African unicorns have made big news in recent months, with four startups having recently reached a $1 billion valuation or more this year alone, taking the total up to seven. Two of the new entrants are in fintech, one in edtech, and one in general technology. These and other technology-enabled sectors are where emerging market investors are betting a flurry of new African unicorns will follow suit in the near future.

Unicorns are privately held, fast-growing startups with a valuation equal to or above $1 billion. Unicorns are “rare creatures,” hence the term, which, according to Ian Lessem, managing director of HAVAÍC, says is expected to rise in Africa in the coming years.

The number of billion-dollar companies is growing faster than ever before; unicorns in Africa have been a rare breed up until now.

“It is thanks to a combination of factors, not least of which has been the interest in these growing sectors from venture capital investors,” explains Lessem. “Across the globe, the number of billion-dollar companies is doubling in half the time, all while delivering leading  returns.” 

On the continent, with the pace of digital transformation and adoption continuing at unprecedented rates, the rise of African tech unicorns is starting to gain significant momentum.

High mobile penetration rates, a tech-savvy and growing youthful population, and advancements in technologies that help overcome historically poor infrastructure in Africa, are key factors driving the growth of promising technology businesses. In addition, an inflow of skilled human capital returning to Africa has created the perfect melting pot of opportunity and skills, bolstering the development of technology-enabled businesses.

“Africa is rich with opportunity – 2020 was a record year for investment in the startup ecosystem, with 2021 expected to be even better, explains Lessem. “It is a continent of born entrepreneurs solving a number of challenges that Africans are committed to addressing. When coupled with technology, ever-increasing addressable local and international markets, all buoyed by unprecedented amounts of investment, the future for the African tech sector has never been brighter.

In parallel to these developments, the venture capital market has matured in recent years, establishing a solid foundation for promising startups. Lessem elaborates, “The maturing venture capital market is supported by well-established accelerator programmes, corporate innovation challenges, and a wealth of international and local investors vying for an opportunity to support Africa’s growth opportunities.”

As Africa is not a homogenous market, finding the right partners with local experience and expertise is vital. “Whether termed a unicorn, camel or a gazelle, one thing holds true, African innovation backed by smart capital holds promise for investors who have the right partner by their side,” he adds.

Unicorns are an indication that a venture capital ecosystem is able to deliver scalable solutions, and with that deliver leading returns on investments; the rise of four unicorns this year to date, together with a maturing startup sector, is a strong indicator that Africa is ready for and heading towards producing many more billion-dollar companies in the years to come.

New platform offers Raymond James financial advisors a one-stop location for M&A tools, prospective buyer/seller matching and succession planning education.

Powered by FindBob, Practice Exchange is a cloud-based tool that uses sophisticated algorithms to match prospective sellers and successors, while also serving as a one-stop location for everything a financial advisor needs to develop and implement a smooth succession or acquisition strategy.

The platform streamlines succession and acquisition planning for Raymond James advisors by focusing on three key areas:

1. Increased efficiency via a robust marketplace that, powered by sophisticated matchmaking algorithms, helps advisors discover opportunities for growth and succession.
    
2. Empower advisors with educational resources and planning tools that help inspire action throughout the growth or succession strategy they choose.
    
3. Provide advisors with the ability to take control of the succession processes through an online deal room that provides them complete control over confidentiality, selection of buyers, and accelerates them to the deal-making process.

"As advisors plan for the future of their businesses, they need innovative retention and recruitment strategies," said Chan. "Raymond James has been at the forefront of encouraging succession planning in the industry for years, and we're excited to offer our leading transition management platform as the firm amplifies and scales their expertise to continuously address the needs of their advisors."

"After working with advisors to understand the key areas from which they can benefit, we're excited to be rolling out our Practice Exchange platform, as we continue to support financial advisors in expanding or exiting their business - on their own terms," said Robert Goff, vice president, Succession & Acquisition Planning at Raymond James. "FindBob has been a tremendous and collaborative partner in bringing to life and customizing this extensive platform so that Raymond James advisors can fully benefit from this comprehensive offering."

