Mono’s Sequence A, The Digital Gender Hole, Airtel Cash’s Pay Later Service • •
At this time I’m discussing:
- Mono’s Sequence A
- Digital gender hole
- Airtel Cash’s spend now and pay later service
Editor’s Notice: Within the Techpoint Digest for yesterday, October 10, 2021, we said that “solely 10% of West African startups with a feminine co-founder have raised $1 million.” which was considerably deceptive.
A extra correct assertion could be, “solely 10% of West African startups with a feminine co-founder raised over $1 million between 2010 and 2019”, because it clearly states the timeframe for funding actions in Girls-led startups. You’ll be able to take a look at this piece for extra.
Mono broadcasts $15m Sequence A to hurry up development in Africa
What occurred? On Monday, October 11, 2021, African fintech startup, Mono, introduced a $15m Sequence A. This spherical follows a $2 million seed raised in Could.
American funding agency Tiger International led this spherical, with participation from SBI Funding, Goal International and Common Catalyst, all first-time buyers in Mono. Returning buyers embrace Ingressive Capital, Entree Capital, Golden Palm Funding Company (GPIC), Lateral Capital, and Acuity VC.
What’s up with Mono? Mono is a fintech API that serves as a supply for monetary knowledge. They combination knowledge like revenue, account statements, real-time steadiness, buyer spending patterns, and historic transactions right into a single API for monetary corporations and third-party builders.
Maintain on a bit: A month after the startup launched, it raised a $500k pre-seed in September 2020, then a $2m seed in Could 2021. This quantities to $17.5 million in funding disclosed up to now. If funds raised in funding rounds connotes traction, then Mono appears to be rising. Though, normally, traction displays extra in user-base development and income.
Per TechCrunch, Mono’s CEO Abdulhamid Hassan, former Product Supervisor at Paystack , shared that not solely has Mono partnered with 270 companies and builders in processing over 200 million monetary knowledge transactions, they’ve additionally seen a 45x year-on-year development in connecting financial institution accounts and a 10x income improve since their pre-seed in Could.
Coupled with a latest growth to Ghana and a deliberate foray into Kenya, South Africa, and Egypt, Hassan says that the majority of Mono’s strikes are based totally on clients’ requests, as they’ve constructed a fame amongst clients. With this funding, they’re trying to develop options for non-tech and conventional industries and set up a footprint in 5 African international locations by subsequent 12 months.
This text supplies some much-needed context on Mono and the rising sub-sector it’s taking part in in: Why API-led fintech startups have gotten a giant deal in Nigeria
International locations lose $1 trillion from the digital gender hole in over a decade
Shock, shock? Points like gender imbalance in schooling, unequal pay, and the exclusion of ladies in financial actions and revolutionary processes appear to be over-flogged discussions, and by now, you’d count on a speedy change in insurance policies to deal with these gaps. Sadly that isn’t the case.
Bye-bye cash: On Monday, October 11, 2021, the World Huge Internet Basis and Alliance for Inexpensive Web(A4AI) launched a report on the Financial Penalties of the Digital Gender Hole, and it was discovered that lower-middle-income international locations have misplaced an estimated $1 trillion in GDP as a consequence of digital gender hole in over a decade.
What’s the digital gender hole? It’s the facet of the digital divide — the division of individuals into the related and unconnected and disparity in entry to know-how — that exists because of gender variations. The report reveals that globally, girls are disproportionately excluded from the Web, with 52% of males prone to be on-line than girls.
However why does it exist? This hole exists for each intentional and unintended causes, which embrace inequalities in schooling and digital expertise, social norms that discourage girls and women from being on-line, privateness, security, and safety.
From the 32 international locations surveyed, one-third of ladies had been related to the Web, translating right into a $24 billion loss in tax income yearly. To dig up these figures, the report reviewed 70% of the collective GDPs of those international locations and paired it with present knowledge from the Worldwide Telecommunications Union (ITU). You will discover the total report right here.
Going ahead: In a consistently evolving world, the necessity for digital inclusion is essential, and we can’t construct strong partitions for the long run if one half is unnoticed. Early introduction and entry to know-how and digital innovation will make a world of distinction.
Tanzanian Airtel Cash customers get additional spending energy
Airtel Cash customers in Tanzania can now spend and pay later
What’s the information? On Monday, October 11, 2021, cell cash supplier, Airtel Cash, introduced that by way of a partnership with I&M Financial institution, Tanzania, it had launched Kamilisha, a digital lending service that permits customers to entry overdrafts. Based mostly on phrases and situations, in fact.
With Kamilisha, clients with no funds of their pockets can purchase airtime and knowledge bundles, perform person-to-person (P2P) transfers, make water and electrical energy invoice funds to Dar es Salaam’s Water and Sewerage Authority (DAWASA), and The Tanzania Electrical Provide Firm Restricted (TANESCO), and pay again later.
The way it works: To entry this service, customers can dial the code *150*60#, choose 0, click on on fund my pockets, and activate Kamilisha for transactions by urgent 1. The know-how behind this service is powered by YABX, an African-focused fintech startup that provides credit score amenities.
Enjoyable reality. Kamilisha is a Swahili phrase which means “full.”
In case you missed it on •
- A journey by means of the lives of 4 girls doing massive issues in African tech. Learn.
What I’m studying/watching
- Early Work. Learn.
- Lisa Bentley: “Perception Trumps Expertise Each Time.” Learn.
- Your elusive inventive genius. Watch.
- Mono is hiring a Technical Product Specialist. Apply right here.
- Attend the Product-Led Progress (PLG) information founders’ meet and greet hosted by Netcore. See particulars right here.
- Altschool by TalentQL has launched. Earn a Diploma in Software program Engineering. Be part of the waitlist.
Have a wonderful day!