Jumia hits US$196-million in landmark New York IPO but investors may regret funding an elusive dream

Jumia billed as Africa’s first “tech unicorn”, is a venture-capital funded company valued at more than $1bn on the New York Stock Exchange. Its lack of a profitable model didn’t seem to matter much on the first day of trading on Friday, as the stock surged by 75%. Jumia filed S1 documents with the US Securities and Exchange Commission (SEC) last month to launch its IPO, which was underwritten by banks such as Morgan Stanley and Citigroup. The stock went on sale on Friday 12 April 2019, initially valued at…

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Unregulated digital apps loans, consumer protection among emerging issues that require attention- CBK Kenya Study

The 2019 FinAccess Household Survey report presents results of data collected during October – December 2018 covering 11,000 households across the country. The survey targeted individuals aged 16 years and above, from scientifically selected households, designed to provide significant estimates at the national and regional level and by residence (rural and urban areas). The 2019 survey focussed more on the usage, quality and impact/welfare dimensions of measuring financial inclusion. In addition, the questionnaire incorporated a needs-based framework to the measure the relevance of financial services and products; financial health and…

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Bitcoin cash latest huge price gains outstrips those made by its more famous rival bitcoin

Bitcoin cash has experienced huge price gains that have outstripped those made by its more famous rival bitcoin, amid a major revival of the cryptocurrency markets. The bitcoin spin-off rose in value by around 45 per cent over the last 24 hours, taking its market cap above $4 billion for the first time since November 2018. One unit of the cryptocurrency is now worth $262 (£200), which is still a long way off the peak it reached in late 2017 of around $4,000. Bitcoin’s recent gains of around 25 per cent appear…

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Kenya accounts for 60 per cent of private equity investments to East Africa

Banking Crisis

Kenya accounted for more than half of funds pumped into the region by private equity (PE) and venture capital firms. A new report shows that Kenya received 59 per cent of the funds that private equity firms pumped into the region between 2013 and 2018. The report by the Africa Private Equity and Venture Capital Association (AVCA) indicates that there were 110 reported deals during the five years valued at Sh130 billion. Most of the money was invested in the consumer goods and technology sectors. Reports have in the recent…

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Women VCs investments explains the inequality in their field

Female venture capitalists (VCs) have made steady progress over the past few decades, but still make up a small percentage of VCs overall. Data released today (Mar. 25) by grassroots initiative Women in VC reveals the limitations that female VCs are working under, and how they affect the progress of women in VC as well as female founders. The vast majority of female VCs are investing primarily in early-stage startups, in the seed and series A funding rounds. Part of the reason they are investing mostly in the early stages…

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Africa’s e-commerce giant Jumia to list on the New York Stock Exchange

Reports of an initial public offering (IPO) by Jumia, the pan-African conglomerate of e-commerce businesses, have been finally confirmed but details of its financials do not paint a pretty picture. Jumia has filed to launch its IPO on the New York Stock Exchange, documents from the U.S. Securities and Exchange Commission (SEC) show. The intended IPO is a landmark first for e-commerce and tech businesses on the continent. It could also mark a possible exit by Rocket Internet, Jumia’s German parent company, divesting its remaining 28% stake in the company.…

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MPESA option now available on Aliexpress App

Shopping online can seem like a daunting task to some people, especially considering the  limited payment options and security issues that bog online transactions. Alibaba-owned e-commerce platform, AliExpress, has slowly but steadily gained popularity in Kenya as the platform opens up the Chinese vast goods market to Kenyans. International shopping in Kenya has mainly relied on third-party services such a Vitumob or Something Random, that aim to connect locals to the well-established platforms like Amazon but recently we have seen these shopping websites make an effort to directly reach their…

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Cryptocurrency may have bottomed in December

A technical indicator that incorporates both bitcoin’s price and trading volume is signaling the cryptocurrency may have bottomed in December. The money flow index (MFI), also known as the volume-weighted relative strength index, is used to identify buying and selling pressure and oscillates between zero to 100. A rising MFI indicates an increase in buying pressure, while a falling MFI is considered a sign of increasing selling pressures. Essentially, the MFI validates or confirms price trends. Many times, however, the indicator diverges from the prevailing market trend. For instance, BTC dashed hopes…

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Spotify in advanced talks to acquire Gimlet Media for over $200

Spotify is in talks to acquire Gimlet Media, one of the leading podcast production houses. If this deal completes, it will signify a major change in the trajectory of podcasting as an industry. The significance of the deal goes well beyond that of the eye-opening $200 million valuation being discussed. Gimlet has raised approximately $28.5 million in venture funding from investors including WPP, Stripes Group, LioneTree Partners, Graham Holdings, Betawarks, Cross Culture Ventures, and Lowercase Capital. Two years ago, the startup was reportedly valued at roughly $70 million. Podcasting has…

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Andela Secures $100M Series D Funding to Build Distributed Eng. Teams and Power its work

Zuckerberg

Andela the company building distributed engineering teams with Africa’s top software developers, today announced the completion of a $100M Series D funding. The round was led by Generation Investment Management with participation from existing investors including Chan Zuckerberg Initiative, GV, Spark Capital, and CRE Venture Capital. The most recent financing brings Andela’s total venture funding to $180M. Andela was founded in 2014 to connect Africa’s engineering talent with the demand for software developers worldwide. With the Series D funding, Andela will accelerate the development of its technology platform to identify,…

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