VaultPay, an innovative fintech startup based in the DRC (Democratic Republic of Congo), has reached a historic milestone by becoming the first Congolese-led company to be selected for Y Combinator’s 2023 summer class.
Of a total of 202 startups selected across the world for Y Combinator’s 2023 summer cohort, only three are African. VaultPay, from the Democratic Republic of Congo, is one of them.
This achievement not only underscores the innovation and ambition of VaultPay, but it also highlights the rise of the Congolese tech ecosystem on the global stage.
VaultPay co-founders Ntambwa Basambombo and Christel Ilaka
The startup was co-founded by Ntambwa Basambombo and Christel Ilaka, who call themselves “technology industry veterans”. Having previously worked for giants such as AirBnb and Google, information highlighted on their website. Their merger created VaultPay, which is working to create a payments infrastructure for Central Africa. Their inclusion among the three African startups selected by Y Combinator for the 2023 summer cohort is a positive sign for the DRC, which has long struggled with financial inclusion challenges.
In addition to being a Congolese startup, VaultPay is one of three African projects chosen by Y Combinator for this cycle, one Rwandan and the other Nigerian. Being on this short list can only inspire the next generation of entrepreneurs in the DRC. Their selection demonstrates a recognition of the value and potential that VaultPay brings to the table, especially in an area as vital as financial inclusion in Central Africa.
However, with this good news for Congo comes a broader shift in Y Combinator’s investment strategy in Africa. With only six startups supported on the continent this year in both cohorts (Winter 2023 and Summer 2023), Y Combinator’s investment in Africa has dropped by 81% on an annual scale. By 2022, the Mountain View, Calif., accelerator had invested in 32 African startups across its winter and summer cohorts.
This reframing can be seen as a deeper reflection on the startups Y Combinator chooses to support, but that doesn’t take away from the importance of VaultPay’s selection. As the first Congolese startup to reach this level, VaultPay sends positive signals to the Congolese tech ecosystem, demonstrating that innovation and ambition can lead to international recognition.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard
In a remarkable turn of events, Patricia Technologies, the troubled Nigerian crypto startup, has unveiled a strategic move to rejuvenate its operations. The company has announced the launch of its native token, Patricia Token (PTK), signaling a fresh beginning for its dedicated user base. With a spirit of optimism and a commitment to innovation, Patricia Technologies aims to reshape its path and recapture the trust of its community.
Underpinning this pivotal step is Patricia’s assertion that PTK is designed as a stablecoin pegged to the US dollar. At an exchange rate of $1 for 1PTK, the company aims to offer its users a reliable alternative to their existing balances in both Bitcoin (BTC) and Naira. The startup hopes this strategy aligns with its goal of fostering stability and confidence within the crypto space.
Through an announcement on the platform’s official communication channel, now known as X (formerly Twitter), Patricia revealed its plans to migrate its operations to a new platform christened the Patricia Plus app. This transition is set to usher in a more seamless and user-friendly experience for traders and enthusiasts alike.
This strategic pivot comes on the heels of a challenging period for Patricia Technologies. The company recently faced a security breach that resulted in concerns over its financial assets. While ensuring its customers that their funds remained unaffected, the breach did disrupt access to the platform since April. This setback, however, has not deterred Patricia from its mission to innovate and deliver value to its users.
Critics have voiced concerns about the launch of PTK, suggesting potential motives behind the move. It’s worth noting that crypto exchanges often introduce native tokens for various reasons, including incentivizing trading, boosting liquidity, promoting community engagement, and even raising funds. While skepticism surrounds Patricia’s motivations, the company remains steadfast in its commitment to rebuilding trust.
A statement published by Patricia on its official Twitter (now X) account. Credits: Patricia
In response to concerns, Patricia Technologies acknowledges the red flags raised by the crypto community. Notably, PTK is not yet integrated into cryptocurrency aggregators such as CoinMarketCap and Coingecko. These platforms provide valuable insights into tokens, including their value, issuance volume, contract address, and blockchain origin. Furthermore, PTK is absent from popular blockchains commonly used for launching native tokens.
