This line-up of stories will help you discover the latest happenings around the tech world, today.
1. Bumble to cut 350 jobs amid app overhaul
An American online dating platform, Bumble, has announced plans to lay off approximately 350 employees, constituting 30% of its workforce as well as a comprehensive app overhaul to achieve growth.
The CEO, Lidiane Jones, confirmed the decision in a statement seen by Ripples Nigeria on Wednesday February 28, 2024.
Ripples Nigeria gathered that the restructuring followed a weak Q4 2023 results, revealing a $32 million net loss against $273.6 million in revenue.
Additionally, several features introduced in Bumble’s apps over the past 18 months failed to resonate with the user base.
According to Jones, the outlined a near-term product roadmap will focuse on leveraging AI and implementing enhanced safety measures, along with features tailored to attract younger audiences.
She said: “We believe these actions will fortify our foundational capabilities and enable us to continue delivering novel and engaging user experiences that foster healthy and equitable relationships.”
Trivia: What purpose does the Border Gateway Protocol (BGP) serve?
A. It routes data transmissions over the Internet.
B. It protects devices within a specific network.
C. It reduces network jitter for wireless devices.
D. It breaks suspicious connections to a server.
See Answer below
2. Egypt’s MoneyHash raises $4.5m in seed funding round
An Egypt-based fintech startup, MoneyHash, has announced securing $4.5 million in seed funding.
The startup specializes in streamlining payment processes for merchants across the Middle East and Africa (MEA) region through its unified payment APIs.
The founder and general partner at COTU Ventures, Amir Farha, confirmed this in a statement seen by Ripples Nigeria on Wednesday February 28, 2024.
The funding round, spearheaded by COTU Ventures and Sukna Venture, saw participation from various investors, including RZM Investment, Dubai Future District Fund, VentureFriends, and notable individual investors such as Tom Preston-Werner, founder of GitHub and investor in Stripe, alongside other strategic investors and operators.
This injection of funds is earmarked for advancing MoneyHash’s payment technology and fostering its expansion throughout the MEA region.
Founded in 2020 by Nader Abdelrazik, Mustafa Eid, and Anisha Sekar, MoneyHash had previously raised $3.5 million in pre-seed funding, also led by COTU Ventures, two years ago.
Amir expressed confidence in MoneyHash’s platform to leverage digital payments’ potential in the region, underscoring the strategic significance of the investment.
3. Canadian Helcim secures $20m in Series B funding round
Helcim, the Canada-based payment platform, has raised $20 million in a Series B fundraising round led by Californian venture capital firm.
The round saw the participation of existing backers Aquiline Technology Growth and Information Venture Partners alongside new investors SilverCircle, Clocktower Ventures, and Vasey Ventures.
Established in 2006, Helcim caters to small and medium-sized enterprises (SMEs) across North America, offering an integrated payment processing platform.
The startup enables merchants to accept payments via various channels, including credit and debit cards, digital wallets, and ACH bank-to-bank transfers.
The injection of capital will drive Helcim’s product development efforts, with a focus on enhancing distribution channels and expanding financing, payment, and software services tailored for small business merchants.
Highlighting its unique positioning, Helcim asserts that it addresses a critical need for “true Main Street business owners” amidst a landscape of outdated competition.
The fintech differentiates itself by targeting an “underserved segment” comprising professionals such as lawyers, dentists, veterinarians, and mechanics.
Helcim’s Series B funding announcement follows similar recent developments in the fintech sector, including funding rounds for SME banking tech vendor Finom and Colombian B2B payments firm Simetrik.
Trivia Answer: It routes data transmissions over the Internet
BGP is a protocol used for routing data transmissions over the Internet. It helps determine the most efficient path, whether sending data down the street or across the globe. And manages the flow of data similar to how the post office handles the delivery of physical mail.
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