Tuesday, June 25, 2024

Egypt’s digital banking platform, Nexta, secures $3m funding. 2 other stories and a trivia

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This line-up of stories will help you discover the latest happenings around the tech world, today

1. Egypt’s digital banking platform, Nexta, secures $3m funding

An Egyptian digital banking platform, Nexta, has on Wednesday announced securing $3m in funding from e-Finance.

Ibrahim Sarhan, e-finance’s Chairman and CEO, confirmed the development in a media release.

The startup was founded in 2021 by Ahmed Hisham.

According to Ibrahim, the digital banking platform plans to launch its banking app in the coming months.

The new funding closely follows a $2 million pre-seed round Nexta announced earlier this year, led by Disruptech.

“We’re trying to build next-generation banking and provide a seamless user experience to the consumer.

“We want to make easy and instant onboarding, card aggregation, linking all of your cards and several methods of cash-in features,” Hisham explained.

Hisham further explained that the funding will allow the startup add more features to the app.

Trivia: What type of connectivity does a NIC provide?
A. Network access
B. Digital audio input
C. Digital video output
D. Printer communication
Answer: see end of post

2. B2B e-commerce, MaxAB, secures 40M pre-Series A

Beryl TV images-1-4 Egypt’s digital banking platform, Nexta, secures $3m funding. 2 other stories and a trivia Technology

An Egyptian B2B e-commerce platform for food and grocery supplies, MaxAB, has secured a 40M pre-Series A funding.

Read also:Paypal cofounder, Peter Thiel, leads $6m seed in Nigerian startup, Maplerad. 2 other stories and a trivia

CEO Belal El-Megharbel confirmed the fresh funding in a statement on Wednesday.

The Cairo-based startup was founded by El-Megharbel with Mohamed Ben Halim in 2018.

MaxAB is a B2B e-commerce platform that connects food and grocery retailers to suppliers in the most under-served geographies.

“In Egypt, we focused on launching the grocery supply chain and we’ll use the learnings that have come from that to launch across multiple markets,” El-Megharbel explained.

Ripples Nigeria gathered MaxAB recently acquired a Morocco-based and YC-backed WaysToCap and plans to dominate Egypt’s and North Africa’s B2B retail and e-commerce market with the new funding.

3. Services vacation rental startup, Holidu, secures $102M to expand growth

Beryl TV images-2-6 Egypt’s digital banking platform, Nexta, secures $3m funding. 2 other stories and a trivia Technology

A Munich-based software and services vacation rental startup, Holidu, has announced securing an oversubscribed €104 million (~$102M) Series E funding round of equity and debt.

CEO and co-founder, Johannes Siebers, confirmed the new raiser in a statement on Wednesday.

According to the statement, the funding was led by existing investor 83North.

Other investors in the round include Northzone, HV Capital, Vintage Investment Partners and Commonfund Capital, and with (in the former) Prime Ventures, EQT Ventures, coparion, Senovo, Lios Ventures and Possible Ventures.

Commenting on the raiser and intent, Siebers said:

“We see that our company delivers true value to hosts and guests, which is reflected in our very strong host retention and guest satisfaction.

“We will now scale our region-by-region approach into Europe’s large and attractive hosting market.”

Ripples Nigeria gathered that the €100M investment also includes a chunk of venture debt of €25M from Claret Capital and Silicon Valley Bank and the equity component of the Series E comprises €75M.

Trivia Answer: Network access

A NIC is a component that provides networking capabilities for a computer.

It may enable a wired connection (such as Ethernet) or a wireless connection (such as Wi-Fi) to a local area network.

By Kayode Hamsat

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