Addressing these concerns directly, Patricia Technologies clarified that it would convert outstanding balances to PTK. While this conversion was executed without customer consent, the company aims to facilitate a seamless transition and alleviate any concerns surrounding the usability and exchangeability of the new token.
With the launch of PTK, Patricia Technologies is taking a bold step toward resurgence. This move aligns with the overarching vision of the company’s leadership, led by Hanu Fejiro Agbodje, who has demonstrated resilience in steering the ship through stormy waters. The recent investment by Oluwaseun Dania, CEO of Tradefada, serves as a beacon of confidence, reassuring the community of Patricia Technologies’ potential to reclaim its position as a cornerstone of Africa’s fintech landscape.
As Patricia Technologies embarks on this new chapter, its commitment to security enhancement will only be tested by time. Collaborating closely with law enforcement agencies, the company had assrured it is determined to identify and address vulnerabilities that may have contributed to past challenges.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard
Lula, formerly known as Lulalend, a prominent fintech player in South Africa, has undergone a rebranding and is now offering an innovative suite of services that are set to redefine the landscape of SME banking. This strategic move signifies a significant step forward in their mission to provide comprehensive support to small and medium enterprises.
Transitioning from its previous role as a funding provider, Lula has transformed into a comprehensive solution known as Lula — an all-encompassing cash flow management and business banking platform. This rebranding represents a pivotal shift towards simplifying financial management for SMEs and signifies a turning point in their service evolution.
Trevor Gosling, the CEO and Co-founder of Lula, expressed their deep-rooted belief in the crucial role that SMEs play in the South African economy. He explained that Lula’s vision is to expand their range of services to address the common financial challenges that these small businesses encounter. The launch of a bespoke business banking account, tailored specifically for SMEs, is a testament to this commitment. This account features advanced financial management capabilities, including an AI-powered cash flow analysis tool designed to facilitate better decision-making.
A significant element of Lula’s transformation journey is their strategic partnership with Access Bank. This collaboration enables Lula to deliver a truly unique business banking experience, seamlessly combining cutting-edge fintech innovation with the regulatory expertise of a fully licensed bank under the South African Reserve Bank.
Even prior to rebranding as Lula, the fintech’s unwavering dedication to bolstering the growth of local SMEs has yielded substantial real-world impact. Their adaptable financial solutions played a pivotal role in aiding numerous businesses during the challenging times of the Covid-19 pandemic, ensuring their survival and safeguarding employment opportunities. Notably, the quick access to funding provided by Lula has been instrumental in helping SMEs navigate operational hurdles caused by issues like load shedding.
Having already reached tens of thousands of SMEs, Lula is now poised to extend its outreach to both existing clients and new entrants in various sectors. The array of tailored product offerings designed specifically for SMEs include rapid and convenient access to business funding, alongside a complimentary business banking account incorporating an integrated cash flow analysis tool. By addressing the most prevalent cash flow challenges that business owners face, Lula’s overarching objective is to empower every SME in South Africa to flourish.
Lula’s services include facilitating access to capital within 24 hours, devoid of the need for collateral and featuring flexible repayment terms. One of their standout offerings is Lulaflow, an AI-driven tool for cash flow management, which provides real-time insights into income, expenditures, and cash flow projections, thereby facilitating sound financial decision-making.
Beyond mere nomenclature, Lula’s rebranding signifies a renewed commitment to propelling SMEs to success. Their innovative digital solutions, designed to streamline cash flow management, enable business owners to allocate more time to strategic growth initiatives. In essence, Lula’s groundbreaking approach to banking is tailor-made to cater to the distinctive requirements of SMEs.
Gosling emphasized their unwavering belief in the transformative potential of SMEs as the driving force behind the South African economy. He detailed how Lula’s new services are meticulously tailored to provide unprecedented support to these enterprises, far surpassing the capabilities of traditional banking. With Lula, businesses can seamlessly choose between a Free or Unlimited business bank account, each catering to specific needs. The Free account is optimal for smaller, emerging businesses with no monthly fees, while the Unlimited account, featuring a fixed monthly fee, provides added value for more established enterprises with larger-scale operations.
