Rabbit, an e-commerce platform based in Egypt, has unveiled RabbitAI, an assistant powered by artificial intelligence (AI) that aims to revolutionize the shopping experience. By harnessing the cutting-edge ChatGPT technology developed by OpenAI, RabbitAI is set to provide customers with a unique and enhanced way of shopping.
Through the seamless integration of ChatGPT’s advanced Large Language Model (LLM) technology into Rabbit’s AI infrastructure, RabbitAI offers users real-time assistance, curated recommendations, and personalized insights, all free of charge. This integration marks a significant leap forward in the application of AI within the e-commerce industry and gives a glimpse into the future of retail.
Louay Ali, the lead product owner, expresses his enthusiasm for the transformative power of AI across various sectors, including e-commerce. With RabbitAI, the company takes pride in being at the forefront of innovation, particularly as the first to bring powerful ChatGPT capabilities to Arabic and Egyptian-speaking users. Rabbit is driven by a commitment to technology and considers its product offering as the primary differentiating factor.
RabbitAI provides users with an array of features designed to elevate their shopping experience. Users can easily search for specific products, gain insights into the calorie content of snacks and food items, and receive step-by-step recipes to assist them in meal preparation. Ali emphasizes that RabbitAI not only offers unparalleled customization and relevance but also alleviates the pre-shopping stress associated with meal planning, long lists, and recipe searches. With RabbitAI, grocery shopping becomes an interactive, efficient, personalized, and enjoyable journey.
The introduction of RabbitAI signifies a significant advancement in the e-commerce landscape, delivering an exceptional level of customer service and setting new standards for convenience and innovation in the industry. Rabbit is dedicated to providing a seamless and hassle-free shopping experience, leveraging the power of AI to transform the way customers shop and interact with the platform.
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
Kyosk Digital Services, a digital-first and data-led distribution platform, has recently expanded its operational presence in Africa by entering the African fresh produce market with the introduction of its Farm & Fresh line of business. This expansion was made possible through the acquisition of KwikBasket, a prominent player in the agricultural sector known for its expertise in the distribution of agricultural produce and its beneficial services and solutions for farmers, commercial kitchens, and other stakeholders in the food chain.
The acquisition amount was not disclosed. However, Kyosk Digital Services, led by Co-Founder and CEO Raphael Afaedor, is the company acquiring KwikBasket. The intention behind the acquisition is to combine Kyosk’s digital-first approach and large-scale operations with KwikBasket’s agricultural expertise, aiming to transform the African fresh produce market and establish a more efficient and inclusive ecosystem.
Kyosk Digital Services Co-Founder and CEO Raphael Afaedor
Through its online retail distribution focus, Kyosk Digital Services adopts a digital-first strategy and leverages data-driven insights. The organization seeks to revolutionize the accessibility and distribution of goods and services across Africa. By bringing together companies, customers, and suppliers, Kyosk.App facilitates smooth transactions and enhances supply chain efficiency.
The decision to acquire KwikBasket and expand into the African fresh produce market is driven by several crucial reasons. Firstly, African farmers face significant challenges due to fragmented and ineffective distribution networks for agricultural products. These challenges result in substantial output losses, low income, wastage, and high food costs. Kyosk aims to address these issues by providing farmers with better yields, reliable market access, fair pricing, crucial information and insights, and access to agri-inputs through its Farm & Fresh line. This acquisition allows Kyosk to enhance its offering to cater to the needs of farmers and create a more favorable marketplace for all stakeholders in the food chain.
Additionally, the launch of Kyosk’s Farm & Fresh line enables the company to meet the demands of eateries, restaurants, and other clients by supplying a steady flow of premium goods. Kitchens and restaurants often face challenges due to lengthy lead times in the supply chain, including concerns about food safety and quality, food waste, expensive logistics, and delays in filling consumer orders. By streamlining procedures, improving logistics, and enhancing inventory management, Kyosk Farm & Fresh aims to address these challenges and ensure pricing stability, competition, food safety, openness, and traceability across the supply chain.
