Techstars is a global investment business that provides access to capital, one-on-one mentorship, and custom programming for early-stage entrepreneurs.

Since 2006, Techstars has invested in more than 2,900 companies and today has a market cap of $29 Billion.

Thus, Akumah’s achievement is particularly remarkable considering fewer than five All-Star Mentors from Africa within the entire 4,000+ Techstars Mentor Network globally.

Over the past three years, he has actively provided mentorship for more than 60 startups and founders, demonstrating his unwavering commitment to nurturing the next generation of entrepreneurial leaders.

Techstars, which is the largest pre-seed investor in the world as of 2023 according to PitchBook, is a renowned global platform for investment and innovation and selects only a handful of outstanding mentors each year from its extensive network of entrepreneurs, investors, and industry leaders. These individuals are chosen for their exceptional expertise, leadership, and commitment to supporting the next generation of startup founders.

Commenting on his recognition, Akumah expressed his gratitude and excitement, stating, “I am deeply honoured to be named a Techstars Global All-Star Mentor for 2023. I am committed to leveraging this platform to empower the next generation of entrepreneurs and foster innovation that drives positive change across Africa and beyond.”

Akumah’s appointment as a Techstars Global All-Star Mentor is a testament to his notable achievements and contributions to the startup ecosystem. As the CEO and Co-founder of Treepz, Onyeka Akumah has demonstrated a profound dedication to driving innovation and empowering mobility solutions that improve daily commutes for individuals and businesses across the African continent with close to 5 million customers served.

Through his mentorship, Akumah has shared his invaluable insights and experiences, guiding startups to overcome challenges, scale their businesses, and create meaningful impact. His passion for empowering entrepreneurs aligns with Techstars’ mission to support and invest in the world’s most promising startups.

Commenting on Akumah’s contributions, Sarah Wadud, senior manager, TechStars Global Mentor Program remarked,

“Onyeka Akumah’s esteemed recognition is not merely a title but a testament to his exceptional dedication, expertise, and the profound impact he has made within our community. Being chosen for the All-Star Mentor program signifies him standing among the top 1% of our mentor population, highlighting his unparalleled contributions and the significant difference he makes in the lives of those he guides.”

As a TechStars Global All-Star Mentor, Onyeka Akumah will play a pivotal role in guiding and mentoring aspiring entrepreneurs from around the world.

Drawing on his extensive experience and expertise over the last 18 years of his career, he will provide invaluable insights, strategic guidance, and mentorship to help startups navigate the complexities of building and scaling successful businesses.

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The 3rd Cavista Technologies Hackathon, held at Yaba College of Technology (YABATECH) on February 22nd and 23rd, 2025, was a spectacle of intellect, creativity, and absolute coding determination. 

Team Stark Underflow emerged as the winner, taking the grand prize of N2 million after an intense battle against 29 other teams, comprising over 100 students from leading institutions in Lagos.

The prize money wasn’t the only catch, as the event reiterated that automation is no longer a futuristic concept but a present-day innovation. 

With the theme ‘Smart Automation: Enhancing Care Through Integrated Systems,’ participants were challenged to develop real-world solutions that could boost efficiency in industries ranging from healthcare to financial services.

The hackathon was graced by the Minister for Youth Development, Ayodele Olawande, who stressed the importance of continuous technological advancement in Nigeria.

“We remain committed to building an ecosystem to support technology through collaboration. In furtherance to this, we will launch a new platform that will enable young people to learn new skills and collaborate with private organizations because technology is driving almost everything we do,” he stated.

He further noted that automation has indeed become a key driver of services in Nigeria, urging young people to harness their creativity and innovative determination with the power of collaboration to make a solid impact. 

“Let the hackathon not just be a competition but a platform for solutions that will shape the future of a smart automation process in Nigeria and beyond,” he added. 

“The tech industry isn’t just about writing lines of code; it’s about solving problems. You don’t work in isolation. Collaboration is everything.”