A cornerstone of both account options is expedited access to business funding, a hallmark service offered by Lula. The Revolving Capital Facility is a distinctive feature, allowing businesses to withdraw funds up to an agreed limit whenever required, without the need for repeated applications. This facility, which can be established within 24 hours of application, serves as a safety net, offering business owners immediate access to cash flow support.
Willem Haarhoff, CEO of DoughGetters, an international accounting firm, lauded Lula’s innovative banking approach for streamlining financial operations, ultimately boosting growth and productivity. Gosling echoed this sentiment, highlighting Lula’s role as not just a banking platform, but a financial partner ready to empower businesses through cutting-edge financial management tools and swift capital access. These digital solutions unlock the vast potential of South African SMEs and drive the nation’s economy forward.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard
Dabchy, the Tunisian fashion startup with resounding success, is expanding its horizons beyond borders by officially announcing its launch in Egypt. A symbol of Tunisian pride, Dabchy now asserts itself as a regional player in the world of fashion, propelling the startup to a higher level and putting Tunisia on the map of regional e-commerce.
“The pandemic delayed our initial plans but only strengthened our determination to succeed in our first regional expansion. With each obstacle, we responded with innovation, teamwork, and commitment to our vision. We chose to transform this period into an opportunity for evolution, to rethink and refine our product, and to diversify our offerings. Today, I am extremely proud to see our hard work come to fruition with a mature product adapted to the Egyptian market, featuring a system capable of handling thousands of orders per day.”
Ameni Mansouri, CEO of Dabchy.
With several years of expertise in Tunisia, Dabchy has built a strong reputation as a trusted and innovative platform dedicated to fashion and sustainability. Today, Dabchy opens a new chapter in this incredible journey, making Egypt the next bastion of responsible fashion and shared success.
The launch of Dabchy in Egypt marks a giant step for this Tunisian startup, reflecting its ability to tackle international challenges. By deploying its proven model in a dynamic market like Egypt’s, Dabchy demonstrates an unwavering commitment to providing a top-notch e-commerce experience to a global audience.
“This expansion fills us with pride, as it symbolizes Tunisia’s influence through its young and promising startup scene. We are determined to uphold the Tunisian values that have propelled us this far: innovation, creativity, and above all, trust in our community,” adds Ameni Mansouri, CEO of Dabchy.
At Dabchy, fashion is more than just a commercial transaction. The startup believes in the power of responsible fashion for a sustainable future. By promoting the sale of second-hand clothing, Dabchy takes another step toward a more ethical and environmentally friendly fashion industry.
From its beginnings, trust has been the cornerstone. Dabchy has built a thriving community based on respect, transparency, and mutual assistance. Today, that same trust accompanies every step of its expansion in Egypt, where the company aims to nurture a committed and passionate fashion community.
The launch of Dabchy in Egypt represents not only an achievement for the startup but also for the entire Tunisian entrepreneurial community.
Dabchy is a renowned Tunisian startup, a pioneer in e-commerce and sustainable fashion. With several years of expertise in Tunisia, Dabchy now shines on the international stage by expanding into Egypt. Trust, sustainability, and a committed community are the pillars of our vision, making Dabchy more than just an online selling platform: a source of pride for Tunisia and a gateway to a more responsible future.”
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard
Amidst the vibrant tapestry of Kenya’s entrepreneurial landscape, Sendy, a pioneering logistics startup that paved the way for direct acquisitions of fast-moving consumer goods (FMCGs) from manufacturers, is caught in a tempest of turmoil. Reports have emerged that the company is in the process of shutting down its operations and is actively exploring options to sell its assets. This news comes as a blow to the startup ecosystem, where Sendy had once shone as a rising star.
“We are currently undergoing an acquisition process. Yes, Sendy is in the process of being acquired. A formal joint statement will be issued within the next couple of weeks. At this time, we are unable to share further specifics,” Meshack Alloys, one of the co-founders of Sendy, was quoted as saying, although details remain scarce. The company’s fate hangs in the balance as the acquisition process unfolds.
