Happy New Week Guys,
Welcome to a new week and a brand new edition of the Big 5 Daily! Your one-stop-shop for tech innovations in Africa.
Let’s dive in, shall we?
Big news! A fintech platform based in Cairo, Egypt MoneyFellows has secured $1 million in a Pre-Series A round. The platform aims to use the newly secured fund to scale its user base and to expand across borders between 2020-2021. MoneyFellows is a platform that digitizes money circles.
Have you heard? GONA, a fintech platform that provides scalable mobile payment solutions for consumers and merchants, has secured undisclosed Pre-A seed funding. Yes! The company intends to use the secured fund to scale its team and upgrade technology. GONA enables cashless payments in public buses in Lagos, Nigeria.
Also, Music-streaming company, Spotify has released its second-quarter (Q2) earnings report. The report revealed that the company gained 8 million paid subscribers during the quarter, growing its paid subscribers to 108 million, that is 30.1% YoY (year-over-year). This increment totals the company’s monthly active users to 232 million, which is at 29% YoY. Check out the blog for the news in detail.
Drum rolls!!! UR Fuels, an on-demand fueling company has launched in Nigeria. The launch aligns with the platforms aim to swiftly deliver fuel to customers. The company supplies petrol and diesel to companies and individuals upon request at specific Lagos locations and plans to expand across the country soon.
Finally, Thank U Cash, a connected Analytics Ltd product that grows customer loyalty through a reward system has hit $100,000 in cash rewards and $5.5M in transaction volume. The platform ensures its multi-merchant clients keep their customers through a cash reward system. The platform has over 250,000 users with plans to grow to 1 million by the end of 2019.
That’s it for today’s episode of the Big 5 Daily!
Thanks for joining!
