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Kuda Provides Funding Opportunities for Startups

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Kuda Microfinance Bank - Investors King

Kuda Technologies has said it is opening up new funding opportunities for startups.

It said this on Tuesday in a statement titled ‘ Target Global and Kuda host startup founders in Nigeria, open up new funding opportunities’.

It said Target Global, a Berlin-based international venture capital firm with over 1.5 billion euros in assets under management, recently brought together founders of several Nigerian startups and local tech investors at an interactive session in Lagos, Nigeria.

According to the statement, Kuda Technologies is Target Global’s first investment in Africa, which is a proof that early-stage Nigerian startups are attracting foreign direct investment.

It said the event, co-hosted by Kuda Technologies, highlighted the growing stream of foreign direct investment into Nigeria’s startup scene and opened up new avenues for fundraising to local founders.

Speaking at the event, a Partner at Target Global, Ricardo Schaefer, reiterated the firm’s commitment to funding Nigerian startups.

He said, “I’m grateful to Kuda for letting us invest and I am very excited, not just because of Kuda, but also because of all the companies and founders I have met in Nigeria.

“It is historic what is happening in tech here and we [Target Global] want to invest more in Nigeria, we want to spend more time here. We are excited about any founder with big ambitions and we are looking for startups with big outcomes.”

The statement said Target Global led Kuda’s record-setting $10m seed round in November 2020, which helped to put the digital-led bank on the world map as a serious challenger to traditional banks in emerging markets.

Kuda had since raised an additional $25m in a Series A round to drive its ambitious expansion plans.

The Chief Executive Officer, Kuda Technologies, Babs Ogundeyi, said Target Global had been a valuable partner in Kuda’s rise to relevance, even beyond making sizable investments in both its seed and Series A fundraising rounds.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Jury Orders Meta to Pay Voxer $175 M For Violation of Patent

Facebook parent company, Meta, has been ordered by a jury in Texas Federal court to pay $175 million to walkie-talkie app maker, Voxer, for violation of its patent.

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Facebook parent company, Meta, has been ordered by a jury in Texas Federal court to pay $175 million to walkie-talkie app maker, Voxer, for violation of its patent.

Voxer filed a lawsuit in 2020, where it accused Meta of violating its patents and incorporating its streaming technologies into its Facebook and Instagram live.

Voxer launched the Walkie-Talkie app in 2011, after which it was approached by Facebook about a potential collaboration.

By 2012, Voxer went ahead to share its patent portfolio and proprietary technology with Facebook, but when early meetings failed to result in an agreement, Facebook identified Voxer as a competitor.

According to the document filed in the court, Facebook had no live video or voice product at this time.

The social media giant company then went ahead to revoke Voxer’s access to key components of the Facebook platform, together with eradicating entry to the Discover Buddies” characteristic.

The lawsuit additionally states that the founder and Chairman of Voxer, Tom Katis had met with a senior product supervisor at Facebook to discuss about Meta’s infringement of Voxer’s patents, which was declined by the company, refusing a settlement with Voxer relating to its continuous use of its patent. 

The jury at the Texas federal court discovered that both Facebook and Instagram Live, launched in 2015, and 2016 respectively incorporated Voxer’s technologies and infringed two of its patents.

After much deliberation from the court, the jury concluded that Meta infringed two patents held by Voxer, and therefore awarded Voxer $175 million in damages.

Following this judgment, a Meta spokesperson disputed the claims filed in the lawsuit by Voxer, arguing that the proof introduced in the trial confirmed that Meta didn’t infringe on Voxer’s patents.

Meta’s spokesperson said, “We consider the proof at trial demonstrated that Meta didn’t infringe Voxer’s patents. We intend to hunt additional reduction, together with submitting an attraction.”

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Nigerian Digital Bank Fairmoney Partners With Oradian to Accelerate Growth

Nigerian online loan app Fairmoney has partnered with Oradian a cloud-based enterprise solution to expand its growth across Africa and Asia

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Nigerian online loan app Fairmoney has partnered with Oradian a cloud-based enterprise solution to expand its growth across Africa and Asia.

Through this strategic partnership, Fairmoney will leverage on Oradian platform that services over 10 million banking customers in 13 countries across Africa and Asia to accelerate its growth in these regions.

FairMoney says Oradian’s ability to support its credit assessment capabilities and the ‘plug and play’ nature of its solution were key factors in its selection.

Speaking on this partnership, FairMoney CEO Laurin Hainy said: “Our ultimate goal remains bridging the financial inclusion gap in emerging economies, and we understand the power of collaboration and partnerships in bringing this to reality.

“Since the inception of FairMoney, we have continued to serve our current markets with excellent financial products, providing the much-needed access to credit and making essential banking services available to everyday people.

“We decided to partner with Oradian to leverage the already existing infrastructure and trusted system performance to scale our solutions to new markets where they are needed and perfect existing offerings in our current markets”.

Also commenting on this is the CEO of Oradian Antonio Separovic who said,  “To be able to innovate quickly, with products that the market requires, while being compliant with changing regulations in very different markets, takes a different breed of core system.

“All of these are real daily challenges in the back-office, not seen by the customers and often taken for granted. However, we know through working with a broad range of financial customers, those challenges are very real, and in some cases, insurmountable without the right technology and an expert partner.”

The African and Asian emerging markets are in need of financial services that provide both consumer loans and working capital.

This has however created a big opportunity for companies that are able to move quickly and leverage recent technological advances in emerging markets.

FairMoney has been successful in executing this mission, after it became the leading credit-led digital financial institution in Nigeria two years after its incorporation.

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Faulty Window Automatic Reversal System Forces Tesla To Recall Nearly 1.1 Million Vehicles

Automobile company Tesla is recalling about 1.1 million of its electric vehicles citing a problem with the window automatic reversal system that does not stop even when it detects an obstruction.

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Tesla Model 3 - Investors King

Automobile company Tesla is recalling about 1.1 million of its electric vehicles citing a problem with the window automatic reversal system that does not stop even when it detects an obstruction.

This means that as the windows go up automatically, it may likely cause injury and as such does not comply with the National Highway Traffic Safety Administration (NHTSA) safety guidelines for power-operated windows.

The NHTSA said, “The window automatic reversal system may not react correctly after detecting an obstruction. As such, these vehicles fail to comply with the requirements of Federal Motor Vehicle Safety Standard number 118, “Power-Operated Window Systems.”

“A closing window may exert excessive force by pinching a driver or passenger before retracting, increasing the risk of injury”.

Although this recall is not for all Tesla vehicles as it only applies to certain of its Model 3 vehicles for 2017-2022, along with model Ys for 2020-2021 and model S and model X vehicles for 2021-2022.

All Tesla owners do not need to bring the vehicle to the company to rectify this problem, rather the electric vehicle manufacturer told the National Highway Traffic Safety Administration (NHTSA) that it would perform an over-the-air software update of the automatic window reversal system.

The automotive company further disclosed that it was not aware of any warranty claims, field reports, crashes, injuries, or deaths related to the recall, rather it deems the recall as a safety risk.

During the product testing in August, Tesla disclosed that employees identified window automatic reversal system performance that had greater than expected variations in response to pinch detection.

After extensive additional testing, it was determined that the vehicles’ pinch detection and retraction performance in the test results did not meet automatic reversal systems requirements.

Tesla said that starting from September 13, vehicles in production and in pre-delivery received a software update that sets power-operated window operation to the requirements.

The latest software update will enhance the calibration of the vehicle’s automatic window reversal system behavior.

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