Sources close to the matter reveal that Sendy’s financial troubles had been escalating for the past year, culminating in a severe cash shortage two months ago. In a bid to stay afloat, the company initiated a series of cost-cutting measures, including a 10% reduction in its workforce last July. This move was attributed to the “current realities impacting tech companies globally.” However, the situation deteriorated further, leading to more workforce reductions, the discontinuation of a product line, and a strategic exit from a market. Last October, Sendy had to lay off 54 employees and wind down its supply service. This February, it made the difficult decision to withdraw its end-to-end fulfillment offering from the Nigerian market, a market it had entered with optimism two years prior.
In the photograph, Sendy founders stand from left to right: Don Okoth, Malaika Judd, Meshack Alloys, and Evanson Biwott. [Credits: Standard]
These struggles reflect a broader trend among B2B e-commerce ventures, which initially experienced substantial growth and secured significant funding but later faced challenges related to operational costs and customer pricing dynamics.
Sendy’s aspirations to secure $100 million in funding last year remained unfulfilled. Instead, it secured a smaller portion from MOL PLUS, the corporate venture capital arm of Japanese transportation giant Mitsui O.S.K. Lines. Following this deal, Sendy embarked on a desperate quest to stabilize its business, exploring various avenues such as securing fresh capital and seeking potential buyers. Unfortunately, these efforts bore little fruit.
As of late last year, Sendy’s valuation exceeded $80 million. However, in its search for additional capital, the startup was forced to consider a valuation ranging from $40 million to $60 million. A crucial investor eventually withdrew from the negotiation, compounding Sendy’s financial woes over the last two to three months. This dire situation has even impeded the company’s ability to cover employee salaries, resulting in the current attempt to offload some of its assets.
The options for potential buyers appear to be limited. Reliable sources within the company have disclosed that Sendy has entered discussions with several African firms operating within the B2B e-commerce and trucking sectors. These discussions involve companies like Trella, Sabi, Wasoko, and even one of Sendy’s own investors. The aim is to offload various assets, encompassing both technological infrastructure and fulfillment operations. However, it remains uncertain whether any of these negotiations will culminate in a deal. The talks are ongoing, and the outcome could potentially involve an acquisition, as suggested by Sendy’s management. Regrettably, over 200 employees will bear the brunt of the startup’s impending closure.
Sendy was established in 2015 by a group of visionary entrepreneurs, including Meshack Alloys, Evanson Biwott, Don Okoth, and Malaika Judd. Over its journey, the company amassed $26.5 million in disclosed funding from diverse investors, including prominent names such as Toyota Tsusho, Atlantica Ventures, VestedWorld, Keppel Capital, Enza Capital, AAICA Investment Pte Ltd, Sunu Capital, and Goodwill Investments. Now, as the company navigates these tumultuous waters, the future of Sendy hangs in the balance, with the once-promising logistics disruptor faced with an uncertain fate.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard
2.00 AM, amidst a yawning time difference, I found myself staring into the stern eyes of the bank compliance officer on the other end of the video conference call. The pressure of ensuring a seamless Know Your Customer (KYC) documentation process for my client’s startup in Singapore weighed heavily on my shoulders. One small error, and our efforts would be sunk into a deep, bottomless hole.
As the compliance officer began speaking, I couldn’t help but notice a sudden calmness in their tone, a reassuring coolness that eased the tension in the room. It was evident that they were well-versed in the intricacies of Singapore’s regulatory landscape and that our diligent efforts to comply with all requirements were appreciated.
Indeed, the time zone differences were challenging, but I was determined to facilitate the bank account opening for my clients, which included investment funds and promising African startups. The rigorous KYC documentation process demanded an unwavering focus on details, leaving no room for errors. However, I knew that the credibility and reputation of Singapore’s financial system would ultimately work in our favor.
This is just one case among many so far, and through them, I have learned that navigating the intricate pathways of Singapore’s business ecosystem can be both daunting and exhilarating.
One of the key reasons entrepreneurs and investors alike are drawn to Singapore is the government’s policy of allowing foreigners to own 100% of the stock of a company without the need for local partners or shareholders. This level of openness and flexibility in ownership is rare and makes Singapore an attractive destination for startups looking to establish a global presence.
