scenario is forcing it to reevaluate its place. Learn more.
	Quidax lays off 20% of its workforce Nigerian crypto startup Quidax has laid off 20% of its simply over 100-strong employees. The startup is decreasing its workforce in an effort to fend off the consequences of the worldwide financial downturn and presumably the ripple results of the collapse of crypto change FTX. Learn more.
	Swvl lays off extra workers SWVL is tightening its belt once more. The mass transport app has carried out a second wave of layoffs, seven months after it laid off one-third of its international workforce. The corporate is trimming its workforce to avoid wasting more cash throughout the persisting funding winter. Read more.
	Hackers steal $2.1 million from Airtel Uganda Hackers drained Airtel Cell Commerce Uganda Restricted’s (AMCUL) techniques of almost USH8 billion ($2.1 million). They used a betting platform to achieve entry to AMCUL’s system, and numerous banks and microfinance deposit-taking establishments in Uganda had been affected. Read more.
	Chipper Money to purchase Zoona Cost app Chipper Money is about to amass Zambian fintech firm, Zoona Transactions Worldwide. This acquisition will permit Chipper Money to broaden its on-line companies and add a brand new agent community to its choices. Learn more.

Who introduced the cash this week?

Tanzanian retail-tech firm Ramani raised $32 million in sequence A funding. The spherical was led by Flexcap Ventures and Jared Schreiber, the founder and CEO of Infoscout.

Djamo, a client finance startup primarily based in Tanzania, raised $14 million in an undisclosed spherical led by Enza Capital, Oikocredit and Partech Africa.

Egypt’s digital pharmacy platform, Grinta, raised $8 million in seed funding led by Raed Ventures and Nclude with participation from Silicon Valley-based Endeavor Catalyst and 500 World.

Nigeria-based fintech, Pivo, received $2 million in seed funding from Precursor Ventures, Vested World, Y Combinator, FoundersX and Mercy Corp Ventures.

Kenyan provide chain and logistics firm, Leta raised $3 million in pre-seed funding from 4Di Capital, Chandaria Capital, Chui Ventures, PANI, Samurai Incubate, and Verdant Frontiers Fintech.