Remoto, a Nigerian auto-tech startup, has launched operations and is using its online platform to connect people and fleet owners with certified servicing workshops.

Remoto, which was founded last year, offers three products to its customers: car repair insurance, an annual maintenance contract, and on-demand repairs.

“The cost of accessing premium vehicle maintenance services in a standard workshop is very expensive and beyond the reach of most vehicle users, who are left with no choice but to use cheap technicians who most of the time make use of counterfeit spare parts,” said Richards Ijebor, Remoto’s chief executive officer (CEO).

“Also, businesses spend twice as much as individuals to maintain their vehicles. This is a problem Remoto car repair insurance and annual maintenance plan will solve.”

The self-funded startup has already completed multiple on-demand orders for individuals and businesses, and is currently onboarding more companies for its insurance and maintenance services. It is now running in Lagos, with plans to expand to other Nigerian cities in the near future.

“We have plans for cities like Abuja, Port Harcourt and Kano. Our eventual approach is to serve cities across Africa,” Ijebor said.

Keyla technologies ,a fast growing start-up which provides first class information technology solutions such as website & mobile application development AI Solutions and IT consultations to small and medium scale business has marked its first anniversary in Lagos Nigeria.

To mark the momentous occasion, Keyla announced it would be offering free e-commerce websites to 10,000 SME businesses throughout 2022 which can be accessed here. Speaking at the occasion, Keyla Technologies COO and Co-Founder Anthony Enakhifo said that it was befitting that Keyla was giving back to the start-up community to mark its one-year anniversary.

The start up also announced that it had raised $250,000 in seed funding for its latest venture Cravings, a food delivery service which will launch in the first quarter of 2022.

‘When we started Keyla, it was our mission to build a company that will be key to tech advancement on the African continent by providing quality services and building tech products to solve key business problems. I’m glad to say that a year later it has been a challenging but fulfilling journey,’ remarked Mr Enakhifo.

“Remarkably we serviced over 30 clients this year providing them with our services. It is our goal to position the company to be a frontier in bringing new and advanced technological solutions to Nigeria. We want to be that symbol such that when people think of new innovations and inventions in Africa, they think Keyla,” said Mr Enakhifo.

Founded in 2021 by partners Alexander Okun Oziegbe (CEO Keyla Technologies), Anthony Ihiere Enakhifo (COO), the company offers businesses the opportunity to get digital assets by providing a flexible payment structure where businesses can pay monthly for their tech solutions, like; website, mobile apps.

Stax, a platform that manufactures automated USSD codes to help Africans buy airtime, send and receive money, and transfer money between accounts, has raised $2.2 million in a seed round.

Anthemis Group, Orange DAO, 500 Startups, Garuda Ventures, and GAN Ventures were among the investors in the round, which was co-led by World Within Ventures and Noemis Ventures, both based in the United States.

In a market where internet-enabled app-based banking can reach 300 million subscribers on the continent, USSD technology, which is mostly utilized by feature phones and is primarily used offline, outperforms it with 850 million connections.

This technology allows users to send and receive money, pay bills, and buy data without having to go online, and reports claim that it handles more than 90% of digital transactions in Sub-Saharan Africa.

This mass market is dominated by telecommunications companies and banks, which provide the technological infrastructure that enables these code-based transactions. 

Users often dial a service code, such as GTBank’s *737#, then follow a prompt asking if they want to send or receive money, pay bills, or check their account balance, among other things, and the telco or bank responds.

However, USSD has its own set of difficulties. Consider Nigeria, where the average banking user has three to five accounts, and while some customers utilize bank apps or fintech platforms to conduct online transactions, others rely on USSD numbers. For the latter, remembering one or two codes is one thing; cramming about five is another.

Then there’s Stax. Ben Lyon, Jess Shorland, and David Kutalek founded the firm, which gathers all of these numbers from numerous accounts into an app that customers can access offline, allowing them to perform transactions without dialing any USSD codes. Stax’s goal here is to improve the user experience.

