Connect with us

Technology

Flutterwave, an online payments company founded by Nigerian 26-year old, raises over $10 million.

Published

on

Costs by Africa’s organisations as well as customers amounts to over $4 trillion every year and also African companies are anticipated to invest around $3.5 trillion by 2025, African customers are seriously restricted in just how they could take part in the electronic economic situation. Charge card infiltration by international card brand names like Mastercard as well as Visa in Africa is much less compared to 3% as well as approving neighbourhood repayment techniques could be complicated for huge firms like Facebook, Uber, Google, Netflix and also Amazon. Flutterwave collaborates with Pan-African financial institutions to give these firms the underlying innovation as well as assimilations to repayments in neighbourhood money with regional debit cards, savings account or mobile budgets throughout 30 African nations.

” The electronic economic climate is the brand-new international economic climate. Regardless of its unbelievable assurance, Africa is omitted from it since of a number of difficulties with its fragmented and also out-of-date repayment systems. Flutterwave is constructing modern-day repayments framework to power development for the electronic economic situation of among the fastest-growing areas worldwide,” claims Iyin Aboyeji, CEO and also Co-founder of Flutterwave.

Started by a group of African ex-bankers, business owners and also designers, Flutterwave has already processed over $1.2 billion in payments across over 10 million transactions. While it is located in San Francisco, Flutterwave has workplaces in Lagos, Nairobi, Accra, Johannesburg as well as preparing to broaden additional throughout the African continent in 2017.

” Greycroft is scouring the globe for amazing SaaS business, and Flutterwave is among the fastest growing software application firms we have actually seen,” claims Ian Sigalow at Greycroft Partners. “Flutterwave constructed a light-weight, developer-friendly tool that provides key elements of a modern-day financial core, as well as they have swiftly displaced traditional solutions throughout Africa. In Nigeria alone, they are currently processing a stake in the Nigerian economy since the beginning of last year”

The round was led by Greycroft Partners and also Green Visor Capital with involvement from Y Combinator and also Glynn Capital. This brand-new financing is an enhancement to previous financial investments by the business’s present capitalists which consist of, Omidyar Network, Social Capital, CRE Venture Capital as well as HOF Capital among others.

” Flutterwave is developing a framework as well as modern technology solutions that will certainly aid improve African payments. We are delighted to be dealing with this remarkable group,” claims Joe Saunders, Chairman as well as General Partner at Green Visor Capital.

The round was led by Greycroft Partners and Green Visor Capital with engagement from Y Combinator as well as Glynn Capital. This brand-new financing is an enhancement to previous financial investments by the firm’s present capitalists which consist of, Omidyar Network, Social Capital, CRE Venture Capital as well as HOF Capital among others. Flutterwave will certainly utilize the funding to employ even more skill, construct out its worldwide procedures as well as sustain its growth throughout Africa.

” We are delighted to work with world-class investors that have helped build global payment giants like Visa and Braintree to achieve our mission of building a modern-day payment infrastructure to link Africa to the global economy,” says Aboyeji.

Continue Reading
Advertisement

Innovation

Rise of An African-Induced Innovation – Solar Powered Car in Kenya

Published

on

By

Kenyan student, Samuel Karumbo, has graced Kenya and Africa with an amazing solar-powered car.

Before, the history of science and technology in Africa received little or no attention compared to other regions in the world. It had become a common thing to read mostly negative things about Africa. Today, however, that conception is fast changing as African countries like Kenya, Nigeria, Ghana, South Africa are fast making their way in the technology industry.

There have been an increased number of great technological developments in Africa from startups to inventions. Though most of these innovations are emerging from the thriving of tech hubs popping up across Africa, most of the technology transforming the continent comes from elsewhere.

However, Africans can still boost of progress in the Technology industry. It is in Africa that we will hear of inventions like; Ugandan Engineers Mamaope jacket that can detect pneumonia, Cameroon’s Arthur Zang’s tablet that monitors your heartSteamaco electricity grid in Kenya that can provide electricity for a whole village.

Also, we are talking of the latest developer of a solar powered car that is making rounds in Kenya. The solar powered car was developed by a 30 year old Kenyan student Samuel Karumbo. His childhood desire to own a less expensive car motivated him to come out with this innovation – transforming dream to reality

Benefits of a Solar Powered Car

The invention of a solar powered car is practical in a continent characterized by very hot climatic conditions. The car uses energy from the conversion of the sun’s energy into electricity through the exchange of photons and electrons inside the solar cell. Thus, the availability of sun at all time during the day, gives everyone the opportunity to have this car without cost for maintenance.

A solar powered car has many benefits that make it fit for the African environment. Some of them are;

  •      It produces no harmful emission in the air when it is running
  •      Its motor is much more efficient and quiet than the gasoline engine.
  •      The motor does not produce vibrations and it is generally smaller and  maintenance free.
  •      The car is much lighter.
  •      The car does not require refueling and oil changes since it uses the sun to get its energy
  •      He said the vehicle depends heavily on gravity when on descend.
  •      The motor acts as a generator for producing energy for later use.
  •      The car can cover about 50 km in a day.
  •      This hybrid car can also be used to charge phones or provide home lighting.

In other to achieve a complete dream, Karumbo is appealing for financial support for his project.

There is always this problem of funding that always pops up. And this has been a major barrier for young inventors, creators and entrepreneurs in Africa. Unfortunately or fortunately, most funds for African technology do not come from philanthropists. They come from foreign investors who always expect returns.

Challenges faced by Young African Inventors and Creators

Access to capital

Young inventors and startups in Africa face a severe lack of capital that would allow them to grow their businesses beyond local, informal markets.

Physical infrastructure

According to Ndubuisi Ekekwe, founder of the African Institute of Technology, while rapid advances in internet penetration are improving the innovation atmosphere, basic components of infrastructure like power, roads, post offices are still severely lacking. Investments in these basic building blocks will allow businesses to expand more rapidly and make their operations more efficient.

He added that many potential foreign investors are scared away by corrupt public institutions and the seeming inability or unwillingness of African legal systems to enforce property rights and IP protection.

Most African inventions are geared towards solving the problems faced by Africans. For example, Dougbeh Chris Nyan born in Liberia  worked with Scientists both in Liberia and America to invent a battery-powered device that provides a quick and cheap test for seven different infections at a time. It is generally common to find a person in Africa diagnosed of different diseases, thus making the invention Africa-induced.

African governments should encourage young creators and inventors to bring inventions that will come to solve an African problem. This will lead to Africa’s rise in Technology in the nearest future.

Continue Reading

Trending