Tech

Africa-focused payment platform, Zazuu shuts down operations

Published

5 months ago

November 19, 2023

Africa-focused payment platform, Zazuu has announced shutting down its operations due to its inability to secure a growth funding round.

The fintech founded in 2018 by four Nigerian entrepreneurs, Kay Akinwunmi, Korede Fanilola, Tosin Ekolie, and Tola Alade, posted on LinkedIn that it was closing down its operations.

“To our friends and supporters, we have some difficult news to share. Zazuu will be closing its doors,” the company said in the statement.

“When we started Zazuu, our mission was to make international money transfers fair for Africans. With the support of our investors and team, we made huge strides securing regulatory approvals, building our products, and laying the groundwork for future growth.”

The fintech added that due to a tough funding climate, it failed to secure a growth funding round despite exploring every option.

“Massive thanks to our brilliant team, our customers who stuck with us, our investors, and partners who bought into our vision. Your belief in us kept us going.

“Sure, it stings. We explored every option before making this decision,” the company said in the LinkedIn post announcing the closure.

“But we’re walking away with our heads high, proud of what we built and the lessons learned. We’re still all about making financial services fair and accessible for all. We are so grateful to have shared this experience with you,” the statement said.

Zazuu had made history in June when it became the first fintech marketplace for cross-border payment networks in Africa to raise over $2 million from investors like Launch Africa, Founders Factory Africa, ODBA, HoaQ, Tinie Tempah, Jason Njoku, Babs Ogundeyi, and other angel investors.

Zazuu started out as a simple Facebook and Telegram chatbot informing users of daily FX rates, before evolving into a full-blown aggregator that listed more than 17 Africa-focused remittance providers on its platform before its closure.

Related Topics:Featured fintech Payment Platform Zazuu

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Tech

RepAir, Cella partner to launch carbon capture in Kenya

Published

2 days ago

April 27, 2024

Akanimoh Etim

Global Direct Air Capture (DAC) firm, RepAir, has entered into a partnership with carbon storage technology company, Cella, to launch a first-of-its-kind innovative Carbon Capture and Storage venture in Kenya.

In a statement on its website on Friday, RepAir said the venture will see a replication of its “cultivating partnerships” with storage firms in Europe, U.S. and Africa.

“This storage agreement will streamline the sale of high-quality carbon credits to off-takers, enabling corporations to meet evolving ESG standards, manage offsets and advance towards net zero goals,” the statement issued by RePAir CEO, Amir Amir Shiner, stated.

“Our solution sets a new standard, requiring only 600 kWh per ton of CO2 captured, marking the lowest energy consumption on the market.

“This agreement is perfectly aligned with the launch of our commercial demonstrator in 2025, empowering RepAir to offer high-quality carbon credits to our customers.

“It will see to the establishment of a storage partnership with Cella aimed at creating dedicated value chains for extracting CO2 from the atmosphere and permanently storing it underground through in-situ mineralization.

Corey Pattison, CEO, Cella, who also issued a statement on the partnership, said “by partnering with Cella at our first demonstration site, RepAir can capitalize on two critical resources: the potential for truly permanent, highly verifiable carbon storage via mineralization combined with Kenya’s abundant renewable energy sources.

“Together these resources provide a comprehensive solution for capturing and storing CO2 for off-takers. This collaboration represents an extraordinary opportunity to nurture mutual growth.”

Tech

Intel Liftoff Hackathon 2024 calls for applications from African AI startups

Published

3 days ago

April 26, 2024

Akanimoh Etim

Applications for the 2024 cohort of Intel Liftoff Hackathon has opened for African AI startups designed to bring together aspiring tech entrepreneurs, software developers, and AI enthusiasts to collaborate, innovate, and create solutions to concrete African challenges.

In its second edition, the hackathon welcomes pioneering early-stage AI startup teams from the African continent, delving into experiments with LLM technology, a statement on the website of the organiser stated.

It added that the Intel Liftoff Hackathon for African AI Startups, which will be held online on May 27-31, is themed “Hack and Connect”, and will take place in partnership with Modus Africa, University Mohamed VI Polytechnic, Morocco

Other partners include TUT Hub of Artificial Intelligence Institute of South Africa, Prosper Africa, UM6P Ventures, FAST Accelerator, Innov8 Technology Hubs, and Open Startups International.

“The hackathon will feature hands-on workshops that will allow learning of AI essentials; three days of challenges with mentors to test skills; exhibition opportunities to showcase startups and forge partnerships with industry leaders; and networking opportunities to engage with fellow startups and gain insights from domain experts in the AI ecosystem,” the statement said.

“Winners will be invited to join the Intel Liftoff for Startups programme, and receive unique mentoring sessions with ecosystem partners and marketing opportunities with blog articles,” it concluded.