The allure of Singapore’s startup ecosystem is undeniable. Its estimated value of $25 billion dwarfs the global average of $5 billion, cementing its reputation as a hotbed for innovation and growth. To encourage entrepreneurship and foster growth in the country, the Singaporean government offers a Startup Tax Exemption Scheme (SUTE).
Under the SUTE, qualifying startups enjoy a 75% tax exemption on the first SGD 100,000 of chargeable income and an additional 50% exemption on the next SGD 100,000 for their first three tax years of operation. This tax incentive serves as a crucial lifeline for budding businesses, providing the financial support they need to weather the initial stages of operation.
For some clients whose activities do not align with the SUTE criteria, securing the Partial Tax Exemption (PTE) becomes imperative. Navigating this complex landscape requires in-depth knowledge of the local regulations and expertise in tax planning. Thankfully, I have a strong local network that offers invaluable insights, making it possible to tailor tax strategies that best suit my clients’ specific needs.
The Merlion, Singapore City, Singapore. Credits: Viator
One of the most demanding aspects of the process is usually the Know Your Customer (KYC) documentation. Local banks in Singapore have stringent compliance practices, necessitating meticulous attention to detail. However, I find that clients with a solid reputation and credibility encounter minimal rejections, further highlighting the importance of maintaining a pristine track record.
To streamline the incorporation process, I also assist my clients with procuring employee pass applications. The efficient handling of employee pass applications is critical to ensuring a smooth transition for their workforce to Singapore. With the right connections on the ground, we are able to navigate the bureaucracy seamlessly, saving valuable time and resources.
Again, navigating the local corporate and compliance ecosystem has been seamless so far. The corporate ecosystem in Singapore is governed by the Singapore Companies Act, which covers all aspects of a business’s life cycle, from incorporation to winding up. Compliance with this act is non-negotiable, and I leave no stone unturned to ensure that my clients adhere to all regulatory requirements to avoid any legal repercussions.
Maintaining compliance with the Accounting and Corporate Regulatory Authority (ACRA) requirements is essential for the smooth functioning of a Singapore company. Under the Companies Act, businesses are required to hold an Annual General Meeting (AGM) once a year, where shareholders, directors, and officers gather to review the company’s financial statements and discuss key matters. Private companies are now automatically excused from holding AGMs if they submit their financial statements to members within five months of the fiscal year-end, streamlining compliance for many startups.
The role of the corporate secretary is pivotal in ensuring legal compliance. Acting as the backbone of the organization, the corporate secretary is responsible for efficiently running the company’s administration and acting as a mediator between shareholders and directors. I rely on the expertise of a licensed and trusted local corporate secretary to handle all regulatory obligations and keep the companies on the right side of the law
Directors play a significant role in overseeing company operations and making crucial decisions. The Companies Act mandates that a minimum of one local resident director is necessary for companies in Singapore. These directors are required to act with honesty, transparency, and a duty of care towards the company’s best interests, ensuring a high standard of corporate governance.
The 2017 amendments to the Companies Act introduced significant improvements, simplifying debt restructuring processes and enhancing transparency regarding a company’s ownership and control. Notably, small businesses meeting specific criteria are exempted from audits, reducing compliance burdens and promoting a more conducive business environment.
As I wrapped up the video conference with the compliance officer, a sense of accomplishment washed over me. Navigating the Singapore business landscape has been a journey filled with challenges, learning opportunities, and moments of triumph. I feel immensely grateful for the experience, knowing that my efforts have contributed to expanding my clients’ businesses and tapping into the boundless opportunities that Singapore has to offer.
The vibrancy of Singapore’s startup ecosystem and its unwavering support for entrepreneurs makes it a place where dreams could take flight and ambitions could be realized. The generous tax benefits, supportive government policies, and access to a thriving global market make Singapore an attractive destination for startups seeking growth and success. As I look ahead, I am eager to continue exploring the endless possibilities and unlocking the potential for my clients’ businesses in this dynamic city-state. The journey has only just begun, and I am ready to embrace the challenges that lies ahead, armed with the invaluable knowledge and experience gained from my foray into the world of doing business on behalf of clients in Singapore.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard
In the vast and ever-evolving world of digital education, a singular name emerges as a beacon of inspiration and transformation: GoMyCode. Within the brief span of five years, this remarkable Tunisian edtech startup has set forth an awe-inspiring trajectory, ushering in a new era of learning and innovation. With its pioneering vision and unwavering dedication, GoMyCode has not merely empowered over 30,000 learners across nine countries and forty cities, but it has also solidified its position as a distinguished trailblazer in the realm of technological education.