A Look at Kyosk Digital Services
Kyosk Digital Services is a startup founded with the vision of revolutionizing the accessibility and distribution of goods and services throughout Africa. Although the specific founding date is not mentioned in the given information, the organization operates with a digital-first approach and relies on data-driven insights to drive its operations.
The primary markets of Kyosk Digital Services are in Africa, where it seeks to transform the retail landscape and address the needs of small retail establishments and traditional retailers, particularly those located in low-income, underserved urban neighborhoods. The African retail market is estimated to be worth around US$600 billion and is projected to grow at a rate of 5% to 6% annually. By targeting these retailers, Kyosk aims to provide them with improved services and support, as they have historically faced challenges such as poor service, high shipping expenses, difficulty in reaching producers and distributors, frequent stockouts, and limited access to credit.
In addition to its focus on the retail sector, Kyosk has expanded its activities to include electrical goods, health, and beauty products. The organization aims to transform value chains by digitizing processes, allowing retailers to directly place orders with fast-moving consumer goods (goods) companies without intermediaries. This direct interaction enables retailers to access competitive pricing and cost savings.
Furthermore, Kyosk goes beyond the delivery of goods and collaborates with financial institutions to extend its outreach to traditional stores, farmers, and other businesses. By offering services like loans and insurance, Kyosk supports economic growth, stability, and financial inclusion for underrepresented enterprises and individuals.
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
Union54, a Zambian start-up backed by Tiger Global Management, is making a strategic shift by entering the race to develop super apps in Africa. With a growing market of tech-savvy individuals on the continent, the company sees an opportunity to tap into this potential. Union54’s founder and CEO, Perseus Mlambo, reveals their upcoming super app called ChitChat, which is expected to debut in September. This app will provide secure messaging capabilities along with dollar-based virtual cards, developed in collaboration with Mastercard, enabling users to engage in international transactions.
Union54’s founder and CEO, Perseus Mlambo
Union54 has ambitious plans for ChitChat beyond messaging. The platform aims to offer a wide range of services, including payments, gaming, dating, and food delivery. Mlambo emphasizes that users will have the convenience of sending money to each other, purchasing airtime, and buying bus tickets directly within the app. The company aims to replicate the success of super apps like Alipay and WeChat, which have thrived in regions with large unbanked populations.
The decision to develop a super app aligns with Union54’s previous focus as a fintech company. In 2021, they issued over three million virtual dollar cards, but had to suspend the service due to charge-back fraud. The company has since addressed the issue and taken steps to prevent it from recurring. Union54’s clients, who were provided with Mastercard’s virtual cards, experienced difficulties during the charge-back saga. Gabriel Swanepoel, the country manager of Mastercard South Africa, confirms that measures have been implemented to rectify the situation.
Union54 plans to finance the ChitChat project using the $12 million it raised through a Y Combinator seed funding round led by Tiger Global. They intend to retain 40% ownership of ChitChat and involve local companies in the markets they aim to operate initially, including Angola, Tanzania, Uganda, and Zambia. Collaborations have been established with companies like Nala, a money transfer service, in Tanzania and Uganda; PayPay Africa in Angola; and Zazu Africa payments app, founded by Mlambo, in Zambia.
The future looks promising for fintech companies and their offerings in Africa, including super apps. As cross-border trade within the continent continues to grow, McKinsey & Co has forecasted that African fintech revenues could increase eightfold, reaching $30 billion by 2025. Mlambo believes that the key to success lies in expanding beyond just a few markets, which many fintech companies have failed to do thus far.
In summary, Union54’s entry into the super app race demonstrates their strategic pivot towards capitalizing on Africa’s tech-savvy market. With the upcoming ChitChat app, they aim to provide a comprehensive platform that combines secure messaging, international transactions, and a range of services to cater to the needs of African users.
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
Orange Tunisia continues to actively support Tunisian startups through its comprehensive program, ranging from support to acceleration, through the Orange Digital Center. This year, the 5th cohort of Orange Fab Tunisia includes 7 newly accelerated startups, bringing the total number to 30 and the number of contracts signed since 2019 to 44. Throughout the business support process, these startups have been able to develop their commercial activities in just a few months.
