Don Jazzy, a leading music producer and record label owner in Nigeria, has launched SapioFunds, a social funding platform for fundraising and donations across Africa.
The music executive disclosed this on his Instagram page and kickstarted the project with a N1 million donation.
He said “Give Away time. What can N100,000 do for you right now? What project do you want to fund? Just Sapio fund it. It’s simple. Go to www.Sapiofunds.com state what you are trying to fund. Whatever it is. People that can help you raise the money will come thru for you. But for today I’m going to go through the projects and pick 10 people to Sapio fund their N100,000 project.”
He added that “After setting up your project on the Sapio fund website, share it here and tag me so I can check it out.”
In the video that accompanied the statement, the music mogul said following growing requests for financial assistance on his social media pages by fans in need, he has partnered with a friend, presumed to be Sonnia Agu, a graduate of Eastern Mediterranean University, Cyprus, and the founder of The Sapio Club, to launch a social enterprise platform to bridge the gap that exists between donors and the people in need across Africa.
To SapioFunds Projects
- Signup on through SapioFunds official website
- Then create a fundraising campaign and wait for donors
However, you can share your fundraising campaign via direct messages on social media and other platforms. The platform hopes to help Africans meet their genuine needs and reduce poverty.
On its website, SapioFunds said “Help Africans” thrive by providing free and easy access to funds, basic capital and the resources needed. No 100-page grant applications, no donors demanding you modify your message, no last-minute edits from investors. Just you doing you, adding value and getting support.”
“If you care about Africa, then turn compassion into action and help raise funds for her people and causes.
“Charity begins at home – For Africa by Africa.”
Bank of America, Coinbase Ventures Invested in Paxos’ $300M Funding Round
Paxos – a provider of blockchain infrastructure – said Bank of America, crypto exchange FTX, Founders Fund and Coinbase Ventures were among a heavyweight list of investors in its $300 million Series D funding round, the firm disclosed on Thursday.
Oak HC/FT led the funding round, which the nine-year-old company announced in late April at a valuation of $2.4 billion. The round also included PayPal Ventures and Mithril Capital, among others. The firm has raised more than $540 million over multiple funding rounds.
The company noted that Bank of America joined the Paxos Settlement Service earlier this year. The platform uses blockchain technology to achieve the same-day settlement of stock trades.
“We’re defining this space and are excited to grow our enterprise solutions besides these market leaders,” Paxos CEO and co-founder Charles Cascarilla said in a press release.
Paxos started providing infrastructure for PayPal’s crypto service last year, which has extended to PayPal’s Venmo payments app. Credit Suisse, fintech Revolut and Societe Generale are among other customers.
In an April interview with CoinDesk, Cascarilla called the latest funding round “confidence capital” that would give customers certainty that Paxos would “be around for the next five to 10 years.”
In a statement, Founders Fund partner Napoleon Ta called Paxos “a trusted operator in blockchain-based financial market infrastructure,” highlighting “its commitment to regulation, reliability and security for enterprises entering digital asset markets.”
African e-Wallet Startup PayQin Closes €300k Seed Investment Round, Plans To Expand in Africa
PayQin, a cross-border payment startup that operates a comprehensive e-wallet service for the underbanked in West Africa, is announcing a new €300,000 seed investment round that takes the company’s funding up to $1 million. The company aims to reach one million daily transactions in a year and envisions a single payment area for the West African countries.
PayQin is among the alumni of the Estonia-founded Startup Wise Guys accelerator’s first fintech batch powered by Swedbank. The company is also backed by several business angels and VC companies from the Baltic countries (United Angels VC, Startup Wise Guys), and venture capitalist investors from the US and Africa, including Planet42 co-founder Eerik Oja; and Jānis Krūms, the founder of PlanGrid (acquired by AutoDesk).
Founded in 2017 by Fabrice Amalaman and Pierre-Antoine Sesque, PayQin is driving financial inclusion in Africa’s vast underbanked markets, where the mobile phone penetration is twice the rate of banking access.
PayQin’s customers can store mobile money, use cross-border debit cards, make payments, and manage crypto transactions from a single app.
Launched in the Ivory Coast, Cameroon, Senegal, and Mali, which together represent over 22 percent of the people in West Africa, PayQin is moving towards developing a single payment area for West African countries, home to 400 million people. PayQin is the first company in the West-African francophone countries to offer crypto for cross-border payments. The company currently has plans to open the platform to remittances from Europe, making for a large inflow of transactions that totaled $48 billion in Sub-Saharan Africa alone in 2019.
The company is working with Producement, a product engineering company founded by Wise alumni, to enhance the quality of the PayQin platform to a world-class level. The founders have gathered a tight circle of advisers to foster their ambitions. For their growth strategy, the company is advised by Iliana Björling Lindeberg, the head of marketing for Jumia Food and Jumia Travel Africa.
“The Sub-Saharan market is really one of a kind with leapfrogging technology such as mobile money and a young population eager to explore what companies like PayQin have to offer. Since PayQin fills an interesting gap in this space, I’m excited to be a part of their journey. Concepts like this are giving the banks a good run for their money,” Lindeberg commented.
The company is giving out free virtual cards in strategic partnership with Africa’s largest fintech company, Flutterwave, to open small local business owners up to the world of online ads to promote their products and services for increased sales. “We are building a safe and secure environment for online transactions, giving the unbanked access to products and online services that are not available locally,” said Fabrice Amalaman, PayQin cofounder and CEO.
Seplat Energy’s Subsidiary Westport Oil Raises US$50 Million Offtake Facility
Seplat Energy Plc, a leading Nigerian independent oil company listed on both Nigerian Exchange Limited and the London Stock Exchange, announced that its wholly-owned subsidiary, Westport Oil Limited, has successfully raised a US$50 million offtake facility due April 2027.
The oil company disclosed in a statement signed by Mr. Emeka Onwuka, the Chief Financial Officer, Seplate Energy Plc.
According to the company, the US$50 million (offtake facility) is subordinated to the US$100 million senior reserve-based lending facility (the “RBL”).
The initial interest on the offtake facility is Libor + 10.5 percent payable semi-annually and the repayment is scheduled to commence in March 2023.
“The statement reads, Seplat Energy Plc (“Seplat” or the “Company”), a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, announces that its wholly owned subsidiary, Westport Oil Limited, has successfully raised a US$50 million offtake linked reserved based lending facility due April 2027 (the “Offtake Facility”).
“The Offtake Facility is subordinated to the US$110 million senior reserve-based lending facility (the “RBL”). The Offtake Facility carries an initial interest of Libor + 10.5% payable semi-annually and is scheduled to commence repayment from March 2023.”
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