This line-up of stories will help you discover the latest happenings around the tech world, today.
1. UAE’s Kema secures $2M pre-seed investment
Kema, a UAE-based fintech has raised a $2 million pre-Seed funding round, led by Speedinvest with the participation of the Dubai Future District Fund (DFDF).
This investment was confirmed by Stefan Klestil, Partner at Speedinvest, in a statement seen by Ripples Nigeria on Tuesday February 13th, 2024.
Established in 2023 by Michael Ghandour, Kema specializes in offering a Software as a Service (SaaS) platform designed to streamline cash flow processes for B2B SMEs, ultimately saving them valuable time and resources.
The company intends to utilize this capital injection to foster its SaaS platform, particularly focusing on catering to the SME sector, expand its reach within the UAE market, and recruit top-tier talent to support its expansion plans.
Michael Ghandour, Founder and CEO, emphasized the challenges faced by B2B SMEs in maintaining a consistent and efficient cash flow cycle.
He stated: “The persistent hurdles of delayed payments, manual invoicing procedures, disjointed systems, and limited access to SME financing hinder growth opportunities for many businesses, resulting in escalating costs and inefficient resource utilization.”
Expressing optimism about Kema’s prospects, Stefan remarked, “Drawing from our extensive experience in the fintech domain, we recognize the transformative potential of SME digitization in markets. We are enthusiastic about Kema’s ability to revolutionize financial workflows for B2B SMEs, enabling them to unleash growth and seize opportunities within the region.”
Trivia: What is the purpose of a GPIO pin on a CPU?
A. It is used for parity checks.
B. It sends power to the processor.
C. It cuts power when the CPU overheats.
D. It can be programmed via software.
See Answer below
2. Kenyan Ilara Health secures $4.2M in funding for expansion
A Kenyan health technology firm, Ilara Health, specializing in providing private clinics with diagnostic devices and pharmaceutical products, has secured $4.2 million in a combined debt and equity pre-Series A funding round.
Leading the $2.5 million equity round was DOB Equity, joined by contributors such as Philips Foundation and existing investors AAIC Investment, Angaza Capital, Black Pearl Investments, and Perivoli Innovations while Debt funding was provided by Alphamundi, Kiva Capital, and Boehringer Ingelheim.
The influx of investment will fuel the expansion of operations across East Africa, aiming to enhance healthcare accessibility for the general population through a business-to-business (B2B) health and occupational service model, enabling uninsured workers to access care at partner clinics for a monthly fee.
Founded by CEO Emilian Popa, along with co-CEO Maximilian Mancini and COO Sameer Afzal Farooqi, Ilara Health initially focused on leasing diagnostic devices to clinics in 2019.
CEO Emilian Popa said that the startup’s strategic shift has empowered private healthcare providers to operate well-equipped clinics, consequently raising the standards of primary healthcare delivery.
3. Visa teams up with EBC to streamline International Remittances
Visa has partnered with the Egyptian Banks Company (EBC) to simplify and enhance international remittance processes for Egyptians residing abroad.
This collaboration was confirmed by Leila Serhan, Visa’s Senior Vice President for North Africa, the Levant, and Pakistan, in a statement seen by Ripples Nigeria on Tuesday February 13th, 2024.
The partnership combines EBC’s technological infrastructure with Visa’s digital financial solutions to offer advanced digital wallet and e-payment services.
Under the Memorandum of Understanding (MoU) inked with the Egyptian Banks Company and the CBE, the initial phase of the project involves integrating services into the InstaPay application enabling customers to transfer funds from Visa-linked accounts located outside Egypt to accounts of registered customers via the Instant Payments Network (IPN).
The second phase of the project entails forging partnerships with banks and financial institutions to streamline the process of sending money to recipients in Egypt. This will be facilitated through the IPN’s phone number or username directory.
Leila emphasized the significant contribution of remittances from Egyptian expatriates to the nation’s income and foreign currency reserves.
This collaboration comes on the heels of EBC’s recent alliance with Mastercard aimed at furthering Egypt’s digital payment landscape and fostering inclusive economic development.
Trivia Answer: It can be programmed via software
GPIO Stands for “General Purpose Input/Output.” GPIO is a type of pin found on an integrated circuit that does not have a specific function. While most pins have a dedicated purpose, such as sending a signal to a certain component, the function of a GPIO pin is customizable and can be controlled by software.
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