Orange Fab Tunisia
Operating in different sectors, the 7 accelerated startups stand out for their innovative solutions focused on cutting-edge technologies:
Kumulus: A startup aiming to provide affordable and sustainable drinking water. Their machines, the size of a mini-fridge, produce drinkable water using only solar energy and air as resources. During their acceleration with Orange Fab Tunisia, the startup signed a tripartite partnership with the Orange Group Foundation, Orange Tunisia Foundation, and the “Un enfant, Des sourires” association for the deployment of three Kumulus machines in different regions.
Historiar: A startup specialized in e-culture, reconstructing archaeological and heritage sites using mixed reality and artificial intelligence. After the business acceleration program with Orange Fab Tunisia, the startup obtained its first international contract to create an educational and cultural MOOC on Carthage, funded by the Orange Group Foundation, with scientific support from Tunisian public institutions for heritage preservation. The MOOC will soon be available on Cultural MOOCs — Orange Foundation.
Club Privilèges: A mobile application offering discounts of up to 30% with over 1200 partners, including restaurants, clothing stores, hotels, and more. During the acceleration program, the startup integrated mobile payment into their Club Privilèges platform, allowing Orange customers to subscribe to daily subscriptions using their phone balance and save up to one month’s salary per year. Exclusive, diverse, and tailored offers for Orange customers are also available on the My Orange application.
Bakchich: A community platform helping content creators monetize their work through innovative features for publishing freemium and premium content, with payment options including credit cards. With the support of Orange Fab Tunisia, the startup implemented a new payment method on their platform. Users can now support and reward content creators through tips and/or subscriptions during streaming sessions, using mobile recharge in addition to credit cards.
Digibrain Agency: A new digital sales and animation channel enabling brands/retailers to market their products through live shopping on social networks, providing a better customer experience. Following the business acceleration with Orange Fab Tunisia, the startup signed a contract with Orange Tunisia, becoming its first major client. They are currently in the technical deployment phase for an imminent launch.
Pwn & Patch: With its intelligent dark web monitoring and surveillance platform called Oktoboot, Pwn & Patch detects various data leaks that threaten businesses. Additionally, Pwn & Patch offers cybersecurity consulting services. The acceleration within Orange Fab Tunisia created synergy between startups, promoting the exchange of services and products between Pwn & Patch and Yoteki. Furthermore, a business partnership is currently under negotiation.
Yoteqi: An innovative SAAS solution designed to help professionals network and acquire new clients through digital business cards (NFC), a personal website generator, and an AI/machine learning-enhanced contact manager. Thanks to a recent B2B speed dating event organized by Orange Fab Tunisia, the startup signed several contracts with Orange Tunisia’s business partners and present startups.
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
French multinational retailer Carrefour has lodged a claim against the Senegalese startup MarketCarrefour.com regarding the ownership of the domain name. The dispute arose when the Senegalese company purchased the domain name from Register Godaddy as part of its project incubation program.
Carrefour claims that the domain name marketcarrefour.com infringes upon their trademark and intellectual property rights. They argue that the similarity to their established brand name could lead to confusion among consumers and dilute the distinctiveness of the Carrefour name. Carrefour, as a well-known brand globally, seeks to protect its intellectual property rights and maintain control over its brand identity.
Acting on behalf of Carrefour, the IT company IP Twins has reportedly taken several measures to challenge the ownership of the domain name. They are urging international bodies, such as the World Intellectual Property Organization (WIPO), to intervene and revoke the domain name from the Senegalese entrepreneurs.
While Carrefour asserts its rights in this matter, representatives from the Senegalese startup have not yet publicly responded to the claims made against them. It remains to be seen how this dispute will unfold, and whether the two parties can reach a resolution through negotiations or legal proceedings.
The outcome of this case will likely have implications for the broader discussions surrounding trademark infringement, domain ownership, and the balance between protecting established brands and fostering innovation within the startup ecosystem.