The General Manager of Cavista Technologies, Oyebola Morakinyo, also urged students to leverage innovation without fear of failure: “At Cavista Technologies, our vision is to be the most innovative and respected solutions provider in the market. We provide services that drive transformation, enhance efficiency, and position organizations to lead in the future by leveraging our team of skilled engineers and industry experts. This is why we are here—to push boundaries and discover the next set of engineers to impact our community.”

The hackathon didn’t just bring young minds to focus on coding, it also included learnings about strategy, teamwork, and market viability. A key takeaway? “You must know what the business strategy is, the product you’re building, and what value it delivers. Technical skills are important, but understanding how to sell your solution is just as critical.”

The Winners: Innovation and Practicality

The high point of the event was the announcement of the winners:

• 1st Place: Team Stark Underflow (LASUSTECH) – ₦2,000,000
• 2nd Place: Team Trendsetters (UNILAG) – ₦1,000,000
• 3rd Place: Team TechStars (UNILAG) – ₦500,000

Beyond cash prizes, all participants walked away with mentorship opportunities, networking access, and career-defining collaborations to help them grow and thrive even more in the technology sector. 

As a flagship initiative of Cavista Technologies, a global leader in technology solutions and development services, the hackathon reflects the company’s commitment to fostering innovation and nurturing tech talent. 

With a team of engineers and industry experts, Cavista Technologies is focused on delivering cutting-edge technology solutions that streamline processes and accelerate project delivery.

With a presence across multiple continents, Cavista is focused on building the next generation of engineers with the skills and opportunities to innovate, disrupt, and lead.

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Despite rapid growth in these markets, which are projected to expand at 8-10% annually, compared to 3-5% in developed markets, the lack of real-world healthcare data hinders decision-making in product development, treatment interventions, and healthcare financing. 

These regions also have the least amount of big data to support effective commercial planning and clinical research.

Founded by Ayodeji Alaran, a pharmacist trained at the University of Lagos with experience at GSK, Pfizer, and AstraZeneca, PBR Life Sciences pivoted to big data and analytics in 2021 to bridge these critical gaps. 

The company now provides fast, reliable access to real-world healthcare data and insights for pharmaceutical firms, health tech startups, consulting firms, multilateral agencies, and research institutions across Africa, Europe, America, and Asia.

PBR Sciences was one of the twelve (12) startups that participated in the second cohort of the ARM Labs Lagos Techstars Accelerator programme. 

Its real-world data-as-a-service platforms help its users and clients make data-backed decisions on product pricing, forecasting, new product development, disease and treatment interventions, healthcare financing and company strategy. 

Before now, PBR Life Sciences only offered data and insights about the Nigerian healthcare market. It has spent the past two years laying the foundation for its pioneering AI infrastructure powered by its proprietary real-world, anonymized, healthcare data in Africa, whilst consolidating its business model. 

The investment, which included investors such as Launch Africa, Microtraction, Kaleo Ventures, Octerra Capital, Marula Square, XA Africa, ARM Labs, and Techstars, will help the company scale its data-as-a-service platforms in Nigeria. It will also aid its expansion into Ghana and Kenya to replicate its already proven business model. 

PBR Life Sciences is looking to deepen its offering as a multivariate, multichannel healthcare real-world big data analytics, technology, and consulting provider in Africa and other emerging markets, supporting the life sciences industry.

The company is working to close this gap by being a leading provider of real-world, healthcare big data and analytics in emerging markets by the year 2030.

Speaking of the funding, Ayodeji Alaran, CEO and founder said, “Being backed by some of the most reputable  venture capital investors and angels in Africa not only inspires us as a team to do more but further validates the vital need to close the gap of inadequate real-world, healthcare big data that will power AI and innovation for the sector whilst unlocking global life sciences growth that will be powered by the region.” 

“This will unlock value for the least understood healthcare and unmet needs in Africa and the rest of emerging markets,” he added. “With this fresh capital, we are now well positioned to achieve our ambitious growth plan, with a laser focus on profitability,” he concluded.

