Tech

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

Published

1 year ago

March 16, 2023

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.

Related Topics:Chipper Cash Featured fintech Silicon Valley Bank

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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.