As the situation develops, interested parties and stakeholders are closely following the progress of this domain dispute. Updates and official statements from Carrefour, MarketCarrefour.com, and relevant international bodies will provide further insights into the resolution of this dispute.
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 an impressive feat, Turaco, the African insure-tech company committed to providing affordable insurance solutions, has announced that it has surpassed a significant milestone of insuring over 1,000,000 lives four years after it was founded in 2019. With a $10 million Series A funding secured in September 2022, Turaco has leveraged this investment to achieve rapid growth. Operating in Nigeria, Kenya, and Uganda, Turaco has successfully offered a much-needed safety net against financial shocks to mass market consumers.
Ted Pantone, the CEO and Co-Founder of Turaco
This remarkable achievement includes 350,000 new customers who joined Turaco’s insurance program within the last three months. This surge in customer uptake can be attributed to the company’s recent partnership with Airtel Money Uganda and Prudential Uganda. The overwhelming response underscores the demand for Turaco’s innovative and customer-centric products and approach. The Airtel Hospital Sente product, designed to be user-friendly and accessible, offers a simple two-step USSD sign-up process and ensures an average turnaround time of 15 hours for claims processing and payment.
To understand the significance of Turaco’s milestone, one must consider the alarming statistics in Africa. Every year, an estimated 89 million Africans face catastrophic health events, often spending up to 10% of their income on a single incident. Shockingly, these health emergencies push 14 million Africans into poverty annually. One of the contributing factors is the lack of insurance coverage, as less than 2% of individuals in East and West Africa have access to insurance. Turaco is determined to bridge this gap by expanding access to affordable and straightforward insurance products.
Turaco’s key strategy lies in forming partnerships with leading tech-enabled companies, including M-KOPA, Paga, One Acre Fund, and Vision Fund. Through these collaborations, Turaco designs white-labeled insurance products, allowing customers to sign up and pay for insurance while purchasing other goods or services. This strategic approach has proven successful, as Turaco achieves a conversion rate of over 50% when selling insurance through these partnerships. By addressing price points and ensuring a frictionless and efficient distribution model, Turaco has created a value proposition that resonates with customers and meets their specific needs.
Ted Pantone, the CEO and Co-Founder of Turaco, expressed his excitement about surpassing the 1 million customer mark, emphasizing the impact it has on individuals and communities. He said, “This number represents 1,000,000 individual mothers, fathers, children, and community members that have access to better healthcare and improved financial resiliency as a result of Turaco insurance. We are excited to continue on our path to 1 billion people insured.”
Turaco’s sustainable business strategy has facilitated its expansion, with operations now established in Uganda and Nigeria. The company is actively seeking further partnerships to accelerate the adoption of mass market insurance across Africa. The collaboration with pay-as-you-go firms like M-KOPA, ride-hailing platforms such as SafeBoda, fintech companies, and microfinance institutions allows Turaco to offer insurance bundled with their main products or services through API integration. Customers can secure life, asset, medical, and auto insurance for as little as $0.2.
Pantone emphasized the demand for insurance among Africans and the importance of designing and selling products with a focus on affordability and a seamless customer experience. He stated, “Demand is not the issue. People actually really want to buy insurance if it’s designed appropriately for them from a price point value proposition, and if it’s sold in a frictionless, efficient manner. So, most of our innovation is really around the distribution model. That’s really the key we are fixing to make it really easy for people to say yes, and then pay for insurance.”
In summary, here are the key strategies that enabled Turaco achieve this milestone:
Strategic Partnerships: Turaco formed partnerships with influential tech-enabled companies, including Airtel Money Uganda, Prudential Uganda, M-KOPA, Paga, One Acre Fund, and Vision Fund. These collaborations enabled the design of white-labeled insurance products, allowing customers to easily sign up and pay for insurance while purchasing other products or services.
Customer-Centric Approach: Turaco’s commitment to customer satisfaction is evident in its innovative and simplified processes. The two-step USSD sign-up process and the average 15-hour turnaround time for claims processing and payment have resonated well with customers, highlighting the company’s dedication to providing simple and user-friendly experiences.