According to Uwem Uwemakpan, head of Investments, at Launch Africa, “PBR’s innovative approach to addressing a critical healthcare challenge in Africa, combined with its strong founding team and substantial market opportunity, establishes it as a key player in enhancing healthcare delivery on the continent. We are excited to be part of this journey.”

Ashim Egunjobi, managing partner at Octerra Capital said: “Since our first interaction with Ayodeji, we have been convinced that PBR Sciences has a tremendous potential to unlock access to health data across Africa. PBR Sciences has developed an impressive proprietary technology and leveraged big data while providing significant insights and value to a large set of corporate clients. We are excited to be part of this investment round and to support Ayodeji and his team on this promising journey.”

Damilare Mesimo at ARM Labs commented: “PBR Life Sciences’ achievement is a testament to the power of innovation and resilience in addressing critical gaps in healthcare data within emerging markets. We are proud to have supported PBR Life Sciences through the ARM Labs Lagos TechStars Accelerator Program, where they demonstrated exceptional vision and execution.

“This milestone reflects their ability to leverage real-world data and AI to transform decision-making in the life sciences sector. At ARM Labs, we remain committed to nurturing startups like PBR that drive impactful solutions, and we are excited to see their continued growth and expansion across Africa and beyond.”

Ato Bentsi-Enchill, investment principal and SPV lead at Microtraction added, “As early-stage investors, our goal is to identify and assess standout founders who we believe have the ability to build category-defining businesses. Ayo fits this bill and has shown remarkable clarity in his vision for the future of PBR in putting together a very capable team to execute on this vision. We’re excited to back PBR on their mission to organize Africa’s healthcare data.”

The post PBR Life Sciences Raises $1M Pre-Seed Funding to Tackle Emerging Markets’ $281B Healthcare Data Gap appeared first on Tech | Business | Economy.

This funding round, led by Rally Cap alongside contributions from Techstars, DCG, Musha Ventures, Africa Fintech Collective, and angel investors, will allow the company to expand its workforce, particularly in sales, engineering, and customer support. 

Additionally, Regfyl plans to develop a supply chain compliance tool to further its offerings.

Founded in 2023 by Tunde Ibidapo-Obe and Tomiwa Erinosho, Regfyl has quickly gained traction, offering businesses across various industries a comprehensive solution for customer onboarding, transaction monitoring, and regulatory reporting. 

Financial institutions, in particular, benefit from its tools, designed to simplify filing with regulators such as the Central Bank of Nigeria and the Securities and Exchange Commission.

Regfyl’s pricing model includes an annual subscription fee of ₦2 million (approximately $1,220), with additional per-use charges based on the number of customers a business screens or monitors. 

The company’s current clientele includes players like Cowrywise, VFD Bank, Coronation, Piggyvest, and Budpay, with over 20 businesses already utilising its services.

While the financial technology space in Nigeria is competitive, Regfyl sets itself apart by offering a unified compliance solution.

Unlike competitors such as SmileID, Dojah, and Youverify, which focus on specific aspects of compliance like Know Your Customer (KYC), Regfyl covers the entire compliance journey—from onboarding to transaction monitoring and regulatory filing. 

This all-in-one approach is designed to meet the growing demand for efficiency and trust in the financial services sector.

With the growing prevalence of financial fraud in Nigeria, where banks reportedly lost $25.7 million to fraud in Q2 2024 alone, Regfyl is working to help institutions reduce these losses. 

In offering a platform that integrates security, regulatory compliance, and fraud detection, the startup aims to support businesses in managing the complexities of financial regulation and maintaining trust.

Regfyl also aims to extend its compliance solutions to sectors like gaming, e-commerce, and supply chain management, with the goal of becoming the leading operating system for trust across Africa.

Co-founder Tunde Ibidapo-Obe noted the importance of building trust in the digital economy, “Trust is the currency of the digital economy, and we are focused on being the operating system that underpins this trust across the continent.”

The post Regfyl Raises $1.1 Million to Expand Unified Compliance Platform Across Africa appeared first on Tech | Business | Economy.

Effective at the end of the month, David Cohen, Techstars co-founder and board chairman, will once again assume the CEO role.

