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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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Kenya’s ticketing startup BuuPass partners Flexpay for flexible travel payments 

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Kenyan digital ticketing startup, BuuPass, has entered into a partnership with goal-based savings platform, Flexpay, to offer customers flexible payment plans ahead of holiday travels as well as simplify travel planning and ease the financial burden of holiday travel for Kenyans.

Co-founder and CEO at Buupass, Sonia Kabra, who unveiled the package at a press conference, said the collaboration between the two platforms will allow travellers to save for their journeys in manageable, interest-free installments over four to 12 weeks.

“Travelers can select their travel dates, book tickets, and pay a small deposit upfront, with the remaining balance spread across weekly or monthly payments,” she said.

“This approach offers a stress-free way for families and large groups to secure their tickets early, helping them avoid last-minute price hikes as fares are locked in.

“By partnering with Flexpay, we’re giving travelers the flexibility to budget for their trips in advance. This initiative aligns with our mission to make travel accessible to everyone, providing a solution that meets customers where they are financially,” said Kabra.

Also speaking at the event, Richard Machomba, CEO and founder of Flexpay, said:

“Flexpay’s mission is to empower individuals by providing accessible financial solutions that make it easier for them to achieve their financial goals.

 

“By partnering with BuuPass, we’re making travel more accessible and stress-free for Kenyans, especially during the holiday season when expenses can be overwhelming,” Machomba added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

FlexPay, on the other hand, is an online and offline payment gateway that allows merchants to offer interest-free targeted savings to their customers in Africa.

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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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