Stax describes itself as a distributed team, with employees based in the United States, the United Kingdom, Nigeria, and Kenya. Its platform is operational in ten African markets, but it only fully serves six — Kenya, Uganda, Tanzania, Nigeria, Ghana, and Ethiopia — where consumers may access more than 100 banks and mobile money accounts.

Last May, the platform was released from beta. In its initial month, it had fewer than 3,000 monthly active users, but it has since expanded to over 170,000 customers, with just 40,000 of them being active monthly users.

While USSD is hailed for its ease-of-use and offline features, experts have highlighted over the years that improper validation in the technology can lead to attacks from hackers with a propensity to leak sensitive information. 

Stax intends to introduce various features along the way, including a self-custody crypto wallet that will start with USDC, allowing customers to purchase airtime while dialing non-financial codes. When Stax’s Series A round closes, the seed extension will allow it to further develop these capabilities and expand its services from 10 to 50 African countries.

Chari, a Moroccan B2B e-commerce and retail startup, has acquired Axa Credit, the credit branch of Axa Assurance Maroc  for $22 million .

The announcement follows Chari’s recently completed seed extension round, which valued the company at $100 million and saw it begin offering BNPL services to its customers. It is one of the few African startups that has made its valuation public.

In parts of French-speaking Africa, mainly Morocco and Tunisia, Chari digitizes the relatively fragmented FMCG sector. It operates a mobile app that connects small retailers in these two countries with FMCG multinationals and local manufacturers, allowing them to place orders and get products in  less than 24 hours.

Karny.ma, a Moroccan credit book, was acquired by the YC-backed startup last October. About 50,000 merchants use the Khatabook-esque platform for credit and bookkeeping. It enables these businesses to manage the credit they extend to their clients.

The acquisition of Axa Credit — the Moroccan credit branch of the French-based Axa Group — makes Chari one of the few, if not the only, startups to acquire a local branch of a global bank. The acquisition is still subject to approval from the Moroccan banking, insurance and antitrust authorities.

With the acquisition of Axa Credit, Chari will be able to begin extending credit to its FMCG B2B clients (which it already does), who will then be able to lend money to their consumer clients. It’s a B2B2C lending model, if you will.

Shop owners, according to Chari, know their customers’ spending habits, where they dwell, and when and how they get paid, and can thus undertake the credit risk assessment that a regular bank cannot.

Shop owners and merchants can also provide FMCG on credit in addition to loans. Chari claims that the underbanked may now compete on an equal playing field with those who have bank accounts by providing loans and credit to businesses that function as branches and give the same services to end consumers.

Chari provides merchants with a free credit line; the cost of the loans is passed on to FMCG suppliers in the form of a higher distribution margin. Suppliers receive the data on the SKUs they sell to each retailer in exchange.

Chari provides greater credit lines to shop owners who want to offer loans to their end customers, and Chari shares the data collected from Karny (on end consumers’ purchasing behaviour) with FMCG companies who pay for the higher loans.

Chari intends to charge merchants a setup fee and low-interest rates in the future, after it has a larger user base.

At the Stitch Startup Showcase in Cape Town last week, ten African fintech startups pitched their products and solutions to a group of investors.

Stitch, a South African API fintech startup hosted a “startup showcase” in January to give early-stage fintechs from across the continent the opportunity to share their solutions with local and international investors and receive support.

The showcase was part of a Stitch-hosted meetup for global fintech investors interested in learning more about the space, and it intended to spotlight high-growth, early-stage startups from across Africa.

Around 100 people attended the meetup at the Stitch office, including a mix of fintech investors and angels from the US, UK, and Africa, as well as founders from the Raba portfolio, with whom Stitch partnered for the meetup.

Ten startups were selected to pitch, with seven doing so in-person and three via video call. They were Abela (SouthAfrica), Bettr (South Africa), Munch (South Africa), Hashgreed (Nigeria), Get Equity (Nigeria), Feather (Nigeria), Sava (Kenya), Alvin (Kenya), Zuberi (Ghana) and Paybox (Ghana).