“It is with extreme sadness that I’m announcing that I will be leaving Techstars for health reasons,” Gavet wrote. She revealed a personal history of thyroid cancer, having undergone surgery 11 years ago.

While medication and regular checkups initially managed the condition, recent tests indicated new nodules requiring her to prioritize her health.

Despite the circumstances, Gavet reflected on her tenure with pride. “I would not exchange the last 3.5 years of hard work for the world,” she stated, noting achievements such as a commendable increase in fundraising by Techstars’ portfolio companies and a rise in program applications. 

She also emphasized the company’s focus on diversity, pointing to a growth in female and minority founders.

Gavet thanked Techstars founders, her leadership team, employees, investors, and the founders she mentored throughout her tenure. “I will be rooting for all of you from the sidelines and will remain a supporter of #Techstarsforlife,” she concluded.

Gavet’s leadership, however, was not without challenges. During her time as CEO, reports surfaced of a tense work environment leading to employee departures. 

Techstars also faced issues balancing growth with profitability, and strained relationships with corporate partners resulted in a loss of clients. Under Gavet, accelerator programs in several locations, including Austin, Toronto, and Seattle, were shut down.

In a separate statement, David Cohen appreciated Gavet for her contributions. “She built a great team, made many tough decisions, and bravely enacted complex changes that were sorely needed,” Cohen acknowledged. 

While pointing to Gavet’s need to focus on her health, he wished her strength and courage in the face of her challenges.

Cohen was optimistic about returning to the CEO role, a position he has held on and off for 13 years. His focus, he stated, remains on continuously improving Techstars’ service to founders.

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The ARM Labs Lagos Techstars Accelerator Demo Day was held on 20th February at Balmoral Convention Center, Federal Palace Hotel, Lagos. The event featured presentations from Techstars’ stellar second cohort from across the continent, marking the end of an immersive three-month accelerator program. 

The startups presented to Techstars’ vast network of investors, mentors, senior operators, and ecosystem leaders, unveiling achievements and future plans whilst vying for strategic partnerships and commercial collaboration.

In addition to the startups’ presentations, the event featured a lively panel discussion with key figures in the African tech and Venture Capital ecosystems, exploring the state of VC funding and innovation in Africa. Panellists included Olumide Soyombo, Partner at Voltron Capital; Biola Alabi, Partner at Acasia Ventures; and Ovo Emorhokpor, Founding Partner at Beta.Ventures. 

The event also drew the attention of more than 480 industry leaders and investors, including Idris Bello, Founding Partner at LoftyInc Capital; Tosin Faniro-Dada, Partner at Breega; Eloho Omame, Partner at TLCom Capital, Victor Sada, Head of Ventures & M&A at Interswitch; Bode Abifarin, Ex-Chief Operating Officer at Flutterwave; and Olusegun Adeniyi, Chief Digital Officer at Wema Bank, who were in attendance. An additional 2,500 viewers joined online via YouTube and Linkedin.

The ARM Labs Lagos Techstars Accelerator second cohort, chosen from over a thousand applicants across Africa included 24Seven, Beauty Hut, Eight Medical, GetEquity, JumpnPass, One Plan, PBR Life Sciences, PressOne Africa, Rana, Surge Africa, Swoove and Veend.

Over the past 13 weeks, along with the $120,000 each in investment, the startups received comprehensive training and mentorship from leading industry experts in the form of workshops on Go-to-markets Strategies, Financial Modelling, Customer Acquisition, Investment Readiness, People and Leadership, Legal and Governance, and Product Management. 

Additionally, the select startups gained access to more than 300 perks, valued at over $4 million in savings, and will benefit from lifetime access to the Techstars worldwide network.

In her Demo Day welcome address, Oyin Solebo, Managing Director of ARM Labs Lagos Techstars Accelerator, stated, “At Techstars, we are committed to empowering entrepreneurs through our accelerators, venture funds, and network of investors, corporates, and mentors across various cities. We firmly believe that entrepreneurs are the driving force behind a better future for all, and our mandate is to ensure they succeed. 