A rapidly growing roster of investment banks who serve the dynamic middle market are turning to CapLinked’s software platform to securely share information and manage transaction workflow

Middle-market investment banks from around the world have turned to CapLinked, Inc. (https://www.caplinked.com/), a developer of cloud-based information control software, to manage their transactions and due diligence workflow. In the face of a fast-moving and competitive deal environment, middle-market bankers need virtual data room (VDR) technology that’s both dependable and easy to use. They’ve found the answer in CapLinked.

The list of financial services firms serving the middle market using CapLinked has expanded rapidly over the past two years. The middle market is generally defined as companies with revenues in the range of $50 million to $1 billion. Investment banks advising this dynamic and broad market need flexible, powerful software that to meet their VDR needs. Houlihan Lokey, Piper Sandler, Raymond James, Stephens Inc., Nomura Securities, Drake Star Partners, Pottinger, and Roth Capital Partners are just a few of the numerous investment banks that have turned to CapLinked for virtual data rooms.

CapLinked’s fintech platform is used to securely share information between firms and manage multi-party interactions during complex transactions and projects. Dubbed the “go-to place for setting up and closing deals” by the Wall Street Journal, the CapLinked platform includes three distinct product lines that serve the needs of its diverse client base: 1) an enterprise application for larger firms with complex needs and large quantities of data; 2) self-serve accounts for smaller clients who need to safeguard limited amounts of information; and 3) an application programming interface (API) for clients who need to embed robust information security capabilities in their own applications.

“CapLinked is the perfect solution for middle-market investment banks, who face pressure to complete time-sensitive transactions and safeguard their clients’ sensitive data,” said CapLinked’s head of sales Greg Brinson. “Instead of having to choose between insecure file-sharing apps from consumer software firms and overpriced legacy VDR providers, CapLinked provides a modern option that combines enterprise-grade security and a user-friendly experience.”

“Telegraph Hill Advisors has counted on CapLinked as a valued partner for more than 5-years,” said Scott Sutherland, managing director and founding member of San Francisco-based investment bank Telegraph Hill Advisors. “CapLinked combines industry-leading security with tremendous ease-of-use, making it the optimal data room solution for when we’re working on deals for our clients.”

The growing list of companies utilizing CapLinked spans industries such as financial services, pharmaceuticals, and energy. CapLinked’s diverse list of global clients include advisory firms such as FTI Consulting, Ernst & Young, KPMG; corporations such as Roche, Hess, and Takeda; private equity and venture capital firms such as Founders Fund and Crosslink Capital; and investment banks from around the world.

Litigation funding specialists Apex Litigation Finance have announced the upcoming appointment of Mark Sands as Head of Insolvency. Mark will join the firm in January 2022, assuming overall responsibility for the company’s presence in the insolvency sector.

Mark has more than 35 years’ experience in the insolvency profession, most recently in a senior role at Quantuma. A former President of the Insolvency Practitioners Association, Mark’s career previously included roles at KPMG and Tenon.

His career as a licensed insolvency practitioner has focused on working on the insolvencies of individuals and SMEs. It’s this focus that Apex say makes him a strong fit for their business, which specialises in supporting small/mid-sized claims rather than the multi-million-pound claim focus of other litigation funders.

Mark also brings a history of success with contentious insolvency. He believes that his ability to delve deep into cases will be an asset for Apex and its clients: “It’s an exciting time for the company, which has established itself as a force in the litigation funding market in a relatively short period of time. I am also thrilled to be joining a company breaking new ground with its use of innovative technology.”

“Once cases are taken on, a thorough investigation can be the key to winning settlements. I am confident that my experience in an investigation will prove to be of great benefit. I will also be able to draw on my wide network of IPs, litigators, and other professionals to grow Apex’s position in the insolvency sector.”

Apex CEO Maurice Power says: “It’s a pleasure to have Mark joining our team in January. His experience and expertise are perfect for the role, and we know that he will add huge value to our business and our clients.”

“Testament to Mark’s abilities is his excellent track record in winning cases that have gone to court. Although we always prefer cases to settle without the need for a court hearing, Mark’s proven investigative ability and diligence can only strengthen our capability in ensuring positive outcomes for our clients and supporting access to justice.”

As Apex continues to grow the team, they are keen to hear from interested individuals from various disciplines, including legal, insolvency, litigation funding, AI development, and business development. Specific litigation funding experience is not essential. Apex will look at an individual’s skillset and identify those who can contribute to their success.

