South Africa’s first Black-owned bank has hit unicorn status, POCIT reports. Tyme Group, founded in 2019, is majority-owned by billionaire Patrice Motsepe, notes Bloomberg. The platform was designed to make digital banking more affordable and accessible, and it has been an overwhelming success with online and physical banks throughout South Africa and the Philippines. According to TechCrunch, it has attracted 10 million users since its inception and reached an additional 5 million users through its Philippine brand, GoTyme. GoTyme allows users to create an account via its bank app. Customers can then receive an ATM debit card instantly and retrieve it at a kiosk. Tyme Group says it has allocated $600 million in financing to support small businesses and has raised $400 million in customer deposits. Now it is seeking to extend its reach in new markets, which include Vietnam and Indonesia by 2025. This will be made possible in light of a $250 million round led by digital bank Nu...

Google continues to build on its commitment to invest $1 billion in Africa’s digital economy. As AFROTECH™ previously reported, Google announced on Oct. 6, 2021, that it would focus on supporting the continent’s tech sector over the next five years to make the internet more accessible. “Today I’m excited to reaffirm our commitment to the continent through an investment of $1 billion over five years to support Africa’s digital transformation to cover a range of initiatives from improved connectivity to investment in startups,” Google CEO Sundar Pichai said during a virtual event held in 2021, per TechCrunch. Fast forward to 2024, and the tech giant has already invested over $900 million since the announcement and expects to reach its goal by 2026, according to information shared on its platform. Its most recent investment includes participation in a $90 million funding round for telecom solutions provider Cassava Technologies, one of Google’s partners in building the first subsea...

If you’ve been following the stock market in recent days you may already be familiar with SoftBank, a multinational internet services and investment firm operating out of Japan. The business has received a ton of press since Monday morning after CEO Masayoshi Son announced a proposed $100 billion in investments over the next four calendar years. This plan, which was developed in collaboration with the incoming Trump administration , is projected to create 100,000 new jobs within the United States, particularly in artificial intelligence and similar internet-based infrastructure. Per the Wall Street Journal , SoftBank’s stock (SFTBY) received a massive bump in the day following the announcement, accounting for a 4.4 percent rise in the Japanese market and a 1.3 percent rise on the New York Stock Exchange . To better understand exactly what this means for our country, infrastructure and the stock market of today, we’ll have to take a moment to examine SoftBank’s business model and...

Tyrre Burks has raised new funding that will benefit younger athletes. The Chicago, IL, native is the founder of Players Health , a platform providing support solutions for sports organizations, teams, leagues, and clubs. These solutions include insurance offerings and an athlete safety suite that encompasses education and training, injury management forms, incident reporting, compliance forms, and tools to support name, image, and likeness (NIL) deals, its website mentions. As a former college athlete who went pro in the Canadian Football League, Burks understands firsthand the importance of athlete safety. During his playing career, he endured multiple injuries, including an experience during his college freshman year when he was paralyzed on the field for 45 minutes. “My freshman year of college I was catching a low ball with my head down, and I get hit. I’m paralyzed on the turf, could not move. This happened… It’s probably the most bizarre feeling you could ever have where you...

When a company begins to grow and expand, it often needs significant capital to support its operations and scale. This is where venture capital funding rounds like Series A, B, and C come into play. Most commonly something startups engage in, these rounds represent distinct stages in a company’s journey, each with its own objectives, investor types, and implications for the business. Why Startups Use Series Funding Series A, B, and C funding rounds are primarily associated with startups because these companies often have innovative ideas but lack the financial resources to scale independently. Startups typically rely on outside investments to accelerate growth, develop new products, and gain a foothold in competitive markets. Unlike established companies, startups usually cannot rely on steady revenue streams or traditional bank loans to fund their expansion. Venture capital funding, offered during these series rounds, fills this gap. In exchange for equity, startups secure the...

