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Mastercard has agreed to settle a discrimination lawsuit impacting its minority employees. According to a press release, the fintech company had allegedly been underpaying its female, Black, and Hispanic employees. T he class-action lawsuit — which was filed in the U.S. District Court for the Southern District of New York — claims 7,500 employees in job levels 4-10 across the United States dating back to September 2016 were impacted. Details in the lawsuit share that the women and people of color received less compensation for conducting equivalent work to their male and white counterparts, the New York Times reports. The major fintech company had agreed to pay a $26 million settlement prior to the lawsuits filing on Jan. 14, 2025. The settlement now awaits approval from the court. “We are very pleased to have reached this nationwide settlement with Mastercard, which we believe represents a fair compromise,” Cara E. Greene, partner at Outten & Golden LLP and lead counsel for the...
Moove, marketed as an “African-born, global mobility fintech,” has announced an acquisition. The company, founded in Nigeria by Ladi Delano and Jide Odunsi, enables delivery drivers to finance vehicles and start driving with partners like Uber in three simple steps: apply, get verified, and drive. TechCrunch notes that Moove launched with 76 cars in Lagos in 2020 and has expanded to 36,000 cars. Per the company’s website, over 52,787,109 trips have been completed. Additionally, it is available in 19 cities across six continents. Over the years, Moove has secured significant funding. In 2023, $8 million had been by Absa Corporate and Investment Banking to reach Ghana, bringing its total investment from the bank to $28 million, Fintech Global reports. In March 2024, $100 million had been raised in a Series B round led by Uber to further its expansion, TechCrunch mentioned. The company has also attached a sustainability mission to its business model, seeking to create “the largest and...
Hip-Hop icon RAKIM is aligning himself with artificial intelligence (AI). According to a news release, the rapper, who released the studio album “G.O.D.’s Network” in 2024, is now the founder of the fintech platform Notes Technology, which will benefit artists by providing them access to loan and credit providers to fund creative projects, AI-powered education around financial literacy and entrepreneurship, and fintech tools to manage capital and income. By merging music, finance, and technology, Notes seeks to empower artists with the tools they need to succeed and maintain control over their careers. “With Notes, getting ‘paid in full’ is beyond just the money, it’s also about the knowledge and understanding of the urban music game from a position of being conscious of how it all works as a business, and how to leverage that to thrive and succeed as independent urban music artists and creators,” RAKIM said in a statement shared on the company website. Notes Technology’s other...
African fintech company Moniepoint has received strategic funding from Visa. As AFROTECH™ previously reported, Moniepoint was reportedly the fastest-growing fintech company in 2023 and 2024. Launched by Tosin Eniolorunda (CEO) and Felix Ike (chief technology officer), the fintech company has a banking app that connects customers to a “debit card that always works,” Eniolorunda said in a YouTube video. Moniepoint’s offerings include: Banking accounts Loans Expense cards Instant payouts Accounting and bookkeeping solutions Moniepoint’s business model has been an overwhelming success. In fact, it processes over 1 billion transactions monthly, with total payments volume exceeding $22 billion, according to a press release shared with AFROTECH™. As it looks to expand its efforts, the company has received a strategic investment from Visa. “We are thrilled to announce Visa’s investment in Moniepoint,” Eniolorunda said, per the press release. “Visa’s backing is a strong endorsement of our...
Jay-Z will be launching a groundbreaking partnership, marking a first in the United States. Billboard reports that Jay-Z’s Roc Nation, a full-service entertainment company, has partnered with South Korean fintech company Musicow to introduce “the first Music Equity Service Provider in the United States.” This will give U.S.-based music fans a rare opportunity to obtain partial ownership of songs created by their favorite artists, while also earning a share of the revenue generated from sales. This will be made possible by giving artists the ability to fractionalize their royalty revenue and sell shares of their tracks to individual investors, creating an all-around win for everyone involved. “The music industry is evolving into a shared ecosystem where fans and creators can earn together,” Roc Nation Vice Chairman Jay Brown said in an interview with Billboard. “Our mission is not only to support and empower artists by providing the tools and services they need to build a better...
Pryce Yebesi has raised new funding in his next era as a founder. Yebesi co-founded Utopia Labs at the age of 21 alongside Kaito Cunningham (CEO), Jason Chong, and Alexander Wu. The venture offered crypto payments and crypto treasury management, and was “trusted by leading DAOs (decentralized autonomous organizations) and crypto companies to streamline operations, manage payroll, and consolidate financial reporting,” as AFROTECH™ previously reported. Yebesi also dropped out of college to focus on Utopia Labs, which had been supported by a $1.5 million raise in 2021 and was later acquired by Coinbase in November 2024. According to information shared with AFROTECH™, Yebesi then began working as an entrepreneur-in-residence at Washington University in St. Louis, MO, and through his observations he recognized small business owners were challenged by accounting software. This prompted the launch of a new brainchild in the fintech space, Open Ledger, which was established with the help of...
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...
Co-founders Audrey Djiya and Peter Nsaka have secured funding from Fearless Funding. TechCrunch reports that the pair became connected while attending Stanford University. Djiya attended its school of business, while Nsaka studied computer science. Although they pursued different educational journeys, they were united by a shared mission: solving the complexities surrounding international commerce. Their focus became streamlining the movement of goods across borders, addressing issues such as inefficient supply chains, inconsistent regulations, and barriers to trade. Their unique perspectives and expertise became the foundation for tackling the challenge with innovation and collaboration. For Djiya, she had taken note from her family, who were entrepreneurs. “Growing up watching family members move goods cross-border, the challenges around international commerce really stuck with me,” she told the outlet. Nsaka made his own observations while at Shopify. He took on the role in 2020...
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...
Tosin Eniolorunda and Felix Ike are reportedly behind Africa’s fastest-growing fintech company. According to a press release shared with AFROTECH™, the founders lead Moniepoint, which initially launched under the name TeamApt in 2015. The company has since become a trusted provider of financial solutions, reaching millions of entrepreneurs across Africa and processing over 800 million transactions a month, with those having a monthly total value of more than $17 billion. Moniepoint offers a free personal banking app that allows customers to benefit from a “debit card that always works,” Eniolorunda said in a YouTube video. In addition to banking accounts, the company offers loans, expense cards, instant payouts, and accounting and bookkeeping solutions, its website lists. Photo Credit: Moniepoint Moniepoint’s business model has made it Africa’s fastest-growing fintech in both 2023 and 2024, per the press release. It is now poised for further growth following a $110 million equity...
Sheena Allen has announced the closure of a venture supporting unbanked communities. Since 2018, Allen has been the founder of CapWay, a mobile bank inspired by her upbringing in Terry, MS, a small town near Jackson, where there was only one bank at the time. “Jackson has some of the highest rates of unbanked residents in the United States,” Allen previously told AFROTECH™ . “I was very familiar with people not having fair or proper access to mainstream financial services and products.” Creating a solution, CapWay offered savings tools and allowed users to cash checks, establish checking accounts, and send money from their phones, as AFROTECH™ reported. Allen also believed the fintech company’s offerings geared for underserved communities were essential back in 2018 given that she felt this area had been overlooked by Silicon Valley. “Silicon Valley’s definition of real-world problems and everyone else’s definition of real-world problems are not the same,” Allen said. “They live in...
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...
