This line-up of stories will help you discover the latest happenings around the tech world, today
1. UK fintech Unlimit expands into Tanzania market
UK-based financial technology firm, Unlimit, is set to enter the Tanzanian market following approval as a payments service provider (PSP) by the country’s central bank.
Trevor Goott, Unlimit’s Director for Africa and India, confirmed this in a statement seen by Ripples Nigeria on Wednesday March 13, 2024.
The move marks a significant step in the company’s expansion across Africa, building on its accreditation as a payment solution service provider (PSSP) by the Central Bank of Nigeria in April last year, and subsequent licensing by the Central Bank of Kenya in June.
Ripples Nigeria gathered that the fintech specializes in cross-border business payments infrastructure with the aim to introduce a range of new services to the Tanzanian market.
According to Trevor, the new licence is “a tremendous opportunity.” He emphasizes the firm’s commitment to “consolidate the fragmented African payments landscape and drive broader economic growth” by supporting local enterprises and entrepreneurs.
Trivia: A phone which can be opened and closed with a hinge has which name?
A. Clamshell
B. Apple
C. Android
D. iPhone
Find answer below
2. Phantom auto closes doors amid funding challenges
Phantom Auto, a pioneering remote driving startup that emerged seven years ago amidst the excitement surrounding autonomous vehicle technology, is ceasing operations due to a failure to secure additional funding.
Established in 2017, the company had raised $95 million and developed a teleoperation platform enabling remote drivers to operate vehicles as needed.
Despite attracting a diverse range of investors, including angel investors, early-stage VCs such as Bessemer Venture Partners and Maniv Mobility, private equity firm InfraBridge, and strategic investors like ArcBest and ConGlobal, with its last fundraising round securing $25 million in 2023; the company has opted to shutter its operations.
In a statement shared on his LinkedIn page, Phantom Auto’s founder and CEO, Shai Magzimof, announced the closure, citing market conditions and insufficient funding as contributing factors.
“After seven years of endeavoring to redefine the future of physical labor at Phantom Auto, we have made the difficult decision to cease operations,” Magzimof wrote. “I am grateful to our employees, investors, customers, partners, and all who have accompanied us on this journey. While these times are challenging, my foremost concern is our team. We have exceptional talent now seeking opportunities in the job market, and I am committed to providing references for our employees. Personally, I will be taking a pause to reflect and consider the next steps.”
The closure of Phantom Auto represents the latest setback in a string of startups emerging as the autonomous vehicle technology industry garnered attention and investment from stakeholders.
Trivia Answer: Clamshell
A clamshell design is a kind of form factor for electronic devices in the shape of a clamshell. Mobile phones, handheld game consoles, and especially laptops, are often designed like clamshells.
Clamshell devices are usually made of two sections connected by a hinge, each section containing either a flat panel display or an alphanumeric keyboard/keypad, which can fold into contact together like a bivalve shell.
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