All startups will receive a one-hour workshop focusing on funding and growth from members of the Paystack team. Nigerian and South African startups will get six months of free Stitch API access, while Nigerian, South African, and Ghanaian startups will get free payment processing from Paystack.

“We were super happy with the quality of companies presenting and the ideas showcased. It reinforces our confidence in and excitement about the continued growth of fintech innovation on the continent. The audience was filled with global and local fintech investors and later stage founders that shared our sentiment and engaged the founders in conversation throughout the rest of the day. We look forward to hosting more events like this one in the future,” said Thea Sokolowski, head of marketing and communications at Stitch.

Sudo Africa, a fintech startup in Nigeria that offers a card-issuing API to developers and businesses, has raised $3.7 million in pre-seed funding.

Global Founders Capital (GFC), based in San Francisco, led the round. Picus Capital, LoftyInc Capital, Rallycap Ventures, Kepple Africa, Berrywood Capital, ZedCrest, and Suya Ventures are among the investors.

Several African fintech founders, like Olugbenga ‘GB’ Agboola, Ham Serunjogi, and Odun Eweniyi, are also investors.

Card-issuing API (pioneered by the likes of Rapyd, Ayden, and even Stripe globally) is gradually attracting the attention of investors who believe it’s the next big thing in a sector that has drawn the most VC funds in Africa, similar to many other API-led fintechs.

Sudo Africa’s founders, Aminu Bakori and Kabir Shittu, explained that the chance to develop Sudo arose from a problem they encountered while trying to issue cards at their previous startup: a mobile wallet system allowed users to aggregate existing financial institutions into a single platform and conduct transactions.

Customers are told that whereas banks take weeks or months to issue cards, Sudo Africa does so in days. 

The company’s infrastructure, which is built in partnership with licensed card issuers, allows it and any developer or merchant who joins its platform to issue virtual and physical cards to their customers.

Businesses can also customize and program cards to their liking, add functionality, and securely integrate with other services on the platform.

Sudo’s clients come from a variety of industries. Fintechs, microfinance banks, non-tech enterprises, government agencies, logistics companies, commercial banks, and e-commerce companies are among them.

When its issued cards are used to execute an online or POS transaction, the company collects interchange fees, and it takes authorization fees when spending and location-based controls are performed. Sudo charges less for card manufacture and customizing than competitors.

Sudo Africa is currently the only startup in this space that only provides virtual and physical cards to Nigerians.

Susu, an Ivorian startup, has secured $1 million in pre-seed funding for health support in the area of rising hypertension in Africa in order to continue delivering affordable and accessible healthcare to its consumers in Ivory Coast, Senegal, and Cameroon.

The majority of the funds came from angel investors, but the company also secured $1.2 million in debt and grant funding from BPI France, the French government’s public investment bank.

After losing her father to complications from a chronic health issue owing to poor management, Bola Bardet founded the company alongside Laurent Leconte (CTO) and Sandrine Egron (COO).

Susu provides care packages or bundles to people with chronic conditions including diabetes and hypertension, as well as pregnant women, who require close monitoring and preventative guidance in order to live their best lives despite their illnesses.

Susu is a one-of-a-kind platform in that it offers a community financing option, in which family members, whether local or in the diaspora, can help patients pay their monthly membership charges via care bundles, as well as allowing patients to finance their expenses.

Doctor’s appointments, nurse visits, SMS medical advice, and a variety of other medical activities are all included in care packages for patients.

The product appears to have struck a chord with the company’s 5,000-strong user base, which has increased by fivefold in the past year. According to the company, revenue increased by more than 400% in 2021.

Susu plans to use its new funding to expand its team and provide new features. Nigeria and Ghana will be among the six countries in Sub-Saharan Africa where the company will launch its services.

Mumerz, a support society and e-commerce website for mothers and their children, has secured $1.2 million from Disruptech, a local venture capital firm, in a Pre-Seed round.

