🧬 Nigeria set to deploy 90,000 km of fibre optic cable by Q4 2025

Today’s Menu ☕️

🧬 Nigeria set to deploy 90,000 km of fibre optic cable by Q4 2025
💼 Google makes historic $32B acquisition of cloud security startup Wiz
💰 Rapyd secures $500M at $4.5B valuation to finalize $610M acquisition of PayU
🏦 TymeBank reports surge in deposits to nearly R7 Billion following unicorn status achievement
💰 Nairobi-based Leta secures $5 million to enhance AI-powered logistics solutions across Africa
💵 Safaricom M-PESA and LakiPay join forces to boost digital payments in Ethiopia

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🧬 TELECOMS

Nigeria set to deploy 90,000 km of fibre optic cable by Q4 2025

The Nigerian Government has officially announced its ambitious plans to deploy 90,000 kilometers of fiber optic cable, with the project set to commence in the final quarter of 2025. This initiative follows a substantial funding boost of $700 million from various development partners, including the World Bank, the African Development Bank (AfDB), and the Islamic Development Bank.

The project aims to significantly enhance the country’s fiber optic infrastructure, expanding the existing network from 35,000 kilometers to an impressive 125,000 kilometers. This expansion is designed to increase internet penetration across Nigeria to over 70% of the population, thereby connecting millions of Nigerians who are currently excluded from the digital landscape....…continue reading

💼 ACQUISITION

Google makes historic $32 billion acquisition of cloud security startup Wiz

Google is making headlines with its largest acquisition ever. The company’s parent organization, Alphabet, is set to acquire Wiz, a cloud security startup, for $32 billion in an all-cash transaction, which has now been officially confirmed. Initially, reports suggested that the deal was valued at $33 billion, which includes an additional $1 billion earmarked for retention bonuses to ensure that Wiz’s employees stay with the company after the acquisition. With a workforce of 1,700, this averages out to over $588,000 per employee, although the actual amounts will vary based on individual salaries.

Wiz will continue to function as an independent platform, offering services across all cloud providers, not just limited to Google Cloud Platform. The acquisition is expected to facilitate further hiring and potentially lead to additional acquisitions, a strategy that Wiz has been actively pursuing over the past year....…continue reading

💼 ACQUISITION

Rapyd secures $500M at $4.5B valuation to finalize $610M acquisition of PayU

Israeli fintech unicorn Rapyd has successfully completed the acquisition of European fintech company PayU from Dutch investment firm Prosus for approximately $610 million. The deal, signed on last week, was finalized after Rapyd raised $500 million, primarily through equity, with a smaller portion sourced from debt.

Following this funding round, Rapyd’s valuation stands at around $4.5 billion, a significant decrease from the $10 billion valuation it achieved in 2021. This latest funding round brings Rapyd’s total funding to over $1 billion, marking it as one of the largest funding rounds in Israeli tech history........…continue reading

🏦 BANKING

TymeBank reports surge in deposits to nearly R7 Billion following unicorn status achievement

South African digital bank TymeBank has reported a significant increase in its deposits, reaching nearly R7 billion (approximately $385 million) just three months after achieving unicorn status. This information was disclosed in the interim financial results released by its majority shareholder, African Rainbow Capital (ARC).

The Johannesburg-listed investment firm, which is controlled by businessman Patrice Motsepe, provided these figures in its financial report for the six months ending December 31, 2024. ARC holds a 57.7% stake in TymeBank, which proudly positions itself as South Africa’s first fully digital bank.

The rise in deposits from R6.3 billion (around $347.11 million) in June 2024 underscores the ongoing growth of the digital lender, which reached a remarkable milestone of 10.7 million customers by the end of December. ARC emphasized the bank’s consistent monthly growth in income-generating transactions, alongside a high net promoter score that reflects strong customer satisfaction.......…continue reading

💰INVESTMENTS

Nairobi-based Leta secures $5 million to enhance AI-powered logistics solutions across Africa

Leta, a Nairobi-based logistics software-as-a-service startup, developed an AI-powered platform designed to optimize delivery routes, track shipments in real-time, streamline payments, and provide businesses with valuable shipping insights. The company has successfully raised $5 million in seed funding to scale its innovative solution, which aims to help businesses transport goods more efficiently and cost-effectively across the African continent.

The funding round was led by European venture capital firm Speedinvest, with additional support from Google’s Africa Investment Fund and Equator, a climate tech fund focused on Africa...........…continue reading

OTHER STORIES

• Elon Musk’s xAI acquires Hotshot, expanding into AI-powered video generation…..continue reading

• Eyone wins Africa’s Business Heroes Competition, securing $300K for innovative e-health solution…..continue reading

• Mastercard expands partnership with Paymentology to enhance card issuance for South African fintechs…..continue reading

• Safaricom M-PESA and LakiPay join forces to boost digital payments in Ethiopia…….continue reading

• Starlink surpasses local rivals to become Kenya’s seventh-largest ISP……...continue reading

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