💰 Seamfix $4.5 million raise | 🛒 Amazon launch in South Africa

Today’s Menu ☕️

 💰Seamfix secures $4.5 million in debut funding to fuel expansion beyond Nigerian borders
💰Swypex launches following a $4 million seed investment
🛒 Amazon launches marketplace in South Africa
💵 Nigeria Orders Registration of 1.9 Million PoS Agents to Combat Fraud

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💰FUNDING

Seamfix secures $4.5 million in debut funding to fuel expansion beyond Nigerian borders

Seamfix, an established identity solutions enterprise with a 17-year history, has successfully secured a $4.5 million investment from Alitheia IDF. This marks the first time the company has received funding from an institutional investor. The capital infusion is aimed at supporting Seamfix’s strategic expansion beyond the borders of Nigeria into other African markets.

Chimezie Emewulu, who co-founded Seamfix and serves as its CEO, shared the motivation behind seeking this funding. He explained that the company’s revenue growth, when measured in dollars, has been negatively affected by the volatility of the Nigerian naira. The Naira has experienced significant devaluation, particularly under the Tinubu administration, which has led to a decrease in the dollar value of the company’s earnings.

To counteract this and to generate more foreign exchange earnings, Seamfix has made a deliberate decision to venture into more stable African economies, with plans to establish a presence in Ghana, Kenya, and South Africa..……continue reading

Swypex launches following a $4 million seed investment

In a bid to transform the financial landscape of Egyptian businesses, Swypex has announced its official launch following a successful $4 million seed investment round. Licensed by the Central Bank of Egypt, Swypex emerges as the first comprehensive platform tailored to eradicate financial inefficiencies and unleash the full potential of businesses across the nation. This milestone investment represents Accel’s inaugural foray into the fintech sector in the region, further underlining the strategic significance of Swypex’s mission……..continue reading

💵 PAYMENTS

Nigeria Orders Registration of 1.9 Million PoS Agents to Combat Fraud

In a move to increase transparency and reduce fraud, the Nigerian federal government has mandated that all Point of Sale (PoS) agents must register as businesses with the Corporate Affairs Commission (CAC). This directive aligns with the Central Bank of Nigeria’s (CBN) guidelines and existing legal requirements.

Fintech companies and PoS operators have a two-month deadline, expiring July 7, 2024, to complete the registration process. The initiative aims to protect consumers and strengthen the financial sector, especially as a recent Nigeria Inter-Bank Settlement System Plc (NIBSS) report revealed PoS terminals were involved in 26.37% of fraud cases in 2023...……continue reading

🛒E-COMMERCE

Amazon launches marketplace in South Africa

Amazon has officially opened its online marketplace in South Africa, extending an invitation to consumers to enjoy complimentary delivery on their inaugural purchase. This gesture is designed to entice new customers and introduce them to the Amazon shopping experience.

To accommodate shoppers who prefer not to have items delivered to their homes, Amazon has established a network of 3,000 collection points at the outset. These locations are a result of strategic partnerships with local delivery services Pargo and The Courier Guy, as well as Pudo, which are accessible through Amazon’s pickup location search feature......….continue reading

OTHER STORIES

• Here’s everything Apple just announced at its Let Loose event, including new iPad Pro with M4 chip, iPad Air, Apple Pencil and more..…read more

• Nigerian biotech startup, Syndicate Bio, introduces liquid biopsy services to revolutionize cancer diagnostics in Africa....….read more

• IBM Software Now Available in 18 African Markets via AWS Marketplace….read more

• South Africa Enters Global AI Race with DAIRU Launch…..read more

OPPORTUNITIES

• Google launches application process for African AI Start-ups Accelerator….read more

• Pitch2Win competition opens for Nigerian startups with $10,000 prize up for grabs….read more

• Call for Applications: 4th Cohort of AUDA-NEPAD’s Healthcare Accelerator Program…..read more