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Stripe Acquire Paystack for $200+ Million to Enter into Africa Region

15Oct By Ankita SinghNo Comments

ACQUISITION

Stripe Acquire Paystack for $200+ Million to Enter into Africa Region

Nigeria, 15th Oct 2020: US-based online paymnet firm Stripe acquire Nigeria based payments firm Paystack for more than $200 million to enter into africa region. Earlier in 2018, Stripe invested $8 million in a Series A funding round for Paystack. With this acquisition Stripe will control more than half of online payments in Nigeria. Also, Paystack has already started a pilot with businesses in South Africa. Like Stripe, Paystack is a technology company powering growth for businesses in Africa through the API process in the payment system.More than 60,000 businesses in Nigeria and Ghana use Paystack to collect online and offline payments. The team has developed APIs enabling developers to create online custom checkout experiences, build automated recurring billing systems, instantl...

WorldRemit to Acquire Sendwave for $500 million

26Aug By AdityaNo Comments

ACQUISITION

WorldRemit to Acquire Sendwave for $500 million

LONDON, 26th Aug 2020-- Uk based global payments company WorldRemit has agreed to acquire Sendwave, a rapidly growing app-based remittance company in Africa for a $500 million cash and stock deal. Founded in 2014, Sendwave has built a leading and rapidly growing digital remittance service to East and West Africa, and this summer added Bangladesh, its first receiving market in Asia. Sendwave will continue to operate independently and retain its mobile applications, brand, management, employees and key partners. “Both WorldRemit and Sendwave share a common purpose: allowing customers to easily and cost effectively send financial support to families, friends and businesses in other countries,” said WorldRemit CEO, Breon Corcoran. “WorldRemit has one of the broadest and most accessible n...

Global Remittances could fall $109 billion in 2020 because of COVID-19

3Aug By PriyankaNo Comments

News

Global Remittances could fall $109 billion in 2020 because of COVID-19

As per the latest report by the World Bank, due to Covid-19, the Global Remittances could fall by $109bn in 2020. The total value of remittances reached $714 billion in 2019. At least 60 low- and middle-income country's GDP depend on remittances that are the most affected now. Tajikistan and Bermuda, for example, both depend on remittances for more than 30% of GDP. Other heavily-dependent countries include Nepal and Haiti. And the countries which rely on remittances the most often have economies which are already fragile. According to the International Monetary Fund (IMF), this money often helps even out trade deficits and provides a key source of tax revenue particularly in terms of indirect taxes like value-added tax and sales tax. Remittances to Asia and the Pacific, which ...

Mark Zuckerberg’s Philanthropy Venture Invested $24 million in Andela

17Jun By AdityaNo Comments

FUNDING

Mark Zuckerberg’s Philanthropy Venture Invested $24 million in Andela

Facebook Inc founder Mark Zuckerberg's philanthropy venture has made its first major investment, leading a funding round in a startup that trains and recruits software developers in Africa. The Chan Zuckerberg Initiative LLC, created by Zuckerberg and his wife Priscilla Chan, led a $24 million Series B funding in Andela, the startup said on Thursday. Alphabet Inc's GV, previously known as Google Ventures, was also part of the funding round. Andela selects the top 1 percent of tech talent from Africa, trains them and places them in engineering organizations. The startup, which has nearly 200 engineers currently employed by its Nigeria and Kenya offices, will use the funds to expand to a third African country by the end of 2016. "We live in a world where talent is evenly distr...