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Rwandan fintech startup, Payday, secures $3m funding to drive expansion

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Rwandan fintech startup, Payday has announced securing a $3 million seed funding in its bid to expand its operations into the European and North American markets.

Payday, a leading pan-African neobank that issues global accounts to Africans across the globe, made the announcement on Friday after sealing the seed round of funding which was led by Moniepoint in conjunction with HoaQ, DFS Lab’s Stellar Africa Fund, and other angel investors such as Dare Okoudjou and Tola Onayemi.

Founded in June 2021 by Favour Ori, the startup allows users to send and receive money in USD, GBP, Euros and 20 other currencies, allowing Africans to work remotely for international organisations, and be paid and withdraw money in the currency of their choice regardless of location.

Currently operational in Nigeria, Rwanda and the UK, Payday offers its more than 330,000 users virtual Visa and Mastercards, which can quickly be generated using the Payday app, according to Ori.

“We’re thrilled that this round of funding will lay the foundation for the continued growth of our platform as we expand our services to a wider audience,” he said.

“This investment represents a significant milestone for our company and we are grateful for the trust and commitment shown by our investors both existing and new.

“We’re amped to scale our Payday platform and reach more Africans, not only on the continent, but around the world,” he added.

Also speaking on the new funding, Elijah Kingson, Payday’s CPO, said the funds would be used to boost talent acquisition as the startup’s team expands from 35 to 50 employees, as it looks to further fuel the future of work through borderless payment alternatives in major currencies.

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DR Congo sues tech giant Apple over illegal mineral exploitation

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The Democratic Republic of Congo (DRC), has filed a criminal case against the European subsidiaries of tech giant, Apple, accusing them of illegal mineral exploitation and allegedly using “blood minerals” in its supply chain.

In the suit filed on Tuesday, the DRC alleges that Apple has bought contraband supplies from the country’s conflict-ladden east and Rwanda, zones in which it allege the materials are mined illegally and then integrated into global supply chains before ending up in tech devices.

The DRC suit specifically mentioned Apple subsidiaries in France and Belgium, accusing the tech giant of using conflict minerals in its supply chain.

The DRC is a major source of tin, tantalum, and tungsten which are used in electronic devices, with some mines controlled by armed groups responsible for human rights violations.

International lawyers representing the African country’s government have accused Apple’s local subsidiaries of taking these minerals from conflict areas and laundering them through international supply chains, with one lawyer telling journalists that Belgium had a moral duty to act given its history of exploiting the country’s resources under colonial rule.

However, in its response, Apple claims it conducts supplier audits and does not directly source primary minerals.

https://www.thenews.com.pk/print/1262670-dr-congo-sues-apple-over-alleged-illegal-mineral-exploitation

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Moroccan retail-tech startup Z raises $1.5m to drive intense growth

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Morocco-based B2B retail-tech marketplace, ZSystems, has announced closing a $1.5 million seed funding round which will see it carry out its ambitious expansion dreams.

In a statement by co-founder and CEO, Meriem Benabad, the funding round was led by Morocco-based Venture Capital firms, MNF Ventures (through its MNF II fund), Witamax (through Fund II and III), Cash Plus Ventures, and Kalys Ventures.

“This funding marks a pivotal moment for Z, as we aim to scale operations and bring cutting-edge solutions to traditional retail.

“Our vision is to empower small businesses and unlock growth across Morocco and Africa,” Benabad said.

According to Benabad, the newly acquired capital will support Z’s technology development, product catalogue expansion, and preparation for its next growth phase.

“Z is reshaping the retail landscape by integrating technology and innovation across the value chain. Its scalable platform empowers traditional retailers and brands with direct access to consumers, reviving competitiveness in traditional trade (hanouts), which accounts for 85% of the FMCG market,” he added.

Founded in 2022 by the trio of Benabad, Samer Choumar and Youssef Ait-Haddouch, Z’s platform empowers traditional retailers and brands with direct access to consumers, reviving competitiveness in traditional trade (hanouts), which accounts for 85% of the FMCG market.

Since launch, the startup has helped over 15,000 active retailers, and seen more than 800,000 orders placed.

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