Mumerz is a one-stop shop for all parent and child needs, as well as a community platform for parents and children.

From conception through the age of twelve, the platform is Egypt’s largest bilingual community and e-commerce platform, serving the needs of every parent and child.

Mumerz was created to address the information, advising, and product needs that parents and children have.

The portal features a blog with articles on a wide range of topics connected to pregnancy, childbirth, motherhood and childcare, as well as integration with Egypt’s largest parent and child e-commerce platform.

“We feel that Egypt’s online mother, baby, and child vertical is underserved. “Delivering an excellent customer experience with a wide choice of mother-baby and child items at low pricing is the key to that,” says Amir Shenouda, Founder and Managing Partner of mumerz.

Mumerz also provides value-added material for moms on its blog and Mums Mag, which is handled by Rahet Bally and includes direct links to products on the e-commerce platform.

“Mumerz is a logical extension of Rahet Bally’s maternity support services, allowing us to serve millions of our moms who really trust us, consume our material on a regular basis, take advantage of our discount services, and visit our fitness centers”.

“Mumerz also takes advantage of Rahet Bally’s extensive knowledge of what moms require, as well as a highly experienced advisory team that recommends the best product for each mom’s needs based on Rahet Bally’s reviews across all product categories,” said Nadia Gamal El Din, Founder of Mumerz.com and Rahet Bally.

The funds will be used to expand the company’s market share in Egypt and beyond, as well as to improve its online platform with more diverse offerings and content.

MockUp Studio, a Berlin-based technology company, has been acquired by Homzmart, the Middle East’s leading furniture and home goods marketplace platform.

The acquisition indicates Homzmart’s success in implementing its strategy to consolidate the whole home goods and furniture value chain, and it aligns with the company’s vision to transform how consumers shop for and furnish their houses.

Consumers will be able to visualize their furnished home in minutes thanks to MockUp Studio’s technology. Homzmart will use the acquisition to digitize the entire interior design process, starting with an empty room and exploring different layouts, finishings, and floorings with different sets of Homzmart’s catalogue assortment, all displayed in a 360-degree view.

For consumers, the end result is a perfect representation of their desired space. They can also view and interact with the entire Homzmart catalog with only a few clicks.

MockUp Studio will be integrated into Homzmart’s operations as soon as possible. Homzmart customers may expect to have access to the full house visualization and interior design experience in the fourth quarter of this year.

Homzmart’s CEO and co-founder, Mahmoud Ibrahim, said:“We are delighted to complete this acquisition in Germany, and start integrating MockUp Studio’s technology into Homzmart’s product family. We have been very clear that our intention is to grow rapidly, expand regionally, and consolidate the whole furniture value chain. We are successfully doing all these things, and this M&A is a solid step in our value chain strengthening.

“Our philosophy is all about transforming the furniture experience for consumers and sellers. Adding MockUp Studio’s technology means consumers can have the full interior design experience – browsing Homzmart’s entire catalogue and viewing their desired space, in just a few clicks. MockUp Studio is a perfect partner to welcome to Homzmart and I know consumers will be delighted when they experience the new technology later this year.”

MockUp Studio digitizes furniture store images quickly and effectively using Artificial Intelligence and advanced computer vision. The technology recognizes photos and uses them to mix and match items according to interior design guidelines.

The technology also considers the desired space’s size, room layout, and furniture placement. The algorithms in MockUp Studio pick the ideal furniture to meet the user’s preferences and the room’s architecture.

The acquisition comes on the heels of Homzmart’s quick expansion, with operations having tripled in size by 2021 as a result of high consumer demand. Homzmart also expanded into Saudi Arabia in November 2021, a $15 billion market with a 10% CAGR per annum.

Homzmart is backed by investors including MSA Capital – a global investment firm with over $1.5 billion in assets under management; Nuwa Capital, Rise Capital, Impact46, EQ2 Ventures, and Outliers Ventures.