Nigerian fintech, FairMoney, acquires PayForce. 2 other stories and a trivia

This series of stories will help you discover the latest happenings around the tech world today

1. Nigerian fintech, FairMoney, acquires PayForce

Nigerian credit-led fintech startup FairMoney has announced the acquisition of PayForce.

This was stated in a statement from startup manager Laurin Hainy on Tuesday.

PayForce, a sub-brand of YC-backed CrowdForce, is a merchant payment service serving small businesses

Sources familiar with the acquisition revealed that the transaction was a cash-and-stock deal in the range of $15 million to $20 million.

“We see ourselves as a retail bank, but the line between salespeople and retail is often blurred.

“We’ve been thinking more and more about the commerce space, and we see a lot of potential synergies between what PayForce and we’ve built independently,” Hainy explained.

Technical Trivia: Properties and methods can be assigned to which of the following entities?
A. Integer
B. Array
C. String
D. Object
Answer: see the end of the post

2. MENA’s online coffee marketplace, COFE, secures $15 million in Series B funding

COFE, an online coffee retailer in MENA, has raised $15 million in a Series B funding round that was organized and managed by WAED Ventures.

Also Read: Health Tech Startup Envisionit Deep AI Raises $1.65M 2 other stories and a trivia

Saad Al-Bader, Executive Vice President of Al Imtiaz Investment Group, confirmed the funding in a media release on Tuesday.

The Series B round also witnessed participation from eWTP Arabia Capital, Al Imtiaz Investment Group, KISP Ventures (KFH Capital) and Rasameel Investment Company.

“We believe that COFE is ready to scale internationally into new markets and to further strengthen its market position and service offering,” Al-Bader said.

The startup claimed its Series B funding round would be used to expand its e-commerce capabilities and pursue its goal of being a full-service coffee solutions provider.

3. MENA VC, Flat6Labs, to invest USD 95 million outside MENA

An Egypt-based seed-stage accelerator, Flat6Labs, is embarking on a journey into East and West Africa with its new $95 million investment.

The firm’s CEO Ramez El-Serafy confirmed the development in a statement seen by Ripples Nigeria on Tuesday.

Ripples Nigeria understands that investment company Seed Fund will mark its first venture outside of MENA.

“We are embarking on a new phase for the organization by expanding into sub-Saharan Africa through the Africa Seed Fund,” El-Serafy said.

According to El-Serafy, the sector-neutral fund intends to invest in companies in the following areas: fintech, health technology, logistics, mobility, cleantech, agtech, retail and e-commerce.

Trivia answer: Object

An object, in object-oriented programming (OOP), is an abstract data type created by a developer. It can contain multiple properties and methods and can even contain other objects.

By Kayode Hamsat

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