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💵 Nedbank acquires payments fintech iKhokha for $94m

💵 Nedbank acquires payments fintech iKhokha for $94m

🤖 Perplexity AI bids $34.5B for Google Chrome

Innovation Village
August 14, 2025

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Today’s Menu ☕️

💵 Nedbank acquires payments fintech iKhokha for $94m
🤖 Perplexity AI shocks tech industry with $34.5B bid for Google Chrome amid antitrust turmoil
🏍️ Ampersand Secures Major Funding to Accelerate East Africa’s Electric Mobility Revolution
💵 Street Wallet closes $350K funding round to empower informal traders with QR payments
⚖️ U.S. Regulator Sanctions Nigerian Audit Firm Over Tingo Fraud Links

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💵 ACQUISITION

Nedbank acquires payments fintech iKhokha for $94m

iKhokha CEO Matt Putman

Nedbank has agreed to acquire payments fintech iKhokha for R1.65 billion ($94 million) in an all-cash deal, marking one of the bank’s largest fintech investments. The move aligns with Nedbank’s strategy to deepen its presence in South Africa’s SME sector by pairing iKhokha’s mobile point-of-sale (mPOS) technology with its own banking expertise. Founded in 2012 in Durban, iKhokha offers portable card machines and a mobile app that accepts card payments, tracks sales, and provides business management tools.

CEO Matt Putman sees strong synergies between the two companies and believes the partnership could enable expansion beyond South Africa. The deal also delivers an exit for long-time investors Apis Partners, Crossfin Holdings, and the International Finance Corporation. Crossfin, an early backer, praised iKhokha’s growth and the strategic fit with Nedbank. Pending regulatory approval, the acquisition could strengthen Nedbank’s role in digital payments, offering SMEs an integrated blend of traditional banking and fintech-driven solutions designed to improve efficiency, competitiveness, and access to financial services...……continue reading

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🤖 ARTIFICIAL INTELLIGENCE

Perplexity AI shocks tech industry with $34.5B bid for Google Chrome amid antitrust turmoil

Perplexity AI, valued at $18 billion, has made a surprise $34.5 billion all-cash bid to acquire Google’s Chrome browser, which has over 3.5 billion users. The move comes amid U.S. Department of Justice efforts to force Google to divest Chrome after being found guilty of monopolizing internet search. The DOJ views Chrome as a crucial access point for search and advertising data and believes divestiture would boost competition.

Perplexity, which recently launched its AI-powered Comet browser, pledged to keep Google as Chrome’s default search engine while allowing changes, maintain Chromium support, and invest $3 billion in upgrades. The offer is backed by venture capital, but industry analysts doubt its feasibility, citing Chrome’s strategic value and Google’s likely resistance. Founded in 2022, Perplexity has rapidly grown in the generative AI space, competing with OpenAI and Meta. The bid reflects its ambition to control key digital access points across browsers, search, and content platforms..........…continue reading

🏍️ FUNDING

Ampersand Secures Major Funding to Accelerate East Africa’s Electric Mobility Revolution

Ampersand, Africa’s leading electric mobility company, has secured a significant funding round to expand its operations across East Africa. The round combines equity from Seedstars Africa Ventures, Gaia Impact, Rwanda Green Fund, Raspberry Syndicate, and others with additional backing from existing investors, enabling a catalytic working capital investment from British International Investment (BII).

The capital will support the scaling of Ampersand’s electric motorcycle fleet, battery swap network, and charging infrastructure, aiming to double battery capacity by early 2026 and deliver over 35,000 daily swaps. Ampersand’s solution reduces energy costs for boda boda riders, potentially doubling their earnings while cutting over 90% of tailpipe emissions.

With proven demand, strong investor confidence, and strategic partnerships such as BYD, Ampersand is positioning itself as a first mover in Africa’s sustainable transport sector — setting a model for climate-positive growth in emerging markets........…continue reading

💵 TELECOMS

Street Wallet closes $350K funding round to empower informal traders with QR payments

Street Wallet, a South African fintech startup, has raised $350,000 (R6.2 million) at a $2 million valuation to expand its mobile payment solution for the informal economy. Founded in 2021 by Kosta Scholiadis, the company enables street vendors, car guards, and township shopkeepers to accept instant digital payments via QR code lanyard cards. Customers scan the QR code using platforms like Apple Pay, Samsung Pay, SnapScan, or Zapper, with vendors receiving SMS confirmations and overnight conversion of earnings into withdrawable Standard Bank Instant Money Vouchers.

Targeting South Africa’s 3.9 million unbanked or underbanked citizens, Street Wallet charges a 5% transaction fee, offering discounts for large merchant networks. The startup operates across three verticals: individual traders, business-led networks, and wage disbursement, with Johannesburg wage services launching soon. Competing with established players like Yoco and PayShap, it differentiates through low-cost, hardware-free, and instant-cash solutions, and plans to add AI-powered analytics for merchants........…continue reading

⚖️ FRAUD

U.S. Regulator Sanctions Nigerian Audit Firm Over Tingo Fraud Links

The U.S. Securities and Exchange Commission (SEC) has taken decisive action against Nigerian accountant Olayinka Temitope Oyebola and his Lagos-based firm, Olayinka Oyebola & Co., for aiding one of the largest financial frauds involving an African tech company in U.S. markets. On August 11, 2025, a New York federal court approved a settlement imposing $100,000 fines on both Oyebola and the firm, permanent injunctions against violating antifraud laws, and a six-year suspension from practicing before the SEC.

The penalties relate to their role in assisting Dozy Mmobuosi, founder of the defunct Tingo Group, in submitting fraudulent audit reports to the SEC. Instead of exposing the misconduct, Oyebola allegedly misled another auditor, helping to sustain the deception.

Tingo collapsed in 2023 after regulators accused Mmobuosi of fabricating nearly all business data, leading to over $250 million in disgorgement orders. The case underscores the SEC’s cross-border enforcement reach and the accountability risks for professionals in global capital markets.........…continue reading