From Modest Inception to Global Embrace:
The tale of GoMyCode commenced humbly in 2018, fueled by dreams of making a difference and a modest presence in just three locations: LAC1, Sousse, and Sfax. Yet, driven by an ardent passion for technology and an unwavering vision, the founders swiftly grasped the magnitude of their potential to create a sweeping impact. In 2019, they secured an exceptional seed funding of $800,000, a testament to the belief and trust vested in their noble mission by investors.
Yahya Bouhlel, co-founder and chief executive officer (CEO) of GoMyCode
Subsequently, GoMyCode transcended borders and embarked on an international voyage, spanning eight countries and traversing continents. From Algeria to Lebanon, Senegal to Egypt, and beyond, the startup’s influence reverberated globally, garnering admiration from students, professionals, and entrepreneurs alike.
A Landmark Achievement:
The year 2022 marked a defining moment in GoMyCode’s expedition, as the startup remarkably raised a staggering $8 million in a Series A funding round. This substantial influx of capital catapulted GoMyCode to new heights, enabling the establishment of 30 additional training spaces, thereby nurturing the thirst for knowledge among more eager minds.
Yet, GoMyCode’s journey did not culminate there. In 2023, it fearlessly ventured into uncharted territories, planting its first branches in Kenya and Jordan. The world took notice, and the startup’s influence continued to surge, establishing a new paradigm for digital education on a global scale.
A Flourishing Community of Innovators:
Beyond its learning platform lies GoMyCode’s captivating allure — the vibrant community it has cultivated. An oasis for tech enthusiasts and creators, the startup has fostered an ecosystem where diverse minds converge, igniting sparks of innovation, fostering collaboration, and propelling one another to boundless heights.
As this community thrived, so did the profound impact on individual lives. Students who once embarked on their journeys with GoMyCode emerged transformed, armed with cutting-edge skills and the confidence to conquer the ever-evolving digital landscape.
A Vision for Lifelong Learning:
The cornerstone of GoMyCode’s triumph lies in its steadfast commitment to making technology education inclusive and accessible to all, transcending age and background barriers. Through cutting-edge training programs in web development, artificial intelligence, entrepreneurship, and more, the startup has opened doors to new opportunities, democratizing learning for eager minds worldwide.
Looking Forward:
As GoMyCode commemorates its fifth anniversary, co-founder Yahiya Bouhlel reflects upon the journey with profound pride: “We proudly celebrate our 5th anniversary at GoMyCode, and I am honored to witness how our vision has manifested into reality over the past five years. Our belief is that flexible training experiences will play an increasingly pivotal role in the global education market.”
The future beckons with boundless promise for GoMyCode. With a special focus on Africa’s burgeoning young population, the startup aspires to expand to 100 training spaces, accommodating up to 80,000 students annually. GoMyCode stands poised to spearhead the transformation of education, empowering generations to flourish in the digital age.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard
BioNTech SE, the renowned German biotech firm that played a pivotal role in the creation of the world’s leading Covid-19 vaccine in collaboration with Pfizer Inc., has achieved a major milestone by finalizing its acquisition of InstaDeep, a Tunisian startup celebrated for its expertise in developing sophisticated decision-making algorithms to tackle real-world challenges. The deal, which was officially announced in January, was successfully closed yesterday, cementing BioNTech’s position at the forefront of AI-powered drug discovery and medical innovation.
The strategic acquisition, valued at approximately 500 million euros, reflects BioNTech’s unwavering commitment to leveraging artificial intelligence to revolutionize drug design and development. It holds the promise of not only accelerating the creation of next-generation immunotherapies and vaccines but also addresses diseases with pressing unmet medical needs, a critical pursuit in the medical field.