As the world’s most active pre-seed investor, we are also proud to have become the most active startup investor in Africa. Teaming up with ARM, we’ve developed a program aimed at showcasing the remarkable innovation and talent on the continent. We’re excited about the 12 companies we’ve backed, each leveraging technology, data, and intelligence to serve a population growing in size, youth, income and digital access”.

The engaging event schedule also featured a keynote address by Adetayo Bamiduro, Co-founder of Max.ng, the first African startup selected for a Techstars program. 

Adetayo emphasised the profound impact Techstars has had on his startup since selection in 2015, and also shared meaningful insights on the startup’s learnings, milestones and the growth opportunity that Africa offers. 

U.S. Consulate Deputy Political and Economic Chief, Kenise Hill also gave an address, highlighting the U.S’s commitment to trade with Africa, and their areas of focus – technology, healthcare, renewable energy and food security. 

In the closing address Sadiq Mohammed, Deputy Group CEO of ARM Holding Company, disclosed, “We are delighted to have partnered in this innovative program where our aim was to expand our horizons and improve our processes, introduce a new asset class to clients, and contribute to the ecosystem growth. 

We’re thrilled with how these objectives are being met based on the program’s success and the inherent impact of the selected startups. Despite the market and challenging macroeconomic climate, we maintain a positive outlook knowing fully well that the best market-creating innovations thrive best when value chains and markets are restructured. We believe this cohort is well-positioned for success.”

Oluwadunni Fanibe, Program Manager at ARM Labs Lagos Techstars Accelerator also commented on the progress attained by the founders over the past weeks. She stated “Throughout the program, the cohort demonstrated genuine enthusiasm, passion and dedication, qualities highly valued by investors. 

They’ve mastered articulating and executing their business models, also honing their pitching skills along the way. The program has boosted their capabilities, propelling them into the next stage of their entrepreneurial journey and we wish them continued success.”

As founders showcased the product-market fit of their startups, track record and growth opportunity, it highlighted the ingenuity and opportunities that abound in the African market. 

How to Register

The event now sets the stage for follow-on investment and innovation in the months ahead for the cohort. With plans underway for a third cohort intake later this year, applications will open in mid-May. However, startups can register early interest here.

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The investment round, led by Ingressive Capital and supported by Techstars, HoaQ Capital, and numerous angel investors, marks a good point for Klas as it endeavors to democratize access to quality education worldwide.

Founded in 2022 by Nathan Nwachuku and Lekan Adejumo, the edtech startup is a stimulating entity in the edtech sector, offering an innovative platform that empowers users to create, sell, and deliver ebooks, courses, and live classes seamlessly. With its user-centric approach and innovative features, Klas was built on a new dynamic of online learning, going beyond geographical boundaries and bolstering education for learners and educators alike.

Klas provides an intuitive interface and essential tools for creators to launch and manage their online academies effortlessly. From scheduling and payments to interactive class features and comprehensive analytics, Klas offers a holistic solution tailored to the diverse needs of educators across various disciplines.

Klas has been likened to the Shopify of online education, enabling users to establish and monetize their virtual schools with unparalleled ease and efficiency. The genesis of Klas traces back to Nwachuku’s personal journey, marked by resilience and determination following a life-altering accident that fueled his ambition to boost online learning.

Klas’ mission includes simplicity and accessibility, addressing the complexities inherent in existing platforms and empowering educators of all backgrounds to engage with learners effectively. By leveraging proprietary technology and a user-centric approach, Klas seeks to bridge the gap between traditional and online education, offering a seamless experience for creators and learners alike.

The investment round comes on the heels of Klas’s successful entry into Techstars, a well-known startup accelerator program, spotlighting the company’s huge potential and growing traction within the global edtech sector. With a rapidly expanding user base spanning over 30 countries and 125,000 students globally, Klas is set to transform the way education is delivered and consumed in the digital age.