  Partnership will provide clients with an improved trading experience

§  By integrating their services, the partnership will deliver seamless collaboration, analytics, and clarity to clients trading FX

MarketFactory, part of ION Markets, a leading global provider of trading, analytics, and risk management solutions for capital markets, announces a new partnership with Tradefeedr, the leading independent FX data and analytics provider.

The Tradefeedr data and analytics platform is now fully integrated within MarketFactory, enabling clients to review their trading markouts, impacts, and spreads directly with liquidity providers, using a common platform and shared data sets. Tradefeedr’s data analytics solution will be available as an add-on to new and existing customers using the award-winning MarketFactory service.

Tradefeedr has created a common, truly independent FX trading database allowing market participants across the sell-side, buy-side, regional banks, hedge funds, brokers, and central banks to connect, analyze their trading data, and collaborate. In June 2021, Tradefeedr launched its ground-breaking FX data analytics platform with more than 15 leading sell-side and 20 major buy-side firms onboarding and another 20 in the pipeline.

“MarketFactory’s partnership with Tradefeedr will broaden our offering to clients, providing shared data sets through one unified platform. The combination of MarketFactory’s end-to-end connectivity and Tradefeedr’s unified, analysis-ready data is a compelling proposition in a market where real-time data-driven decision-making is key,” commented Eugene Markman, MarketFactory Chief Executive Officer.

“I’m very excited by the possibilities this strategic partnership offers both Tradefeedr and MarketFactory clients. Our platform delivers significant benefits to market participants, through improving collaboration, and giving better access to trading information, providing greater transparency and trust in the market,” added, Balraj Bassi, Co-Founder of Tradefeedr.

Cuprum Coin s.l.l.c. announced today the launch of the pre-sale phase of its commodity-

Although the launch was announced for September 15, due to minor delays, Cuprum Coin was successfully launched on Friday.

Cuprum Coin project aims to deliver value by combining Blockchain technology built on the eco-friendly Tezos platform with a highly demanded and valuable commodity - ultrafine copper powder. This project will allow anyone to invest in a commodity that has been available to privileged institutions for decades.

The company is, therefore, the first organized effort to create the market and prepared only 0,5%, or 1,5 million CUPRUM Coins at the promo price of US$10 per 1 coin. The pre-sale is ongoing through the Cuprum Coin trading platform, with Bitcoin (BTC) or Ethereum (ETH) as purchase options. 

The anticipated pre-sale duration is 2 months. It will be followed by an Initial Exchange Offer (IEO) from December 01^st with the predetermined price of US$15 per 1 coin, and then by trading on exchanges from January 1st, 2022, or immediately upon completion of the IEO. Cuprum Coin should start trading on exchanges at a value not lower than US$25 per coin. Given that one Cuprum Coin is covered with US$100 in commodity value, pre-sales, as well as IEO, are an excellent opportunity to invest in the initial phase.

"We are fully aware of the curiosity and interest this unique marketplace creation has risen within the crypto community. That's why we decided to shift initial launching and present more transparent and faster coin explorer time plans", stated Mario Urlić, Cuprum Coin CEO and founder, today. 

Therefore, the management presented an improved funds distribution plan that now includes strategic investments in environmental protection, sustainable energy, aero and space programs, medical technology, and donations for charity organizations. The founder and his partners have decided to separate as much as 12.5% of total sales in these sectors.

The company stores and secures extremely valuable underlying assets in high-security facilities in Germany. Prospective investors are welcome to request the supporting documentation and visit the premises upon special arrangements.

backed cryptocurrency, with an underlying asset in the form of ultra-fine copper powder, worth over US$60 Billion.

Digital e-wallet recognised for innovative technology and seamless user experience

MuchBetter, the e-wallet and payments platform this week added Best B2C Payments Platform crown to their collection of industry awards when they scooped the prestigious title at the Emerging Payments Awards in London.

MuchBetter’s innovative, simple and highly secure approach to payments and money management has won recognition from some of the industry’s most prestigious awards, and is reflected in the significant growth the company has enjoyed. In four years since launching in 2017, the company has gained more than one million users and expanded into more than 185 jurisdictions and territories.

