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Kenya’s fintech startup, Kwara, wraps up $3 million seed funding

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Kenyan fintech startup, Kwara, has announced raising $3 million funds to enable it extend its banking-as-a-service solution services beyond the eastern African region.

The new investment, according to Cynthia Wandia, Kwara CEO and founder, was led by its existing backers like DOB Equity, Globivest and the founder of Kobalt Music and new investors, African VCs.

With this acquisition, Kwara, a startup which digitizes Kenyan credit unions, will now offer its “solution and neobanking experience to Kenya’s” 4000+ credit unions to consolidate credit union banking as the preferred retail banking method in the country.

“We have spent the last three years uplifting the credit union sector in Kenya, becoming the leading core banking provider in Kenya. Our clients grow up to 4 times faster than other credit unions and serve members up to 100 times more efficiently,” Wandia said while announcing the new funding.

“This acquisition enables us to place a digital banking experience in the hands of every credit union in Kenya, together with the most established credit union partner in Kenya,” Wandia added.

According to her, Kwara’s mission is to “bring financial health to all, and strongly believes that credit unions or savings cooperatives are the fastest way to get there.”

“Our vision is to make a credit union account the primary account for 30 million people by 2025, and by 2032 to make credit union banking the standard for 1 billion people in 15 emerging markets,” she said.

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Angola inaugurates new satellite control centre for ANGOSAT-2

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Angola has inaugurated its first satellite control centre with the main task of monitoring the activity of the country’s satellite, ANGOSAT-2.

While inaugurating the Centre on Friday at the Funda area of Luanda, the southern African country’s capital, President João Lourenço said the fully equipped centre with technical and technological means will be maintained by its technical experts with the help of Russia after the launch of the ANGOSAT-2 in October last year.

“With the launch of this satellite and its commissioning, Angola will win in all services, so we will improve our telecommunications and our social communication and will also benefit from this important project,” President João said.

“Therefore, further investments to ensure that our telecommunications contribute to the development of the country and the services of our economy, not just of Angolan society, will continue to be made.

“It has been said here that in terms of fibre optics and therefore cable transmission and investment that we are making today to connect Angola to the neighbouring country, specifically the DRC,” the President added.

The Satellite Mission and Control Center, according to local media, is an intelligent infrastructure with multiple engineering advantages, capable of guaranteeing the tracking, monitoring and operation of satellites.

Angola had, in December 2017, launched its trial satellite ANGOSAT-1 alongside the Russian rocket, but it was soon to be lost after it had lost control as soon as it entered orbit.

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Egyptian e-sports platform, GBarena, buys Tunisia’s Galactech, for $15m

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Egyptian e-sport startup, GBarena, has acquired the Tunisia-based online tech platform, Galactech, in a swap deal worth $15 million.

GBarena which is the leading Middle Eastern e-sports platform, gounded in 2016 by Mustafa Zaza and Bishoy Mesdary, in its bid to create an online gaming community the connects gamers with tournament organisers and customers, said in a statement on Friday that its quest to provide its customers with a platform where they can manage their tournaments through fully automated processes informed its decision to acquire the Tunisian firm.

Galactech, founded in 2019 by Houcem Maiza and Houssem Zouaghi, has over 200,000 active users and with the acquisition,will support GBArena’s plans to expand into the GCC, including Saudi Arabia, Dubai, Tunisia, and the Middle Eastern esports industry.

The acquisition marks a milestone transaction for GBarena in anticipation of closing its Series A later this year, with participation from investors in the US, Singapore and the MENA region.

“Our goal has always been to provide our users with an unparalleled e-sports experience, no matter where they’re located in the world. With our acquisition of Galactech, we can now ensure that our users from North Africa will have access to identical features and content they have come to expect from us while providing them with extensive opportunities for growth and development within the esports community,” CEO Samer Wagdy said.

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