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Morgan State University Receives $1.05M Grant To Prepare Its 'Students To Be At The Forefront Of The FinTech Revolution'

Morgan State University is receiving extended financial backing from a leading company that works to “build breakthrough crypto solutions.” On May 14, the National FinTech Center at the Baltimore, MD-based HBCU announced it had been awarded a three-year $1,050,000 grant from Ripple. The new funding will go toward advancing the center’s blockchain and fintech research, education, programming, faculty and student technical projects, ecosystem development, operational support, educational workshops, blockchain clubs, and a fintech solution incubator, per a news release. “This generous $1,050,000 grant is not just an investment; it’s a catalyst that propels our ability to innovate, collaborate, and prepare our students to be at the forefront of the FinTech revolution,” said Ali Emdad, Ph.D., f ounding director of the National Center for the Study of Blockchain and FinTech. “The ongoing partnership with Ripple stands as a beacon, illuminating the path toward a transformative educational...

May 15, 2024

Pascal Ntsama and Oyedeji Oluwoye Have Raised $2.3M In A Seed Round For Their Web3 Neo Fintech Bank Designed To Improve Africa's Infrastructure

Canza Finance’s co-founders are leaning into Web3 to financially empower the African continent. Pascal Ntsama IV and Oyedeji Oluwoye are looking to create “the world’s largest non-institutional-based financial system” through the creation of Canza Finance, the company website mentions. They both share distinct journeys on how they arrived to the company’s inception. For Chief Technology Officer Oluwoye — born in Nigeria, Africa, and raised in Sydney, Australia, before moving to the United States at 14 — he began taking various CompTIA Certifications, early-career data analytics certification, during his senior year of high school. After graduation, he headed to the Alabama Agricultural and Mechanical University to obtain a Bachelor of Science degree in computer science. While in college, he was able to secure a position with Adtran, a networking and telecommunications company based in the U.S., as a co-op engineer. He then transitioned to work at AT&T as a senior specialist-network...

Apr 29, 2024

Chris Paul Partners With Black-Woman-Owned Fintech Company To Create Savings Accounts For 1,400 Oakland Middle-School Students

Chris Paul has entered into a partnership that considers the financial futures of the youth. Goalsetter, a fintech company founded by Tanya Van Court, has shared results from a study it conducted with Ivy League university students revealing a significant lack of understanding when it comes to personal finances. When surveying 1,065 undergraduate students from Harvard University, Stanford University, and the University of Pennsylvania, t he study revealed that the students answered on average only 51% of its financial education questions correctly. The questions were at the high school standard, and the percentage of acuity decreased even further when looking at only underclassmen, with scores of 48%. Furthermore, only 13% of students who took the quiz scored above a C-. To create better outcomes, Goalsetter is committed to targeting financial initiatives towards the youth, and the company is strengthening its efforts through a partnership with NBA player Chris Paul, Oakland Fund...

Apr 15, 2024

Uber Leads $100M Series B Funding Round For Moove, A Nigerian-Founded Mobility Fintech Startup

A Lagos, Nigeria-founded mobility fintech has secured a historic investment. TechCrunch reports that Moove has announced a $100 million Series B funding round led by Uber — marking the rideshare company’s first investment in Africa. Now, Moove’s valuation is $750 million. “ Today’s announcement marks a significant milestone for us,” Moove Founder Ladi Delano shared in a press release. “When we founded Moove in 2020, we were motivated to solve the acute shortage of vehicle financing that over two million African mobility entrepreneurs faced.” He continued, “This validation from Uber and others stands as a testament to the fact that what was once a dream is now a palpable reality. This infusion of capital is set to amplify the immensely positive impact our products have in the lives of our customers on a much broader spectrum. I would like to extend my heartfelt gratitude to our dedicated team of Moovers for their relentless effort and commitment, which has been pivotal in reaching...

