Fines !! Fines !! LinkedIn - $334m; Apple & Goldman Sachs - $89m

Today’s Menu ☕️

⚖️ LinkedIn hit with $334 million EU fine for GDPR violations
🛒 South African e-commerce logistics startup Pargo secures $4 million in funding and launches operations in Egypt
💳 Apple and Goldman Sachs fined $89m for misleading Apple Card holders
✅ NIBSS set to unveil non-resident BVN platform for Nigerians in diaspora
🚚 Moroccan logistics startup Colis.ma secures $300K investment for expansion and market consolidation in Africa

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⚖️ REGULATION

LinkedIn hit with $334 million EU fine for GDPR violations

LinkedIn is at risk of incurring a substantial fine of €310 million ($334 million) from the European Union following a ruling by the Irish Data Protection Commission (DPC). The DPC concluded that LinkedIn had inappropriately used its members’ personal data for targeted advertising through behavioural analysis without proper consent, which is a breach of the General Data Protection Regulation (GDPR).

The GDPR mandates clear consent, legitimate interest, or contractual necessity for the processing of personal data, and LinkedIn’s actions, along with those of its third-party partners, failed to comply with these requirements.

The DPC issued a stern reprimand to LinkedIn along with an order to ensure all data collection practices are aligned with GDPR standards. DPC Deputy Commissioner Graham Doyle emphasized the severity of the infringement, noting that lawful data processing is a cornerstone of data protection law and that any processing without a valid legal basis constitutes a significant infringement of individuals’ fundamental rights to data protection.……continue reading

🛒 ECOMMERCE

South African e-commerce logistics startup Pargo secures $4 million in funding and launches operations in Egypt

Pargo, a pioneering smart logistics enterprise established in 2015 by Lars Veul and Derk Hoekert in Cape Town, specializes in providing innovative e-commerce delivery solutions. The company has developed a vast network of over 4,500 advanced, technology-driven Pargo Points, which has successfully facilitated connections between prominent firms such as Amazon, Bash, and Jumia, and an extensive base of more than 10 million online consumers.

The logistics firm has recently secured a substantial investment of US$4 million in a funding round spearheaded by 3Capital Ventures (formerly associated with Allan Gray), along with contributions from Endeavor, SAAD Investment Holdings, and UW Ventures. This infusion of capital is earmarked for the enhancement of Pargo’s service offerings and the expansion of its Pargo Point network.........continue reading

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⚖️ REGULATION

Apple and Goldman Sachs fined $89m for misleading Apple Card holders

Apple and Goldman Sachs have come under intense regulatory scrutiny over the Apple Card, resulting in a substantial $89 million fine issued by the Consumer Financial Protection Bureau (CFPB). The penalty stems from what the CFPB describes as “illegally mishandling transaction disputes and misleading iPhone purchasers about interest-free payment options,” which have affected hundreds of thousands of Apple Card users.

The CFPB’s investigation found that Apple failed to send tens of thousands of disputed card transactions to Goldman Sachs in a timely manner. When these disputes were finally processed, Goldman Sachs reportedly did not adhere to federal requirements for investigating them. The mishandling of disputes is a violation of multiple consumer protection laws, which mandate financial institutions to properly investigate transaction issues raised by cardholders…….continue reading

✅ IDENTITY MANAGEMENT

NIBSS set to unveil non-resident BVN platform for Nigerians in diaspora

In a bid to enhance financial inclusion for Nigerians living abroad, the Nigerian Inter-Bank Settlement System (NIBSS) is gearing up to unveil a novel non-resident Bank Verification Number (BVN) platform in December 2024. This innovative platform is designed to facilitate the seamless operation of local bank accounts, business activities, and resolution of Know Your Customer (KYC) issues for Nigerians globally, without the need for their physical presence.......continue reading

INTERVIEW

Meet Emmanuel Afemikhe, Who Went From Gospel Rap to Africa’s Leading Voiceover Entrepreneur

Emmanuel Afemikhe, better known as King E, is not just a voiceover artist; he’s a pioneer shaping the future of the industry in Africa. With over a decade of experience, King E has built Voiceover Workshop and Media into a thriving, tech-enabled platform that empowers aspiring voice actors and drives the growth of the African media and content space........continue reading

🚚 LOGISTICS

Moroccan logistics startup Colis.ma secures $300K investment for expansion and market consolidation in Africa

Colis.ma, an emerging logistics enterprise based in Morocco, has recently garnered a substantial investment of $300,000 in its pre-seed financing round, courtesy of Witamax, a venture capital firm supported by private investors. This infusion of capital is earmarked for bolstering Colis.ma’s operational footprint within the five most significant regions of Morocco and extending its reach to six European nations. Additionally, the company has charted out a strategic roadmap for its foray into the African continent, with an initial focus on West African markets.

In anticipation of its future growth trajectory, Colis.ma is also laying the groundwork for an additional fundraising endeavor, which is anticipated to take place in the early months of 2026. This forthcoming financial round is aimed at propelling the startup to capture a larger slice of the competitive logistics industry........continue reading

OTHER STORIES

• Leatherback Co-Founder Ibrahim Ibitade Resigns as CEO; Toni Campbell Appointed as Interim Chief Executive…..read more

• Sendstack shifts focus from last-mile delivery to corporate logistics software…..read more

• Moroccan Prop-Tech Startup Agenz Secures Undisclosed Funding for Expansion…...read more

• Afreximbank Approves $3 Million Loan for Expansion of Mediwood Studios…....read more

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