Wednesday, February 21, 2024

Welltec Group closes £5.4m to enhance FinWellTech. 2 others stories and one trivia

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

1. Welltec Group closes £5.4m to enhance FinWellTech

A Financial Wellness Technology (FinWellTech) firm, Welltec, has announced closing a substantial R100 Million ($5.4M) investment from Legacy Africa Capital Partners’ (LACP) Fund 1.

Welltec’s FinWellTech software is designed to create personalized and configurable financial wellness programs as tech designers seek to providing a valuable resource for individuals grappling with the complexities of personal loans amidst economic adversity.

For LACP, the strategic investment aligns with their dedication to fostering innovation in the financial technology sector, highlighting their confidence in Welltec’s proficient and diverse management team.

Established in September 2020, Welltec Group is a FinWellTech startup operating in South Africa.

Led by founders Johannes Jonck, Richard Charrington, Gert Jonck, and Obed Tongoane, the company focuses on automating the intricate process of restructuring consumer debt.

Trivia: What is the primary goal of net neutrality regulations?

A. To ensure that all Internet traffic is treated equally by ISPs

B. To create fast lanes for premium subscribers

C. To allow ISPs to put certain protocols behind paywalls

D. To help ISPs prioritize traffic from their partner companies

See Answer below

2. Neighbourgood expands with acquisition of local travel company

South African prop-tech enterprise, Neighbourgood, has acquired travel-tech firm Local Knowledge, signaling a strategic move to integrate travel experiences into its service portfolio.

Founded by Murray Clark, Kim Clark, and St John Gardner, Neighbourgood is dedicated to enhancing neighborhoods globally.

Boasting over 1,000 existing living and working spaces, along with an additional 650 slated for development in 2024, the company has rapidly become one of Africa’s fastest-growing hospitality entities.

In a noteworthy development, Neighbourgood has formally acquired Local Knowledge, a cutting-edge travel experience and technology company established by Nick Schooling and Keegan Foreman.

Describing the acquisition as more than a mere amalgamation of two entities, the team emphasized it as a union of two visionary missions committed to reshaping how individuals live, work, and experience cities, all while fostering connections and positively impacting local communities.

As part of the acquisition, Local Knowledge will spearhead “The Experience Vertical” of Neighbourgood.

3. Lynx secures £15m in Series A funding

Fintech pioneer Lynx has successfully raised £15 million (€17 million/$18 million) in a Series A funding round, with key contributions from leading investor Forgepoint Capital and Lynx stakeholder Banco Santander.

Established two decades ago by computer scientist and AI specialist Carlos Santa Cruz, who currently serves as Chief Technology Officer, Lynx utilizes advanced AI and machine learning technologies to identify and prevent financial crime and fraud across various channels.

Serving financial institutions across Europe, the UK, the US, and Latin America, Lynx boasts an impressive client roster, including Banco Santander and Cielo, the largest credit and debit card operator in Brazil.

Lynx’s solution examines 58 billion transactions annually, safeguarding 300 million bank customers.

Lynx welcomes Dan Dica as its new CEO. Bringing over two decades of expertise in fraud prevention, AML, and digital identity sectors, Dica is poised to leverage his extensive experience to facilitate the firm’s scaling efforts.

Trivia Answer: To ensure that all Internet traffic is treated equally by ISPs

Net Neutrality is the principle that all Internet traffic is to be treated equally by Internet Service Providers (ISPs), regardless of its origin or the protocol it uses. While Net Neutrality protections are in place, an ISP can not block, throttle, or prioritize traffic from specific websites or services (outside of performing nondiscriminatory traffic management and blocking illegal material).

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