Mar 19, 2024

Mastercard Buys A Minority Stake In The Fintech Division Of MTN Group, Africa’s Largest Cell Phone Provider

Mastercard has purchased stake in MTN Group’s fintech division, Africa’s largest mobile network operator. In August 2023, TechCrunch reported Mastercard was looking to invest in MTN Group. Six months after the initial announcement, both parties have moved forward with an agreement during a time when MTN Group is looking to expand its reach in the fintech space, according to ITWeb. The move would be timely for MTN Group as it was searching for investors after parting ways with the carrier’s main telecom business. The outlet also notes Mastercard is looking to accelerate MTN Group’s technology and infrastructure and establish greater financial inclusion in the continent. MTN Group had reached over 290 million subscribers by the end of June 2023, and its transaction volume had reached $8.3 billion in the first half of 2023. “This commercial relationship is a key enabler for the acceleration of our fintech business’ payments and remittance services,” the company said, per ITWeb. “MTN...

Feb 6, 2024

After Working For Amazon And Netflix, These Co-Founders' Fintech Startup Raised $1M To Help Production Companies Cut Costs

Watching firsthand the state of production finance sparked a drive in Shawn Hamilton to make improvements.

Nov 30, 2023

Nigerian Mobility Fintech Company Shekel Mobility Raises $7M To 'Transform' The $30B African Automotive Market

A Lagos, Nigeria-based B2B marketplace is further supporting auto dealers in Africa with affordable financing.

Nov 14, 2023

How Wemimo Abbey, Co-Founder Of Fintech Startup Esusu, Snagged An Investment From Serena Ventures

In January 2022, Esusu reached a $1 billion valuation — making the fintech company one of the few Black-owned unicorns in the U.S. and globally — as previously shared by AFROTECH. However, “Success isn’t built overnight” rings true for the company.

Oct 5, 2023

Nomba, A Nigerian Fintech Startup, Raises $30M In An Investment Round Led By Base10 Partners

Both a billion-dollar multinational company and a leading Black VC firm are betting on a fintech startup that may be the future of payments in Africa.

May 2, 2023

Marqeta Acquires Fintech Startup Power Finance For $223M

Marqeta has acquired Power Finance, a fintech infrastructure startup. TechCrunch reports that the digital card platform bought the startup for $223 million in cash, making the acquisition Marqeta’s first since being founded in 2010.

Jan 31, 2023

Wells Fargo Aims To Alleviate Financial Barriers For The BIPOC Community, And Black-Led Fintech Startup MoCaFi Is Helping To Make It A Reality

A Black dollar is a powerful tool. From the popularity of fashion items in culture to the work to overcome systemic barriers, the Black community works in various ways to build, accumulate, and maintain wealth. But in the words of Langston Hughes, “Life for me ain’t been no crystal stair.” Black people have not always had the luxury or ease of access to the tools and resources necessary to build wealth. Because of the historical and present systems that impact the ability to build wealth, there is a lack of trust in traditional banking systems. This lack of confidence has caused many Black people to be considered “unbanked,” ultimately leading to a significant disparity in financial equity. The folks at Wells Fargo have taken particular notice of this disparity. As a part of its Banking Inclusion Initiative, the bank partnered with Black-led fintech startup MoCaFi to help alleviate the financial barriers for BIPOC community members. AfroTech had the opportunity to speak with the CEO...

Aug 24, 2022

Apple Pumps $25M Into Oakland FinTech To Financially Empower Underserved Communities

To empower communities of color, Apple has committed $25 million to credit unions and financial institutions, which it will deploy through CNote, a women-led impact investment platform. CNote is thrilled to work with @Apple to expand access to capital in communities of color across the country! — CNote (@goCNote) May 5, 2022

May 5, 2022

Black-Owned Fintech Company Esusu Hits $1B Valuation

In the space of financial technology, Esusu hails as a leading platform. And, what’s more, it just hit unicorn status with the announcement of a $130 million funding round led by SoftBank Vision Fund 2. According to TechCrunch, the Series B round puts Esusu’s valuation at $1 billion, making it one of the very few Black-owned unicorns in the U.S. and beyond.

Jan 27, 2022

Fintech Startup Finclusion Raises $20M With An Intention To Expand Its Operations Throughout Africa

Africa continues to be a prime destination for digital banking! According to TechCrunch, Finclusion Group, the company using AI technology to provide African customers with financial services, has raised $20 million in a debt and equity pre-Series A financing round. The move comes on the heels of the emergence of neobanks that continue to grow at rapid rates in various countries within the continent.

Jan 21, 2022