The Best B2C Payments Platform category was open to tech providers and programmes where payments are made by a token or other element to recognise the user. The category recognises excellence, best-in-class standards, and innovation through packaging, delivery, customer engagement or implementation. MuchBetter’s proprietary, innovative technology such as dynamic CVV, secure two factor authentication, use of biometrics and instant payment transfers, as well as the seamless user experience on offer and deep industry expertise showed how the payments provider more than met the criteria for the judges. 

“We’re delighted to accept this award”, said Israel Rosenthal, CEO. “Everyone at MuchBetter is passionate about our product and delivering an exceptional user experience. We work hard every day for our customers, but it’s an honour to be recognised by industry experts alongside some of the most exciting names in the fintech and payments world”.

Digital e-wallet recognised for innovative technology and seamless user experience

Isle of Man - OCTOBER 11 - MuchBetter, the e-wallet and payments platform this week added Best B2C Payments Platform crown to their collection of industry awards when they scooped the prestigious title at the Emerging Payments Awards in London.

MuchBetter’s innovative, simple and highly secure approach to payments and money management has won recognition from some of the industry’s most prestigious awards, and is reflected in the significant growth the company has enjoyed. In four years since launching in 2017, the company has gained more than one million users and expanded into more than 185 jurisdictions and territories.

The Best B2C Payments Platform category was open to tech providers and programmes where payments are made by a token or other element to recognise the user. The category recognises excellence, best-in-class standards, and innovation through packaging, delivery, customer engagement or implementation. MuchBetter’s proprietary, innovative technology such as dynamic CVV, secure two factor authentication, use of biometrics and instant payment transfers, as well as the seamless user experience on offer and deep industry expertise showed how the payments provider more than met the criteria for the judges. 

“We’re delighted to accept this award”, said Israel Rosenthal, CEO. “Everyone at MuchBetter is passionate about our product and delivering an exceptional user experience. We work hard every day for our customers, but it’s an honour to be recognised by industry experts alongside some of the most exciting names in the fintech and payments world”.

Leading AI-powered credit decisioning disruptor, Scienaptic announced that RV Depot has selected their credit decisioning platform. This will enable the company to make stronger credit decisioning through transformative technology powered by AI.

Established in 1990, RV Depot is a Texas-based, family-owned RV dealership that offers new and used travel trailers, fifth wheels, toy haulers and motor homes in the Dallas, Fort Worth and Cleburne areas. Along with its rich inventory, RV Depot provides a wide selection of in-house, as well as traditional financing options for their customers with quick and easy approvals. By employing Scienaptic’s platform, RV Depot is positioned to offer enhanced, automated credit decisions to help increase credit availability for its customers.

“We're delighted to partner with Scienaptic to provide our customers with instant credit decisions and transform in-house financing. Scienaptic’s platform will automate our underwriting process and help us continue to stay true to our philosophy of saying ‘yes,’ when others say ‘no,’” said Steve Greig, chief executive officer, RV Depot.

"We are very pleased to help RV Depot support the financing needs of its customers,” said Pankaj Jain, president, Scienaptic. “Our technology will make their underwriting process more efficient, allowing them to grow their client base and better serve them while reducing risk. We look forward to enabling RV Depot say ‘yes’ to more customers.”

-          The service is available to Airtel Money customers, Terms and Conditions apply

Airtel Tanzania, in partnership with I&M Bank Tanzania, has today launched an overdraft mobile money service that will enable customers to complete their transactions seamlessly without sufficient funds in their Airtel Money wallets, subject to terms and conditions.

Dubbed Kamilisha, the overdraft service will be facilitated by I&M Bank Tanzania who reassures customers that their transactions won't be denied due to lack of funds. Once registered, Airtel Money customers will be able to access the overdraft service and make repayments through the Airtel Money Menu from their mobile phones.

The transactions that customers will complete using Kamilisha include Person-to-Person (P2P) transfer, purchase of airtime and data bundles and bill payment to Luku, Dawasa which has full interoperability with My Airtel app.

Speaking in Dar es Salaam during the launch, Isaac Nchunda - Director of Airtel Money services at Airtel Tanzania said, "Airtel Money has always been looking for innovative ways to fulfill customer's day to day needs, especially the convenience of financial transactions. Airtel Money users can access Kamilisha through Airtel Money main menu *150*60#, select 0 Fund my wallet then 1 Kamilisha and opt-in to the service. We are committed to finding new solutions that are transforming the lives of customers and providing financial empowerment."

