Tech

Rwanda’s e-mobiility startup IZI expands electric bus fleet after getting grant from Green Fund

Published

11 hours ago

October 21, 2024

Rwanda’s e-mobility startup, IZI, has announced the delivery of five electric buses to Kigali, the country’s capital city, after obtaining a substantial grant from the Rwandan Green Fund.

IZI, a frontrunner in electric vehicle solutions which says it is on a mission to electrify Rwanda’s public transport sector, has, in just four months of operation, grown its initial fleet of five electric buses to an enviable height.

CEO of the startup, Alex Wilson, believes the grant is a testament to the success story of IZI.

“These results validate our E-Mobility-as-a-Service model. We’re not just reducing emissions; we’re proving that sustainable public transport is economically viable in Africa.

“Building on this success, IZI has secured an RWF 300,000,000 grant from the Rwanda Green Fund to deploy five additional electric buses in Kigali.

“These vehicles will represent the most advanced public transport in Rwanda to date, boasting features such as an independent intelligent driver’s cabin, air suspension balanced driver’s seat, full LCD dashboard, one-step entry, and a flat-floor design for improved passenger comfort,” he said.

He added that the success of IZI’s pilot has led to strong demand from other Rwandan public bus operators.

“IZI has now signed contracts with 4 leading transport companies for the deployment of over 100 buses, marking a significant expansion of its operations.

“Looking ahead, IZI plans to establish a state-of-the-art battery maintenance and repair facility in Kigali, supporting the entire EV ecosystem in Rwanda and positioning the country as a centre of innovation in the EV industry,” he added.

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Tech

Nigerian fintech Yellow Card raises $33m to fund expansion drive

Published

3 days ago

October 19, 2024

Isaac Dachen

Nigerian-based pan-African fintech, Yellow Card, has announced raising U$33 million in Series C funding to enable it drive its global expansion and strategic initiatives, taking its total equity funding to $85 million.

In a statement announcing the funds, Yellow Card’s co-founder and CEO, Chris Maurice, said the capital would be applied to fund growth and expansion, particularly through enhancing Yellow Card’s API and widget products— the gateways for international businesses, including Coinbase and Block, to tap into African markets and for Pan-African companies to easily make international payments and manage their treasury via stablecoins.

“This fundraise not only demonstrates our resilience, but also highlights the vital role of digital assets for businesses across Africa,” said Maurice.

“We are excited about the opportunities, partnerships, and journey ahead; and I’m proud to work with an incredible cohort of investors that share our vision for the industry and the continent.

“Additionally, Yellow Card is developing innovative new products for the continent, strengthening its team and systems, and continuing to lead engagement with regulators across the continent,” Maurice added.

Founded in 2019, Yellow Card has steadily become the largest and first licensed Stablecoin on/off ramp on the African continent with operations spanning 20 African countries and over $3 billion in transactions facilitated across the continent.

In September 2022, the startup had announced the close of its $40 million Series B funding round, and has now followed that up with a $33 million Series C round, led by Blockchain Capital, with participation from Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.

Speaking on the funding, Aleks Larsen, General Partner at Blockchain Capital, said the future of payments lies in fast, affordable rails for everyone, powered by open networks.

“We couldn’t be more excited to back Yellow Card as they bring Africa on-chain with stablecoins,” Larsen said.

Tech

Binance launches mobile money payments for Crypto purchases in West, Central Africa

Published

3 days ago

October 18, 2024

Isaac Dachen

World’s largest cryptocurrency exchange platform, Binance, has launched seamless mobile money payments in Benin Republic, Cameroon, Ivory Coast, Democratic Republic of Congo (DRC), Togo and Senegal, which enable users purchase crypto directly through local partnerships.

The launching of the platform comes a few weeks after Binance
had announced that users in Ghana, Tanzania, Uganda, and Zambia can now buy and sell crypto assets using mobile money.

According to the crypto giant, the
new functionality further strengthens its commitment to providing simple and secure access to cryptocurrency for users across the continent, reinforcing the platform’s vision of financial inclusion.

Spokeswoman for the firm, Samantha Fuller, said in a statement:

“We remain focused on advancing financial inclusion and delivering user-friendly solutions for crypto adoption across Africa.

“This expansion into West and Central Africa is a significant step in our mission to increase crypto adoption, providing millions of people with more direct access to the global digital economy.”

She added that the new service currently supports only ‘BUY transactions, further simplifying the entry point for new crypto users in these regions, while providing them with a reliable and secure platform to acquire digital assets.”