Addressing Urgent Needs: Turaco identified the pressing issue of catastrophic health events affecting 89 million Africans annually, leading to significant financial burdens and pushing 14 million individuals into poverty each year. By offering affordable and accessible insurance products, Turaco addresses these needs and empowers individuals with better healthcare and improved financial resilience.
API Integration with Partners: Turaco leveraged API integration to collaborate closely with partners such as PayGo firms like M-KOPA, ride-hailing platforms like SafeBoda, fintech companies, and microfinance institutions. By bundling insurance with their primary goods or services, Turaco significantly expanded its reach and achieved a high conversion rate, as low as $0.2, for life, asset, medical, and auto insurance.
Innovative Distribution Model: Recognizing the limited insurance penetration in Africa due to outdated procedures and excessive paperwork, Turaco revolutionized the distribution model. By employing disruptive technology and efficient sales processes, Turaco ensured a frictionless and efficient experience for customers, enabling a higher acceptance rate and driving demand for insurance products.
While insurance penetration in Africa remains below 3%, the emergence of insurtech companies like Turaco signifies a turning point for the industry. Traditional insurers have relied on outdated procedures that involve agents and extensive paperwork, limiting their reach and hindering product acceptance. However, disruptive technologies and innovative products introduced by insurtechs like Turaco are revolutionizing the market, promising a brighter future for insurance coverage in Africa.
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
SWVL, a global provider of tech-enabled mass transit solutions, has announced significant changes to its board of directors, as it strives to maintain compliance with Nasdaq’s audit committee requirements. The company recently received a notice from Nasdaq stating that it did not meet the audit committee requirement for continued listing, which necessitated immediate action.
In response to this development, Swvl appointed two new board members to address the deficiency. Mr. Ayman Ismail Mohamed Ahmed Soliman joined the Company’s Board of Directors and audit committee on May 17, 2023. Additionally, on June 13, 2023, Ms. Esther Dyson was appointed to serve on the audit committee. These appointments ensure compliance with Nasdaq’s audit committee requirements, effectively resolving the deficiency issue.
Mr. Ayman Ismail Mohamed Ahmed Soliman, Chairman of the newly formed New Cairo Capital Company, brings extensive expertise in overseeing the US$45 billion New Administrative Capital project.
Ms. Esther Dyson is an accomplished executive founder of Wellville, a leading angel investor, and a renowned figure in the technology industry, with notable investments and experience in various sectors.
The compliance journey began when two key board members, W. Steve Albrecht and Gbenga Oyebode, decided to resign from their positions on the board of directors and audit committee. Unfortunately, these resignations resulted in the company no longer meeting the required number of independent members for the audit committee, as stipulated in Nasdaq’s Listing Rule 5605.
Swvl, a provider of intercity, intracity, B2B, and B2G transportation solutions, offers semi-private alternatives to public transportation. The company’s tech-enabled platform allows individuals who cannot access or afford private options to enjoy safe, efficient, and environmentally friendly mobility. By providing convenient parallel mass transit systems, Swvl empowers its customers to travel whenever and wherever they want. The company’s proprietary app offers easy booking, diverse payment options, and access to high-quality private buses and vans.
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
Visa has announced the launch of a Fintech Accelerator program for Africa. Today, Visa announced the launch of the new Visa Africa Fintech Accelerator program aimed at fostering the growth of the African startup community through expertise, connections, technology, and investment funds. The initiative was presented by Visa’s Executive Chairman, Alfred F. Kelly Jr., at the Bloomberg New Economy Gateway Africa in Marrakech, Morocco.
The Visa Africa Fintech Accelerator will enable 40 startups each year to accelerate and scale their growth through an intensive three-month training program focused on business development and mentorship. Upon completion of the program, Visa plans to further support fintech growth by making equity investments in selected participating companies, while accelerating their commercial launch through access to Visa’s technology and resources.
The launch of the Africa Fintech Accelerator program follows Visa’s recent commitment to invest $1 billion in the digital transformation of Africa and its long-term commitment to advancing African economies and fostering inclusive growth. Fintech startups from across Africa can apply to be part of the program through two open application phases each year, starting in July 2023. With over 1,000 African fintech startups participating in the Visa Everywhere Initiative (VEI) competition in 2022, finalists from this year’s African country editions will be invited to join the program.
