🪙 Nigeria files tax evasion charges against Binance |💰 IFC invests $10.5m in 4DX Ventures | 📚 Spotify’s Bold Leap into e-learning

In today’s menu ☕️

💰 IFC Invests $10.5 Million in 4DX Ventures to Boost Tech Innovation in Africa
🪙 Nigeria files tax evasion charges against Binance as detained executive escapes
💵 Coronation Group, Access Holdings Plc, Safaricom and M-PESA Africa Partner to Explore Remittances
📚 Spotify’s Bold Leap into e-learning: A New Avenue for Growth
🏍️ Dodai secures $4 million funding to scale-up electric vehicle production amid Ethiopia’s shift to green transport
🎥 Canal+ expands investment in Africa with stake acquisition in Senegal’s Marodi TV
👩🏾‍💻 Opportunities

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💰INVESTMENTS

IFC Invests $10.5 Million in 4DX Ventures to Boost Tech Innovation in Africa

In a bid to catalyze innovation and entrepreneurship in Africa’s burgeoning tech ecosystem, the International Finance Corporation (IFC) has announced a $10.5 million investment in 4DX Ventures, a New York-based venture capital firm specializing in early-stage African technology companies.

The investment, facilitated through IFC’s $225 million venture capital platform launched last year, underscores a concerted effort to strengthen emerging VC ecosystems and support early-stage companies across Africa, the Middle East, Central Asia, and Pakistan. 4DX Ventures’ new fund, supported by IFC’s investment, will target companies offering tech solutions that enhance productivity, efficiency, and competitiveness across Africa...……continue reading

🪙CRYPTOCURRENCY

Nigeria files tax evasion charges against Binance as detained executive escapes

The Federal Inland Revenue Service (FIRS) in Abuja has commenced legal proceedings against the cryptocurrency exchange Binance and its detained executives, Nadeem Anjarwalla and Tigran Gambarya, citing four instances of alleged tax evasion. This announcement was made in a statement released on Monday. This development is occurring against the backdrop of reports indicating that one of the detained Binance executives, Nadeem Anjarwalla has left Nigeria.

The allegations leveled against Binance include the non-remittance of Value Added Tax (VAT), Company Income tax (CIT), non-compliance with tax return filing obligations, and facilitating tax evasion for its users. Additionally, the federal government has charged Binance with failure to register for tax purposes with the FIRS and violating the country's tax laws.

Reports emerged over the weekend that Anjarwalla escaped on Friday from the Abuja guest house where the Binance executives was being held. The two executives had traveled to Nigeria due to a ban imposed on their website in the country....……continue reading

💵 REMITTANCES

Coronation Group, Access Holdings Plc, Safaricom and M-PESA Africa Partner to Explore Remittances

In a landmark collaboration aimed at enhancing access to remittances throughout Africa, Coronation Group, Access Holdings Plc, Safaricom Plc, and M-PESA Africa have joined forces to create a strategic alliance dedicated to fostering financial inclusion and economic prosperity across the continent.

The partnership seeks to explore solutions that will establish a remittance corridor between East and West Africa, bridging some of the continent’s largest economies and facilitating seamless financial transactions.…..continue reading

🏦 FINANCIAL SERVICES

Kenyan insurtech startup mTek raises $1.25M for expansion in East African insurance markets

The Kenyan insurtech startup mTek has successfully garnered an investment of $1.25 million in a funding round. The principal investors who contributed to this were Verod-Kepple Africa Ventures and Founders Factory Africa. These new funds represent a significant boost for mTek in their mission to expand their operations within Kenya and to extend their insurance services to markets across East Africa…..continue reading

🎥 MEDIA

Canal+ expands investment in Africa with stake acquisition in Senegal’s Marodi TV

Canal+ Group, a prominent French media company, has recently invested in Marodi TV, which is a Senegalese production firm. While the specifics of the investment have not been disclosed, the transaction is intended to broaden the collaborative relationship between the two companies and bolster Canal+ Group’s standing in French-speaking regions of Africa.…..continue reading

🏍️ TRANSPORTATION

Dodai secures $4 million funding to scale-up electric vehicle production amid Ethiopia’s shift to green transport

Dodai, an electric vehicle manufacturer based in Addis Ababa, Ethiopia, recently raised $4 million in a Series A funding round. The investment, funded by Nissay Capital, Musashi Seimitsu, and Inclusion Japan, will be used to enhance the company’s scale.

The company plans to allocate 80% of the raised funds to import electric motorcycle parts and lithium batteries. The remaining portion of the funds will be utilized for operational costs and software development. Dodai aims to introduce a battery-swapping system by the end of 2024...……continue reading

📚 E-LEARNING

Spotify’s Bold Leap into e-learning: A New Avenue for Growth

Spotify is venturing into the world of e-learning, offering a new line of content aimed at educating its vast user base. Launching initially in the U.K., Spotify is testing the waters with a selection of freemium video courses, produced in collaboration with partners such as the BBC and Skillshare. These courses cover a wide range of topics, from music production to business skills, and are priced between £20 to £80 on average.

The courses will be accessible through Spotify’s platform, both on the web and via the mobile app, and will be featured prominently in the home and browse tabs under “Courses.”..……continue reading

OTHER STORIES

• Here are 8 Key Considerations when transitioning from Stage Gate to Agile Product Development..….read more

• Koa Academy Wins Prestigious 2023 MEST Africa Challenge, Securing $50,000 Investment….read more

• Tunisian AI startup ClusterLab raises $600K to develop advanced language models and revolutionize Arabic content…..read more

• Nigerian fintech firm Leatherback has teamed up with Mumbai-based YES BANK in a bid to improve the process of remittance and immediate Indian Rupee (INR) payouts within India…..read more

• British investment group commits $65 million to Indorama fertiliser plant for expansion projects….read more

OPPORTUNITIES

• Invitation for Female Entrepreneurs to Apply: Bayer Foundation Women Empowerment Award….read more

• Call for Applications: Amazon Web Services South Africa’s Equity Equivalent Investment Programme for SMEs….read more

• Irish Tech Challenge 2024: Call for South African startups to help address global issues….read more

• 14th Orange Social Venture Prize in Africa and the Middle East Now Open for Applications…..read more

• Applications Now Open for the Second Edition of the BH Africa Startup Awards….read more