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Nigerian digital banking startup, Umba, raises $15m in Series A funding to reach wider African markets

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A Nigerian digital banking startup, Umba, has secured a $15 million Series A funding to address the underserved markets in other African countries, after beating other contenders for the top prize.

Umba was in the Series A contest with the likes of Costanoa Ventures, Nubank, Monzo co-founder Tom Blomfield, and previous investors like Lachy Groom and ACT Ventures, Lux Capital, Palm Drive Capital, Banana Capital, and Streamlined Ventures.

Founded in 2018 by the duo of Barry O’Mahony and Tiernan Kennedy, Umba regards itself as an “African digital bank that offers consumers free bank accounts and financial services.”

The winning pitch by Umba which was given by Kennedy did the magic for them.

“In both banking and mobile money sectors, we created fundamental banking systems from the ground up and can give a tailored experience for the consumer at the drop of a hat,” Kennedy said.

“We can take all of that open financial data and underwrite it at scale with these various fragmented payment and data types,” he added.

“In practice, this means we’re multi-currency, multi-country, and capable of handling a wide range of payment types. And all of this takes time. Then there’s the capacity to move really quickly against opponents.” Kennedy said.

Following a $2 million seed fund in 2020, the latest funding for Umba brings the total amount it has raised since inception to $17.5 million.

With the new capital, the company said it will be able to test an “interoperable digital banking experience across African markets, as well as its services in Egypt, Ghana, and Kenya.”

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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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