Co-founders Ife Johnson and Justin Ziegler have raised millions to improve cross-border payments in Africa. The pair is behind Juicyway, a platform that makes it easier for entrepreneurs to compensate vendors, contractors, and other parties locally or internationally and exchange currencies such as NGN, CAD, USD, USDT, and USDC, its website mentions.   Photo Credit: Juicyway Johnson, who was born and raised in Africa, saw firsthand the barriers faced when platforms such as Juicyway did not exist. “Without access to American banking or platforms like Juicyway, as someone born and raised in Africa, I wouldn’t be able to participate in the global economy, you know, as free as I currently do,” Johnson told TechCrunch. According to data released by Remitscope, remittance flows into Africa were $90.2 billion in 2023. Additionally, the average fee charged to remittance senders was 8.4% in the first quarter of 2024, which is considered high. Juicyway addresses these concerns by offering...

Some consider silver a reliable hedge against inflation, a safe haven during economic uncertainty, and an asset with growth potential. Globally, 2023’s mine production of silver was estimated to be around 26,000 metric tons. That same year, however, silverware demand fell by 25% to 55.2 Moz, and silver jewelry fabrication experienced a 13% drop, with losses mainly in India who’d seen an apex of silver demand the previous year. For those looking to diversify their investment portfolio, the question stands: is silver a good investment? While silver shares many qualities with gold as a precious metal, its volatility, industrial demand, and price fluctuations make it a unique investment. To understand whether silver is a good investment in 2024, it’s essential to consider market trends, economic conditions, and the factors driving silver’s price. Understanding Silver As An Investment Silver, like other precious metals, has been used for centuries as a store of value. It has various...

Former NBA teammates and Hall of Famers Tracy McGrady and Vinca Carter have invested in the Buffalo Bill’s organization, which is currently valued at $4.2 billion, per Forbes. According to a post shared on the team’s official Instagram account, the Bills announced 10 limited partners to join the franchise, marking the first time the team has added limited partners. According to ABC News, the group was approved on Dec. 11, 2024, by owners Terry and Kim Pegula, who purchased the team for $1.4 billion in 2014 and will retain a 79% stake. The Buffalo Bills’ ownership group now includes three former Black professional athletes: McGrady, Carter, and former U.S. Men’s National Team soccer player Jozy Altidore. View this post on Instagram A post shared by Buffalo Bills (@buffalobills) Check out the breakdown below. McGrady McGrady is no stranger to the world of business. After retiring from the league in 2013 with $130 million in career earnings, he expanded his portfolio into real estate,...

Nike, Inc . is one of the most iconic brands in the world, known for its athletic footwear, apparel, and sports equipment. As a publicly traded company, Nike’s market capitalization (market cap) serves as an important indicator of its size and economic standing within the global market. Market cap is calculated by multiplying a company’s current stock price by the number of shares outstanding. This value is used by investors to gauge a company’s overall worth in the market and can fluctuate based on stock price movements and overall market conditions. Understanding Market Cap Before diving into Nike’s current market cap, it’s important to understand what this metric represents. Market cap is one of the simplest and most commonly used measures to estimate the value of a company. It is broken down into three categories: large-cap, mid-cap, and small-cap, with large-cap companies like Nike representing those valued over $10 billion. A higher market cap generally indicates a more stable...

Founder Craig J. Lewis is revamping his mission to empower the gig economy. As AFROTECH™ previously reported, Lewis leads Gig Wage, a fintech platform aimed at improving payroll for 1099 employees. With his background in payroll sales at Payroll Plus Inc. from 2009 to 2010 and a two-year stint as a payroll technology consultant at CyberPay, Lewis has a deep understanding of the industry, as mentioned on his LinkedIn profile. “I helped to sell ADP’s [the largest payroll company in the world] first cloud-based product called ADP Run, and that’s where it all started for me,” he told AFROTECH™ in a 2021 interview. “I’ve seen the impact that technology has on the payroll space. After reading an article about the global independent workforce, aka the gig economy, I realized that there wasn’t a payroll space for that group, meaning, people who do work for a company but the companies aren’t really designed or don’t have access to the technology to pay these type of people. These are your...

