Welcome to today's brief. There's activity from Zola Electric, Facebook, Jumpin and Kenya's Commercial Bank of Africa. I am going to be as brief as possible. Let's dig in already.
- SA's Jumpin raised $137,000
What happened: South African ride-sharing startup Jumpin Rides raised US$137,000 from local and international angel investors to launch apps, expand its customer base and begin expansion into other African markets.
Why is it important: The ride-hailing market around the world is eventually going to be consolidated. And, in the end, you'll have two winners in form of Uber and Lyft who'll have an interest in almost - if not all - significant ride-hailing startups across the world. Perhaps, Jumpin is positioning itself for something like that. Who knows what might happen? Uber Eats acquired orderTalk
SA’s Jumpin Rides raises $137k funding round - Disrupt Africa
2. Kenya's CBA has added new offers to its financial services app
What happened: Commercial Bank of Africa has added new features to its financial services app Loop including increasing the amount of money it will be lending. Customers will be able to access loans of up to $30,000 that will be payable in 3 years.
Why is it important: Fintech in Africa means lending. Now, I may be wrong, but the lending space seems to be getting crowded with so many options available. How do you separate yourself from the crowd? Take a higher risk. Additionally, don't be surprised when CBA is among the first banks in Africa to go all digital. They partnered with Safaricom and MTN (Rwanda and Uganda) to launch microlending products M-Shwari and MoKash respectively.
CBA’s Loop to issue mobile loan amount of up to Sh3m - Capital FM
3. Zola Electric raises $20 Million
What happened: Zola Electric, formerly Off Grid Electric, raised $20 Million in debt from SunFunder and a family fund that wasn't disclosed.
Why is it important: There is a lot of funding that comes to Africa. However, most of it is impact tagged. Given all energy companies have a social impact element by default - they target the bottom of the pyramid - they have increasingly had it easier to tap into this type of funding.
Energy company Zola Electric closes $20 Million from SunFunder and others - Digest Africa
4. Expat founders find it easier to raise funding in Africa
What happened: Olivia Zank, the co-founder of Rwandan factoring firm BeneFactors, told Ventureburn that expact founders find it easier to raise funding than their African counterparts.
Why is it important: Actually, the right word should be white founders, not expat founders. Additionally, this is not something being realized now. White founders and the people who fund them have known it all along. However, it is important that they are speaking about it. Though, it would even be better if they go beyond just words and put that into action.
Expat founders have it easier than locals, says Danish founder of Rwandan startup - Ventureburn
5. Facebook is secretly fighting Uganda's social media tax
What happened: Kojo Boakye from Facebook is in Kampala engaging government officials and other stakeholders affected by the social media tax that came into effect just a month ago. He also spoke at an event yesterday.
Why is it important: Facebook is trying to avoid the fire from spreading seeing that many African countries could be adopting a wait and see approach towards the same. Take an example of Egypt.
That's it. Don't forget to subscribe here to get this week's brief in your inbox tomorrow - Malinz