"Through our analysis, our customers' transactional hurdles are often caused by shortage of funds in their wallets. Through Kamilisha, users will be able to complete transactions that would have otherwise failed or postponed due to shortage of funds." added Nchunda.

Speaking on the occasion, Baseer Mohammed, CEO, I&M Bank, Tanzania emphasized that, this strategic partnership with Airtel has been one of the key Digital innovations to provide access of financial solutions to a large section of the banking community. This partnership therefore marks a major milestone in our digital transformation journey and affirms our commitment to provide access of banking solutions to even more of the customers." Baseer added. 

Kamilisha is powered by Yabx, a fintech venture offering credit products across 12 countries in Africa. Yabx's Director for Africa Business - Eunice RG, said "We, at Yabx, are excited to work with Airtel Tanzania and I&M Bank Tanzania to deliver Kamilisha. Using Yabx's technology, the partnership seeks to enable the Airtel wallet base to shop now and pay later.

Dr. Bernard Y. Kibesse, Deputy Governor (Department of Financial Stability and Deepening) at the Bank of Tanzania said that BOT has always focused on encouraging such partnerships in the financial sector to provide access to credit, thereby promoting the key objectives of financial inclusion in the country. Kamilisha is one of several initiatives that I&M has undertaken to promote financial inclusion and deliver value for their customers.

During the last few years, the financial sector has made huge transitions, coming up with new ways of serving its clients. What has streamlined these transitions is the rapid development and deployment of technology. Technology is a significant component of the finance sector these days, and fintech is the new, emerging, niche sector with massive monetary backing. One reason behind this landscape transformation is the consumer’s want for easier and faster banking. They want banks and financial institutes to eliminate the old and slow banking processes and replace them with new-age means.

And the finance sector is responding quickly with positive enthusiasm. Today, technology in the finance sector makes processes more accessible, improves communication, and increases efficiency. Above all, they are changing the way consumers see and transact money.

Let’s take a look at some of the latest fintech trends that are transforming the Finance sector.

Digital banking experience platforms

While such digital platforms are not new, the latest advances have allowed financial institutions to stir up the pot. One example is the hybrid cloud system (cloud/server) that provides consumers privacy and accessibility. Such hybrid platforms also make collecting real-time intelligent data like real-time digitization and advanced analytics achievable.

Another great example is the addition of API platforms that allow customers to integrate banking data into different apps. Such platforms encourage open banking, which, in turn, offers benefits like data sharing to third-party budgeting apps and employing monetary management tools. These features are often too costly for smaller financial institutions to offer through third parties.

Blockchain

Blockchain is the latest financial technology that is changing the finance world. You may recognize blockchain from cryptocurrencies and its association with Bitcoin. It is the base of Bitcoin, and major banks like JPMorgan Chase have been using it for a while now. According to several market experts, blockchain is the next big opportunity for banks and financial institutions to explore today.

While cryptocurrencies are hugely popular, thanks to some of our celebs, blockchain acceptance and usage are way behind. Some corporations are working on wider solutions, but most banks are applying blockchain solutions on their own.

Artificial Intelligence and Chatbots

Artificial Intelligence has increasingly found its way into our daily lives, and chatbots are the biggest example of AI. They have become a significant part of the digital transformation in the finance sector. AI is not just present at the frontend but is also helping in back-office, risk management, security, marketing, etc. Artificial intelligence is taking care of mundane processes like data entry, loan form processing, and complex tasks like risk evaluation.

With constant upgradation, AI is now also a vital part of risk mitigation and cyber-security. Since it is challenging to prevent cyber-security threats and attacks, institutes are using AI to conduct real-time analytics and monitoring. Once the AI has enough data, it creates prompt alerts when it flags something as a threat. AI is also a part of the KYC and the customer onboarding process. 

What is KYC? KYC stands for Know Your Customers, a practice that many banks and companies conduct to verify their customer’s identities in compliance with current regulations. It is a step that is widely accepted as part of a global fight against cyber threats and identity theft.

Concluding note

Technology and finance have increasingly become inseparable in the last few years. Somehow, most of the latest technology will find its use in the finance sector, and that is a good thing. As the pandemic has changed how we interact with each other these days, better fintech means a better way for people to interact with their money.