Reflecting on the company’s journey, Nwachuku expressed gratitude for the relentless support of investors and stakeholders, emphasizing Klas’s commitment to empowering educators and learners worldwide. As the platform prepares for accelerated growth, fueled by the infusion of capital, Klas remains steadfast in its pursuit of excellence and innovation, set to transform the future of education on a global scale.

With plans to amplify its international presence and enhance user experiences through localized currency options, Klas aims to thrust online education into new frontiers, empowering millions of learners to unlock their full potential and pursue their educational aspirations with confidence and conviction.

The post Techstars-Backed Nigerian Edtech Klas Raises $1 Million to Empower Creators Worldwide appeared first on Tech | Business | Economy.

According to these filings, the accelerator aims to raise $150 million for its upcoming Techstars Accelerator 2024. This strategic move comes in anticipation of the conclusion of the deployment period for its third institutionally-backed fund, Techstars Accelerator 2021, which is scheduled to take place later this year.

Techstars is a global startup accelerator that offers a three-month mentorship program to early-stage startups. 

They provide funding, office space, and access to a network of mentors and investors. Techstars has locations in over 150 countries and has helped launch over 2,000 companies since its inception in 2006 across the health tech, fintech, web3 and clean tech, among other sectors.

The program culminates in a Demo Day, where startups pitch their products to a group of investors. Techstars has a strong track record of success, with alumni companies raising over $9 billion in funding and achieving a combined valuation of over $30 billion.

With a reputation for nurturing and propelling promising startups to success, Techstars has consistently proven its prowess in the competitive landscape of the entrepreneurial ecosystem. 

By providing a comprehensive range of resources, mentorship, and networking opportunities, the accelerator has become a coveted platform for budding entrepreneurs to realize their visions and transform their innovative ideas into thriving businesses.

The decision to raise $150 million for their new fund underscores Techstars’ commitment to sustaining and expanding its impact in the startup community.

This substantial capital injection will undoubtedly enable the accelerator to continue its mission of identifying and supporting the most promising startups, empowering them with the tools and expertise necessary to navigate the complexities of the business world and reach new heights of success.

As the deployment period of Techstars Accelerator 2021 draws near, the forthcoming fund represents a significant milestone for the accelerator. By securing additional capital, Techstars ensures its ability to foster the growth of groundbreaking startups beyond the current cycle, enabling a seamless transition into the next chapter of its venture.

Fund 3 was targeted at backing over 800 pre-seed and seed startups that are part of its global accelerator programs by the end of 2023. 

With its track record of backing and nurturing numerous successful startups, Techstars’ new fund has generated substantial interest from investors and industry insiders alike.

The accelerator’s unwavering commitment to driving innovation and propelling entrepreneurship has earned it a prominent position in the startup ecosystem, making it a highly sought-after opportunity for both emerging entrepreneurs and seasoned investors looking to support the next wave of groundbreaking ventures.

As the deployment period of Techstars Accelerator 2021 draws to a close, the successful raising of $150 million for its new fund will solidify Techstars’ position as a leading force in the startup acceleration realm. 

The infusion of capital will not only provide a robust foundation for the accelerator’s future endeavors but also serve as a testament to the belief in the transformative potential of startups and the vital role played by organizations like Techstars in shaping the entrepreneurial landscape.

The post Techstars to Raise $150 Million for New 2024 Accelerator Fund appeared first on Tech | Business | Economy.

The survey included responses from over 1,600 current, past and aspiring entrepreneurs and venture capital investors on their views about innovation on their home turf and around the world.

Irrespective of concurring with Silicon Valley Bank’s innovation, when the same individuals were asked which hubs will be the most innovative in five years, the majority gave a negative response, with just 45% agreeing this time, compared to 65% earlier.

Maëlle Gavet, CEO of Techstars said: “Against a backdrop of ongoing market flux, the results of our survey reflect the shift away from traditional U.S. dominance of innovation, towards a multipolar age in which tech entrepreneurship flourishes globally – a trend which is underscored by our respondents’ conviction that Africa will leapfrog Western Europe this year by producing more startups.”