When it comes to investing , two common methods of portfolio construction and index strategies are value-weighted and market-cap weighted approaches. Both of these strategies offer unique ways of measuring the importance of individual assets within a portfolio or index, but they operate on different principles and have distinct advantages and drawbacks. Understanding these differences is key to making informed investment decisions, particularly for those investing in large indices or diversified portfolios. What Is Market Cap Weighted? Market cap weighted, or capitalization-weighted, is a method used to determine the importance of a stock within an index based on the company’s market capitalization. The market capitalization of a company is calculated by multiplying its stock price by the number of shares outstanding. In a market cap-weighted index, the larger the company’s market cap, the more influence it has within the index. For example, in a market cap-weighted index like the...

A startup dedicated to preserving African languages has secured new funding. Founded in 2022 and backed by Techstars, Lingawa was established by siblings Frank Akinwande Williams (CEO) and Yvonne Williams (COO), along with third co-founder Uche Azinge (CTO). Previously operating under the name TopSet, its inception was driven by Frank’s and Yvonne’s difficulties in learning their native language, Yoruba. “As Nigerians growing up in the UK, my sister Yvonne W and I always felt a deep connection to our heritage—but also an uncomfortable distance. We struggled to speak our native tongue, Yoruba, fluently, and with that came a sense of loss and even shame,” Williams said on LinkedIn. “There’s an unspoken belief that understanding your language is tied to understanding yourself, your culture, and your place in the world. It was a feeling we carried with us for years.” He continued, “As we grew older, we realized that this experience wasn’t unique to us. Millions of Africans, Asians, and...

Russell Westbrook is returning to familiar ground with his latest investment. The NBA player, currently with the Denver Nuggets, began his journey into the league as the fourth overall pick in the 2008 NBA Draft, selected by the Oklahoma City Thunder, reports StatMuse. He spent 11 seasons with the team, becoming its all-time leading scorer with 18,859 points, according to separate data from StatMuse. “I spent a significant amount of time in Oklahoma City, so to me, that place is very special and is like a second home,” Westbrook told Bloomberg. Driven by his love for the city, Westbrook has reinvested in the community through sports and entertainment, partnering Russell Westbrook Enterprises with Christian Kanady’s firm, Echo. His contribution is estimated to be around $10 million. “My time with the OKC Thunder shaped so much of who I am, so becoming Christian’s partner and investing in the city’s continued growth is not only exciting personally, but Echo’s Sports and Entertainment...

NBA star Giannis Antetokounmpo has launched a venture capital firm. According to Bleacher Report, the Milwaukee Bucks player has introduced Build Your Legacy Ventures (BYL). The venture capital firm, backed by institutional investors and tech veterans, aims to funnel investments into the sports and entertainment sectors. As noted in a press release, the firm will be “driven by the Antetokounmpo family’s dedication to fostering innovation and entrepreneurship.” “I’m incredibly energized to launch BYL Ventures as a way to give back and support the next generation of visionaries,” Antetokounmpo, founder and general partner of BYL Ventures, said in the release. “This fund is not just about capital; it’s about forging partnerships and opening my network to accelerate the growth trajectory for companies. I want to help other entrepreneurs, especially those who have faced barriers, to grow and succeed. BYL Ventures will be focused on finding people with big dreams and helping them make...

Gold, one of the oldest and most valuable assets in human history, holds a significant position in global finance. Unlike traditional companies with shares traded on stock markets , gold’s market cap refers to the total value of all gold in circulation worldwide. How Gold’s Market Cap Is Calculated The market cap of gold is derived from its above-ground supply, which includes gold stored in central banks, private reserves, and jewelry. Current estimates place this supply at around 244,000 metric tons . Bear in mind, however, that the total amount fluctuates from source to source by as much as 20%. We arrive at the market cap figure by multiplying this quantity by the current gold price per ounce (approximately $2,600 per ounce in 2024). Gold’s market cap fluctuates based on two primary factors: changes in the global supply of gold and shifts in its price due to demand dynamics. Various economic conditions, including inflation, currency strength, geopolitical uncertainties, and...