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The crypto market is surging following a major regulatory shift. According to CNBC, XRP jumped 10% to $2.49 after Ripple CEO Brad Garlinghouse announced that the U.S. Securities and Exchange Commission (SEC) has dropped its case against the company. This decision marks the end of a four-year legal battle that has shaped the industry’s regulatory landscape and fueled speculation about a broader shift in the SEC’s approach. Ripple’s Long-Awaited Victory Speaking at the Digital Assets Summit in New York, Garlinghouse reflected on the drawn-out legal fight, calling it a painful yet necessary battle for the industry. “It’s been almost four years and about three months since the SEC originally sued us, certainly a painful journey in lots of ways,” Garlinghouse said. “I really deeply believed that we were going to be on the right side of the law and on the right side of history.” The SEC sued Ripple in 2020, alleging that the company sold XRP as an unregistered security. Ripple scored a...
African fintech platform Mansa has secured new funding. Mansa, founded in 2023 by Mouloukou Sanoh (CEO) and Nkiru Uwaje (COO), enables seamless cross-border payments and instant transactions for its customers. Its offerings include competitive exchange rates, virtual card processing to support cash flow management, and automated matching of financial transactions to bank statements. This is made possible by leveraging a stablecoin infrastructure, its website mentions. “We’re starting by being the primary liquidity provider to the biggest payment companies across emerging markets,” Sanoh explained to TechCrunch. “From there, we can handle payouts and also offer additional services like foreign exchange. The goal is to create a one-stop payment platform where they can finance their payments, settle transactions instantly, and access foreign currency seamlessly — all in one place.” The inception of Mansa, based in Dubai, UAE, originated from Sanoh experiencing issues receiving money...
Fintech platform Raenest has raised new funding to support African businesses. The company, founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, offers a range of services, including virtual and physical dollar cards, international transfers, invoicing for global payments, the ability to create USD, GBP, and EUR bank accounts, and currency conversion, among other features listed on its website. Raenest’s original platform was structured as an Employer of Record (EOR), helping foreign companies pay employees on the continent while remaining compliant, TechCrunch reports. The founders recognized a deeper-rooted issue, leading them to update Raenest to assist the continent’s gig economy and businesses directly. “A U.S. company might not care if a payment is delayed by five days, but for someone in Nigeria or Kenya, that’s a big deal — especially when converting to local currency becomes another hurdle,” Alade told TechCrunch. Looking ahead, Raenest intends to secure...
Ohio’s only Black-owned bank — and the first established and approved in the U.S. since 2000 — has tripled its assets since inception. Columbus Business Journal reports Adelphi Bank was founded in January 2023 and is led by Chairman and CEO Jordan Miller, who had spent over three decades in business and initially retired in 2019 as Central Ohio president for Cincinnati’s Fifth Third Bank. He returned to the industry to get Adelphi up and running with a mission of dismantling financial inequities and helping customers create streams of income without bias. He is joined by Kevin Boyce, co-founder and vice chairman. Upon its launch, Adelphi received local support from large corporations in central Ohio. “It feels like family,” Miller expressed, according to the outlet. “Banks can be intimidating places.” Columbus-based Adelphi Bank currently offers certificates of deposit, checking and savings accounts, and loans for personal use. It plans to provide home mortgages in 2025. For...
Saquon Barkley has expanded his portfolio ahead of Super Bowl LIX, set for Feb. 9, 2025. The running back, wearing a No. 26 Philadelphia Eagles jersey, is heading to New Orleans, LA, to face the Kansas City Chiefs — a rematch of the 2022 Super Bowl matchup, ESNP reports. Barkley has combined his passion for sports and business and will be featured in a Super Bowl ad for Ramp, a financial operations platform that provides exclusive perks to over 30,000 customers. These perks include smart accounts payable, which processes bills in seconds, corporate cards, vendor management, procurement, travel booking, and automated bookkeeping. Customers have saved upwards of $2 billion through Ramp, CEO and Co-Founder Eric Glyman mentioned in a press release. For these reasons, Barkley is not only endorsing the company through the commercial but is now an investor in the platform, the press release reported. “I’ve always believed a winning mindset applies to every part of life. If you want to...
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...