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Nigerian remittance fintech, Chipper Cash, reportedly put up for sale

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A Nigerian remittance fintech company, Chipper Cash, is reported up for sale following the closure of the US-based Silicon Valley Bank (SVB), which is expected to affect a lot of tech companies around the world.

A report by major tech news outlets in Nigeria on Thursday noted that the company, which is one of the best-performing fintechs in Africa which was valued at $2 billion in late 2021 after a $100 million Series B funding by SVB, has hit bad times in recent times and is considering a sale.

The fintech firm also had the backing of crypto trading firm FTX, but now, analysts suspect the downward spiral of these financiers has affected Chipper’s balance sheet, one report said.

However, the CEO of Chipper Cash, Ham Serunjogi, has downplayed the impact of the sale claims, saying that it has normal for the startup to receive requests for mergers and acquisitions.

“It’s been fairly common practice for us to receive various M&A proposals from different parties, which we evaluate to varying degrees. That being said, we have never sought to be acquired,” Serunjogi said in a statement.

He assured customers of the remittance company that the collapse of SVB will not have a significant effect on the operations of Chipper Cash.

“We had a very limited amount of money, only about $1 million, held in our SVB account at the time the bank was taken over by the California regulator.”

“What is happening now doesn’t change that. Additionally, SVB wasn’t the only investor in that round.”

“Five years ago, when I was trying to open Chipper’s first bank account, SVB was the only bank that would accept us. I know there are countless other startups all doing very important work who would say the same thing,” Serunjogi reiterated.

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Egyptian AI-powered ed-tech startup Sprints raises $3m to scale up platform

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Egyptian AI-powered ed-tech startup, Sprints, has announced raising $3 million bridge round of funding to help it scale up its platform with the aim of “redefining education for the future”.

Co-founder and CEO of Sprints, Ayman Bazaraa, who made the announcement on Thursday, said the platform which is on a “mission to educate one billion learners in 10 years” raised the $3 million bridge round of funding led by Disruptech Ventures with investments from EdVentures and CFYE, among others.

“Our team is the beating heart of this success. We’re a proud force of passionate trailblazers, consisting of over 100 employees and 300 trainers from 12 countries, united by a single mission, to revolutionise education through AI,” said Bazaraa

“This investment is a resounding validation of the team’s tireless efforts and unwavering dedication.

“Today, I stand proud of what we’ve collectively accomplished, and brimming with anticipation for the future we will pave together,” Bazaraa added.

Founded in 2020 by Bazaraa and Bassam Sharkawy, Sprints is the first end-to-end platform in the MENA region to bridge the tech talent gap, spanning talent assessment, customised learning journeys, and top-paying job guarantee.

The startup delivers world-class, agile-based learning journeys that empower organisations to build top-notch tech teams in all tracks, including AI, data science, mobile, web, IoT, cloud computing and cybersecurity, according to a citation on its website.

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Radisson Group targets 25 hotels in Morocco by 2030

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The Radisson Hotel Group says it has set a goal of setting up 25 hotels in Morocco, which will expand its current portfolio of 11 hotels in operation to 36 by 2030.

Erwan Garnier, Senior Director, Development, Africa at Radisson Hotel Group, who disclosed this in a statement, saidMorocco continues to be a crucial market for the group’s development, while also accelerating its expansion in the country which is part of its vision of redefining the group’s expansion strategy for the country.

“I am delighted to lead our expansion efforts in Morocco and take them to new heights. Leveraging our success in the country thus far, our expansion strategy will concentrate on targeting the major cities in Morocco,” Garnier said.

“Our focus will be on strengthening our presence in Casablanca and Marrakech, where we currently operate the conveniently located Radisson Blu Hotel, Casablanca City Center and the highly acclaimed Radisson Blu Hotel, Marrakech Carré Eden.

“Additionally, we plan to establish our presence in the key cities of Rabat, Tangier, Agadir, and Fez.

“In light of Radisson Hotel Group’s strategic 5-year plan and the 2030 FIFA World Cup in Morocco, we have identified significant potential within these cities to establish a diverse portfolio consisting of ideally located business hotels, efficient serviced apartments, premium mixed-use projects, and expanding our portfolio of exceptional resorts.

“The introduction of the Radisson brand with the imminent opening of the Radisson Hotel Casablanca Gauthier La Citadelle in the vibrant Gauthier district of Casablanca, marks a notable development.

“This new establishment will be the flagship of the Radisson brand in Morocco, marking the entry of a new brand for the group in the country and underlining our commitment to quality and diversified expansion,” he added.

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