“With today’s investors being able to source deal-flow worldwide and entrepreneurs able to build global businesses from anywhere, it is not surprising to us that we are seeing the potency of a single technology hub, such as Silicon Valley, recede. The results of our survey reaffirm that outstanding entrepreneurial talent is thriving all around the world, and also that innovation requires the support of an entire ecosystem.”

Key findings from the survey results include:

Regions: The majority of entrepreneurs and VCs surveyed (51%) consider Asia-Pacific (APAC) to be the most innovative region outside of the U.S. today, suggesting that APAC could soon challenge the historic dominance of the U.S.

Sectors: Nearly half of the entrepreneurs and VCs we surveyed predict that five years from now, HealthTech (51%) and Sustainability (44%) will be the two most innovative fields, indicative of the way founders are increasingly pursuing many of the biggest challenges of our era – from health and longevity to climate change and food resilience.

Firestarters: Innovation takes an ecosystem. Only one-quarter (26%) of respondents believe that VCs and angel investors will be the biggest driver of innovation over the next five years, with no single force or influence – such as governments or corporates – emerging as the dominant factor.

Founders’ Attitudes: Companies have been staying private for longer, and our survey confirms this trend with more than one-quarter (28%) of entrepreneurs saying their long-term goal is to remain private/independent. By comparison, just 16% are targeting an IPO and 7% are targeting an acquisition by private equity.

“Looking ahead, we expect competing forces to shape the innovation market in the coming months. The collapse of Silicon Valley Bank, and subsequent fallout, has made what was already a tight fundraising environment even tighter. Unable to fundraise or raise venture debt, some founders will simply run out of road.

However, conversely, the wave of layoffs across the tech industry will help create a boom in early-stage innovation, as significant numbers of laid-off workers become entrepreneurs. We are also seeing increasing numbers of applicants to our programs tackling some of the biggest challenges of our lifetimes in areas such as HealthTech, Sustainability and the resilience of food supply,” added Gavet.

The post Silicon Valley’s Influence to Decline over the next Five Years – Techstars Report  appeared first on Tech | Business | Economy.

The fund will help bolster the success of the neobank’s “future of work” initiative focused on ensuring borderless payment alternatives in major currencies.

Moniepoint Inc., initially known as TeamApt Inc, led the oversubscribed seed round which included participation from investors such as Techstars, HoaQ, DFS Lab’s Stellar Africa Fund, Ingressive Capital Fund II. Follow-on investment also came from Angel investors such as MFS Africa Founder and CEO, Dare Okoudjou, as well as Norebase CEO Tola Onayemi. Existing investors like Techstars and Angels Touch also participated.

First launched in 2021 by Favour Ori, Payday started in Rwanda before expanding to Nigeria. The company was the first Rwandan company to join Techstars Toronto Accelerator programme. It enables African remote workers and freelancers to send and receive money in USD, GBP, EUR, and 20 other currencies, making work and payment from international companies easy. 

With over 300,000 users, Payday asserts to have daily new customers over 4,000+, processing an average of 40,000 transactions per day. The company makes monthly revenues by charging a fee on transactions, and its increasing user base keeps boosting this profit rate. 

Recently, PayDay also became a payment partner for SpaceX’s Starlink, facilitating the purchase of Starlink routers by its Nigerian and Rwandan users. In line with this, it affirms to have helped process about $1 million so far.

PayDay seeks to obtain operational licensing in the U.K. and Canada, while expanding operations in the U.K., where it has newly been incorporated.

The fintech is intensifying its marketing and adding more talent as it plans to grow from 35 to 50 employees in the coming weeks. Two Co-Founders have joined Ori – Elijah Kingson from Revolut, who will also function as the CPO and Yvonne Obike, the COO who formerly worked for Nigeria’s Bank of Industry. Sean Udeke, formerly with Goldman Sachs and Expedia, is the new head of products and may oversee new loan and credit card offerings.

The post With $3 million Oversubscribed Seed Round, Payday Strengthens Efficient Borderless Payments appeared first on Tech | Business | Economy.