As part of the agreement, BioNTech secured the remaining shares of InstaDeep, excluding those already held, through a carefully structured payment arrangement. The financial terms encompass a combination of cash payments, BioNTech shares, and future payments contingent on the achievement of pre-defined results. This strategic approach underscores BioNTech’s prudent business acumen and its vision of maximizing the synergies of this alliance.
With the successful completion of the acquisition, InstaDeep has assumed a new identity as a London-based subsidiary, forming the nucleus of BioNTech’s rapidly expanding portfolio of initiatives centered on the integration of artificial intelligence and machine learning in the medical domain. The decision to retain InstaDeep as a subsidiary underscores BioNTech’s recognition of the significant value and expertise that the startup brings to the table.
The roots of the BioNTech-InstaDeep partnership were planted in 2019, and the relationship continued to blossom over the years. Acknowledging the immense potential of InstaDeep’s technology, BioNTech further solidified its commitment in January 2022 by making a strategic investment in InstaDeep’s shares during the startup’s Series B financing round, laying the groundwork for the successful acquisition today.
Beyond drug development, the acquisition empowers BioNTech to extend the frontiers of artificial intelligence into other critical domains, including manufacturing. It also aligns with BioNTech’s broader initiatives, such as its recent partnership with the UK government to treat 10,000 cancer patients by 2030. Leveraging health and genome data to identify patients more swiftly, this collaboration highlights BioNTech’s dedication to addressing pressing healthcare challenges.
Ugur Sahin, Chief Executive Officer of BioNTech, expressed his vision of transforming the company into a technology-driven enterprise, seamlessly integrating artificial intelligence into every facet of its work. Sahin’s leadership and dedication to innovation have been instrumental in BioNTech’s meteoric rise in the medical field.
With the integration of approximately 240 new employees from InstaDeep, this acquisition represents not only a major business move but also a strategic investment in nurturing talent and expertise. It further cements BioNTech’s position as a pioneering force in AI-driven healthcare solutions and sets the stage for groundbreaking advancements in the future of drug discovery and medical research.
The successful completion of the InstaDeep acquisition marks a significant chapter in BioNTech’s history, propelling the company to the vanguard of cutting-edge medical research and development. As BioNTech continues its mission to improve lives through innovation, the world eagerly anticipates the transformative impact of AI-powered healthcare breakthroughs that lie ahead.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard
In a momentous announcement, Karim Jouini, CEO of Expensya, has revealed that the acquisition of Expensya by Medius is now officially closed. The successful completion of this acquisition comes merely six weeks after the initial announcement, representing a significant milestone for both companies. Jouini expressed his delight, stating, “Today marks a significant milestone! Just six weeks after the announcement, I am thrilled to say that the Expensya / Medius agreement is officially sealed! I am filled with gratitude for our unstoppable dream team (Special shoutout to Stéphanie Rogeau-Barré #BestCFO ever!) Their unwavering spirit has allowed us to overcome the colossal logistical challenge of aligning nearly 200 shareholders across multiple continents — all within a record time.”
Karim Jouini, CEO of Expensya
The acquisition brings together two industry leaders in the financial software domain. Expensya, founded in Tunisia in 2014 by Karim Jouini and Jihed Othmani, specializes in offering advanced expense management solutions to over 6,000 customers across more than 100 countries, with an impressive user base of 700,000 active users. Their software seamlessly integrates with leading ERP applications, making expense management more efficient and empowering companies to optimize financial control within the Office of the CFO.
On the other hand, Medius is renowned for its cutting-edge accounts payable (AP) automation solutions, leveraging artificial intelligence to streamline invoice capture, processing, and payments for mid-market and enterprise AP teams. The company’s advanced technology allows for automatic identification of potential fraud or duplicate payments through anomaly detection, proactively mitigating risks.
With this strategic acquisition, Medius aims to enhance its capabilities in various key areas, including autonomous AP, payments, procurement, sourcing, contracts, and supplier onboarding. Expensya’s AI-enabled, mobile-first employee spend management functionalities will further augment Medius’s offerings, making the combined entity a formidable force in the financial software industry.
