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Payment gateway CinetPay has received $2.4 million in seed funding to further its mission to provide an online payment solution in Francophone Africa. The round was led by Pan-African venture capital fund 4DX Ventures and unicorn Flutterwave, TechCrunch reports. Founded by Idriss Monthe and Daniel Dindji, the birth of CinetPay was due to an uncanny experience Monthe experienced after a slew of issues arose to collect payments at his former startup CinetCore. “When we launched our website to sell domain names online, we faced difficulty in collecting online payment after creating many PayPal accounts which were blocked by PayPal because we were in Africa,” Monthe said, according to TechCrunch. Determined to create a solution that would benefit many others who face similar obstacles in Francophone Africa, CinetPay was born in 2016. Enlightened by the realization that the majority of the African population have a mobile bank account, and up to 20 percent have access to a bank and...
According to a report, two percent of global cryptocurrency transactions are currently housed in Africa — an alarming statistic for a continent housing over one billion people who serve as the demographic for the smallest cryptocurrency market in the world. On a mission to change this, TechCrunch reports Nelly Chatue-Diop founded Ejara to serve as a cryptocurrency and investment platform within Francophone Africa. Little did she know, a financial crisis she experienced at a young age due to the devaluation of the CFA franc in 1994, would lead her to launch the tech company, which would provide additional avenues to accumulate income. Now — just about a year after its launch — Ejara has raised a $2 million seed funding round led by CoinShares Ventures and Anthemis Group. Other participants included angel investors Pascal Gauthier of Ledger and Jason Yanowitz of Blockworks along with a syndicate social fund, Lateral Capital, Mercy Corps Ventures, LoftyInc Capital and NetX Fund.