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TechNigeria: A weekly digest of what went down in Nigeria’s tech space

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So, Trump sued Facebook, Twitter and YouTube. But that’s not gist. Back home in Nigeria, citizens continue to live without Twitter save for individuals pulling through via the use of various VPNs. And that’s also not the gist this week.

On TechNigeria this week, we were able to track some notable idea launch and fund raisers where a number ofNigerian tech startupssecured about$70million.
Let’s get to details.

FairMoney $42 million raiser

Leading the equity table, FairMoney, a Nigeria-based credit-led digital bank, raised US$42 million in Series B funding.
Quite a mind boggling sum for a startup with only 4 years into its venture.
Even more stunning for the fact that the startup seeks to commence itsexpansion into other emerging markets.
From inception, FairMoneylaunched with the vision to give underbanked people access to digital financial services.

Daystar’s $20 million funding

Following Daystar on the table, Nigerian solar energy startup, Daystar Power, raised a US$20 million facility from the International Finance Corporation (IFC).
Like FairMoney, Daystar was founded in 2017 as a provider of hybrid solar power solutions to businesses.
The equity injection is hoped to help the company deliver against its project pipeline.
More importantly, Daystar can finance its existing solutions: “Solar-as-a-Service” and “Power-as-a-Service” which provide clean and reliable power while significantly reducing clients’ overall power costs.

$7 million for Smile Identity

Digital identity verification firm, Smile Identity, also closed a $7 million in Series A funding during the week.
Although, according to the startup, the new fund will go into further building Africa’s KYC services.
Like FairMoney and Daystar, the startup is onlyfour years old.
Unlike others, the startup builds tools and software to change the way millions of Africans prove and authenticate their identity online.

Payhippo’s $1 million raiser

Coming last, Payhippo, a Nigerian fintech startup, closed a whopping US$1 million in pre-seed funding to scale its offering.
What would have passed as the biggest raiser in another week seems the least, comparing what FairMoney and Daystar had pulled.

Payhippo, by venture, povides vital loans to small businesses and was launched just last year, January 2021 precisely.
With a million dollar raiser in the bag, in its first year, the brand demonstrates a high level of confidence in taking the world by storm.
Should we look out for this startup? Of course, it will be worth watching as it plays in the Fintech space.

Terragon’s product launch

Away from funding rounds, Lagos-based startup, Terragon,launched a new venture to help big companies understand African customers.
The company, which currently operates across Nigeria, Ghana, Kenya, SA and Egypt, said its service will help users receive personalised engagement from brands through preferred channels.
Venture analysts commend the launch of the product as it has been observed lately thatmore brands struggled to engage digitally with consumers.

Thank you for joining us this week. That will be all. Take care and stay here for more updates.



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