“Africa has one of the most exciting and admired fintech ecosystems in the world, bringing exceptional entrepreneurial talent to a young and digitally eager population that is expanding rapidly,” said Alfred F. Kelly Jr., Executive Chairman of Visa, Inc. “Visa has been growing its investments in Africa for decades and strengthening partnerships across the continent to support the next wave of innovation and growth. Our new Fintech Accelerator will bring expertise, networks, and investments to the best fintech startups in Africa, enabling them to scale up.”
Supporting participating fintechs will contribute to strengthening the payment ecosystem by accelerating new innovations and technologies that provide solutions to Africa’s specific challenges and advance digitalization. In line with Visa’s mission to advance everyone, everywhere, by being the best way to pay and be paid, this support for African fintechs will facilitate the emergence of new opportunities to spread financial inclusion.
“The African fintech community is at the forefront of payment innovation, enabling a greater number of the unbanked to access the digital economy,” said Otto Williams, Director of Partnerships, Products, and Solutions for Central Europe, Middle East, and Africa at Visa. “Visa has been working with this innovative community to create new programs and solutions to help fintechs grow while providing them access to Visa’s technology and partner ecosystem. With the new Visa Africa Fintech Accelerator, we look forward to collaborating with more brilliant entrepreneurs and companies to shape the future of money.”
In addition to its $1 billion commitment to Africa, Visa has recently launched several commercial initiatives and programs to advance the payment ecosystem in Africa. These include:
Establishing local operations in the Democratic Republic of Congo, Ethiopia, and Sudan to help support and strengthen the local financial ecosystem. Visa has 10 offices across Africa, from which it facilitates payments across all 54 countries.
Unveiling the first-ever Visa Innovation Studio for Sub-Saharan Africa in Nairobi, Kenya, to provide a state-of-the-art environment for bringing together clients and partners to co-create future-ready payment and commerce solutions.
Introducing and developing new technologies that help African consumers and merchants make and receive digital payments, such as Tap to Phone, which turns a regular mobile phone into a point-of-sale terminal, as well as reducing remittance costs through innovative solutions like Visa Direct.
Establishing Visa as a preferred partner of fintech by working with innovators and entrepreneurs, including through the Visa Everywhere Initiative program, with specific initiatives in South Africa, Kenya, and Egypt.
Launching new programs to support women’s empowerment in collaboration with financial partners, including She’s Next, which provides financing, mentoring, and networking opportunities to women entrepreneurs leading growing SMEs in Egypt, Kenya, Morocco, and South Africa.
Collaborating with partners to advance financial education in multiple languages, including localized versions of Practical Money Skills in Egypt and Morocco for the first time.
Visa Everywhere Initiative is Visa’s global open innovation competition that allows startups to present their innovative solutions to solve tomorrow’s payment and commerce challenges. The program was first launched in the United States in 2015 and quickly expanded globally. To date, nearly 12,000 startups have applied to the program, many of which are now working with Visa or its clients. In addition to cash prizes, VEI program winners gain access to Visa’s extensive partner networks in banking, commerce, venture capital, and government sectors. Winners also benefit from the recognition of one of the world’s most trusted and valuable brands.
Visa (NYSE: V) is a global leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities in over 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable, and secure payment network, enabling individuals, businesses, and economies to thrive. We believe that economies that include everyone, everywhere, uplift everyone, everywhere, and consider access fundamental to the future of the movement of money. For more information, visit Visa.com.
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
The Ministry of Transport and Swvl, a transportation technology company, have entered into a significant cooperation protocol. This agreement aims to facilitate the transportation of passengers using smart applications. The signing took place at the Ministry of Transport’s headquarters in the New Administrative Capital.
Kamel Al-Wazir, the Minister of Transport, highlighted the Egyptian government’s commitment to enhancing mass transportation, including the subway, monorail, and express train systems. However, he acknowledged that certain areas might pose challenges in terms of accessibility via public transportation. In response to this, the concept of smart private transportation was introduced.