In his announcement, Karim Jouini emphasized the unity of both companies, stating, “Today, we are united not only on paper but also in spirit! Very soon, we will function as a cohesive force providing the broadest and most ambitious platform for financial directors. A big step forward for us, and a giant leap for our industry.”
The acquisition is expected to open up new growth opportunities for both Medius and Expensya, as their complementary geographic and product strengths enable accelerated expansion and cross-selling within the competitive business applications market. Expensya’s strong presence and expertise in employee spend management solutions in France, in particular, will allow Medius to capitalize on the French e-invoicing mandate.
The financial terms of the acquisition have not been disclosed; however, it is understood to be one of the largest deals in the MENA region. The acquisition comes on the back of Expensya’s remarkable revenue growth, which has more than doubled in the past two years. Expensya has also expanded its workforce to over 200 employees, with primary locations in Tunisia, France, and Germany. The company previously secured $20 million in a Series B funding round in May 2021.
The integration of Expensya’s employee spend management solution and payment cards, alongside Medius’s AP automation platform, will enable the combined entity to address the entire indirect spend of organizations. Leveraging the power of AI, the companies aim to comprehensively optimize costs and processes, providing a holistic and transformative solution to financial leaders.
Industry experts, such as Kevin Permenter, research director for Financial Applications at IDC, have commended the acquisition for its potential to provide financial leaders with a holistic view of their organization’s travel performance and financial position. In a post-pandemic business landscape, such advanced software tools are critical for businesses aiming to thrive and navigate efficiently.
The successful completion of the acquisition marks yet another significant milestone in the Tunisian startup ecosystem. With this acquisition and the recent acquisition of Tunisia-founded enterprise artificial intelligence (AI) startup InstaDeep in January, valued at $648 million by Germany’s BioNTech SE, the region continues to gain attention for fostering innovative and high-growth tech companies.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard
Opay, a prominent and rapidly expanding provider of financial technology and electronic payments solutions, has unveiled its ambitious plan to apply for a license to establish a digital bank in Egypt with a capital of $60 million. This decision comes in response to the recent regulations for licensing and registration of digital banks, as well as control and supervision measures, set forth by the Central Bank of Egypt.
The move reflects Opay’s unwavering commitment to play a vital role in developing the Egyptian digital economy, supporting the nation’s digital transformation agenda, fostering financial inclusion, and encouraging a shift away from cash-dependency. Leveraging its expertise in offering top-notch, swift, and secure financial technology solutions in markets across the Middle East, North Africa, Nigeria, and Pakistan, Opay aims to elevate its services through innovation and cutting-edge technological solutions, catering to the specific needs of the Egyptian market.
The digital bank will enable Opay to offer a host of services, including lending, savings, and card services, all conducted online, sparing customers the need to visit physical branches. Additionally, Opay will continue providing its existing array of services, such as payment acceptance through points of sale, digital payment gateways, and electronic wallets.
Expressing enthusiasm for the prospect of obtaining a license for a digital bank in Egypt, Mahmoud Khedr, Director of Business Development & Partnership at Opay, emphasized the company’s readiness to work hand in hand with the Central Bank of Egypt and other relevant authorities. He highlighted Opay’s remarkable track record of 5 years in the financial technology sector across various countries, which positions the company as a formidable force, poised for success and achievement in Egypt.
Mahmoud Khedr is the Director of Business Development & Partnership at Opay. Credits: Opay Egypt
Khedr further elaborated on Opay’s remarkable accomplishments in the previous year, boasting an impressive sales volume of over $50 billion in the region. Moreover, Opay’s application has garnered approximately 30 million users across all the countries it operates in. With aspirations to surpass these milestones in the current year and achieve unprecedented record rates, Opay is determined to pave the way for even greater achievements.
Extending gratitude to the leadership of the Central Bank for its initiatives in creating a supportive climate for the financial technology industry, Khedr commended the unwavering support provided to the sector. He acknowledged the visionary directives of the Central Bank’s leaders in advancing the digital economy, underscoring their significant role in developing and nurturing the financial technology sector.
With Opay’s drive, expertise, and solid track record, the company is poised to revolutionize the digital banking landscape in Egypt, ushering in a new era of convenience, efficiency, and financial empowerment for customers across the nation.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard
