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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
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 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
George Fatheree III is striving to remove the barriers to homeownership.
Jan 9, 2024
Watching firsthand the state of production finance sparked a drive in Shawn Hamilton to make improvements.
Nov 30, 2023
A Lagos, Nigeria-based B2B marketplace is further supporting auto dealers in Africa with affordable financing.
Nov 14, 2023
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
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 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
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
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! https://t.co/VfJS54uUG6 pic.twitter.com/WcvJlI5fF6 — CNote (@goCNote) May 5, 2022
May 5, 2022
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
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
Nigerian fintech startup Bfree is starting the year by celebrating a $1.7 million pre-Series A funding round, according to TechCrunch. Participating investors include 4Di Capital, Octerra Capital, VestedWorld, Voltron Capital, Logos Ventures, and angel investors. The outlet also reports that $2.5 million has been raised in total, including $800,000 raised in May 2021. The funds will expand Bfree into additional markets outside its current home in Nigeria and Kenya. The company plans to enter 16 markets in Ghana, India, Uganda, Brazil, Colombia, Mexico, Russia, Poland, Pakistan, and Indonesia. “We are going into markets with large populations, credit deepening and an underdeveloped regulatory environment, where a behavioral collection approach is likely to work,” Bfree co-founder and CEO Julian Flosbach said, according to TechCrunch.
Jan 7, 2022
SoLo Funds is a capital marketplace reimaging how traditional lending platforms should operate in communities. Founders Rodney Williams and Travis Holoway created a solution to financially empower underserved communities. The fintech company was launched after witnessing the economic hardships of close peers and family members that arose during an unplanned emergency. In fact, most Americans can not afford a $1,000 surprise expense, according to a new survey. For cash-strapped Americans who do not have aid from family members or access to financial solutions, the founders pondered, “Where can they go for assistance?” This question served as the premise for SoLo Funds’ inception in 2015. The company prides itself in offering equitable solutions to build minority communities. Now through the company’s mobile app, individuals looking to acquire emergency capital can acquire a loan in less than 30 minutes. “For us, this is huge. I think about what the community bank is supposed to do...
Dec 2, 2021