Mostafa Kandil, Swvl’s co-founder and CEO
The Minister emphasized that smart private transportation revolves around passengers requesting licensed private cars through technology-based platforms. The Ministry of Transport will oversee and regulate this system, which has existed in Egypt for several years but lacked proper supervision. The state’s involvement is crucial to ensuring the safety and quality of service for users.
To facilitate the implementation of this new transportation model, a law and executive regulations have been enacted. These measures aim to govern the operation of smart private transportation services and establish a framework for their safe and efficient operation.
Al-Wazir announced that Swvl, as the first company to comply with the regulations, has obtained a license to operate this smart transportation service securely on the streets. The Minister expressed his confidence in the success of this new endeavor on multiple fronts. He emphasized that the government’s ongoing efforts to develop roads and bridges will further contribute to the advancement of this innovative service.
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
Medius, a leading provider of accounts payable (AP) automation, has announced its intention to acquire Expensya, a company specializing in expense management software. Founded in Tunisia in 2014 by former Microsoft software engineers Karim Jouini and Jihed Othmani, Expensya offers web, mobile, and smart payment-card solutions that automate spend management for over 6,000 customers across more than 100 countries, with 700,000 active users.
Expensya’s software integrates seamlessly with leading ERP applications like SAP, Oracle, and Microsoft Dynamics, empowering companies to enable their employees to spend autonomously, reduce costs, save time, and optimize financial control within the Office of the CFO.
Karim Jouini, CEO of Expensya
Medius, on the other hand, leverages artificial intelligence in its software platform to streamline invoice capture, processing, and payments for mid-market and enterprise AP teams. Its advanced technology enables automatic identification of potential fraud or duplicate payments through anomaly detection, proactively mitigating risks. By acquiring Expensya, Medius aims to enhance its capabilities in areas such as autonomous AP, payments, procurement, sourcing, contracts, and supplier onboarding, leveraging Expensya’s AI-enabled, mobile-first employee spend management functionalities.
Both Medius and Expensya possess complementary geographic and product strengths, allowing for accelerated growth and cross-selling in the highly competitive business applications market. Expensya’s strong presence and expertise in employee spend management solutions in France will enable Medius to capitalize on the French e-invoicing mandate.
Jim Lucier, CEO of Medius, expresses his enthusiasm for the acquisition, highlighting Expensya’s innovative features and AI-powered innovation in transforming the spend management category. The shared ambition of both companies is to revolutionize finance by leveraging automation and AI, providing CFOs with transformative solutions and empowering their teams. Lucier warmly welcomes the entire Expensya team to the Medius family.
Although the exact value of the acquisition remains undisclosed, but it is understood that the acquisition is one of the largest in the MENA region and comes after Expensya’s impressive revenue growth. The company’s recurring revenue has more than doubled in the past two years, and it has expanded its workforce to over 200 employees, primarily located in Tunisia, France, and Germany. In May 2021, Expensya successfully raised $20 million in a Series B funding round.
Karim Jouini, CEO of Expensya, emphasizes the need for a unified platform to efficiently manage all spend within mid-sized organizations. With the combined offering of Expensya’s employee spend management solution and payment cards, alongside Medius’s AP automation platform, the companies can now address the entire indirect spend of organizations and apply the power of AI to optimize costs and processes comprehensively. Jouini looks forward to embarking on the next chapter of Expensya’s journey with Jim and the rest of the Medius team.
Kevin Permenter, research director for Financial Applications at IDC, highlights how Medius’s planned acquisition of Expensya will enable financial leaders to gain a holistic view of their organization’s travel performance and financial position. By facilitating the flow of data between travel and expense activities and relevant finance functions, advanced software tools like these are crucial for businesses aiming to thrive in the post-pandemic period.
This is the second major tech acquisition happening in the Tunisian startup ecosystem this year, after Tunisia-founded enterprise artificial intelligence (AI) startup InstaDeep was acquired in January for $648M by Germany’s BioNTech SE.
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
