- DHL to Compete With Jumia in E-commerce Space
International courier, shipping and packaging company, DHL Express, announced it would expand DHL Africa eShop service to other African nations.
Since the e-commerce app was launched in April, shoppers in 11 African countries have been able to shop across 200 U.S. and U.K. retailers with their local bank cards and have their goods delivered to them in Africa.
DHL Africa eShop presently operates using MallforAfrica.com’s white label service and Link Commerce but Kenya’s M-Pesa and Nigeria’s Paga power its payment system.
Currently, the e-commerce platform operates in Nigeria, Kenya, South Africa, Rwanda, Ghana, etc.
But because of the success recorded in the last seven weeks, the company has decided to extend its operations to more African nations just like Jumia, Africa’s largest e-commerce platform.
“The uptake and usage of this platform over the past seven weeks has been incredible, with exponential growth in subscribers and physical orders,” said Hennie Heymans, CEO of DHL Express sub-Saharan Africa.
The CEO said the e-commerce app will now be available in nine more countries in Africa. “Based on this rapid growth and the positive feedback that we have received from the market, DHL Express has decided to proceed to the next phase of the rollout as quickly as possible. The platform is now live for consumers in Cameroon, Democratic Republic of Congo, Côte d’Ivoire, Gabon, The Gambia, Madagascar, Mozambique, Tanzania and Zambia.”
Since Jumia listed on the New York Stock Exchange market in April and immediately rose by over 200 percent, investors and businesses have been looking to tap into seemingly untapped huge African e-commerce industry with over 240 million internet consumers.
This was after a report by Mckinsey Global Institute revealed that African e-commerce industry could worth $75 billion by 2025 in key economies on the continent.
While Jumia continues to expand operations and currently in 14 countries, infrastructural limitations and low operating capital remained a huge challenge.
DHL, however, has an edge with its broad logistic channel and decade of experience on the continent. Meaning, DHL has the brand reach to network, connect customers to more global brands and deliver quality goods faster and better. Eliminating some of the challenges currently hurting Jumia growth.
According to Heymans, “As the global leader in express logistics, DHL is well positioned to connect African consumers with these exciting global brands. We are committed to driving e-commerce growth on the continent on all fronts. We work with thousands of e-commerce brands in Africa and help them to reach global customers, and now with our DHL Africa eShop, we also connect African consumer to global brands.”
Again, while Jumia is building infrastructure from scratch, DHL is leveraging on its huge logistics across the continent and has already launched in 11 countries and just announced 9 more countries to take the total number of operating markets to 20 within just two months.
Jumia was accused of fraud by Citron Research in May, plunging it’s stock’s value by more than 50 percent from $46 to about $20, currently trading at $24.23 per share.
With over $1 billion in debt, Jumia needs to grow quick by leveraging on its local reach to compete with DHL Africa eShop.
Fintech Companies Raised $554 Million in Investment Last Week
Financial Technology Firms Raised $554 Million Investment Capital Last Week
Financial Technology (Fintech) companies raised a combined $554.17 million from investment rounds last week.
A data compiled by Finbold showed the top 25 fintech firms were led by Razorpay and Wealthsimple.
Razorpay, a payment platform, raised $100 million to account for 18.04 percent of the total amount raised during the week. This was followed by Wealthsimple’s $87 million.
Deepwatch came third with $53 million while NYDIG and M1 Finance came fourth and fifth with $50 million and $45 million, respectively.
Other noteable fintechs include Extend $40 million; FOSSA $30.55 million; +Simple $23.75 million; Finexio $23 million; and Sonrai Security $20 million.
On the other hand, Evolve Credit was the last among the 25 companies. It raised $0.025 million while Upside Saving raised the second least fund at $0.42 million. Also, they were the two firms that raised below $1 million in the week under review.
Oliver Scott, a Finbold editor, who spoke on funding in the fintech sector, said “Notably, venture capital is still the primary source of funding for fintech startups. However, new trends indicate a high level of private equity and debt financing. Additionally, more funding activity is concentrated around later funding rounds. The sector is also witnessing a rise in IPOs and acquisitions. Such trends are pointing to a maturing market.”
Snapchat Adds 39 Million Daily Active Users YoY Representing 18% Growth
Snapchat Daily Users Increase by 39 Million YoY, a 18 Percent Increase
Data presented by Buy Shares indicates that Snapchat daily active users have grown by 39 million on a Year-Over- Year basis. The addition represents a growth of 18.57%.
Pandemic spurs Snapchat’s DAU growth
During Q3 2019 the daily active users stood at 210 million while the figure was 249 million as of Q3 2020. Between Q3 2018 and Q3 2020 Snapchat’s daily active users have grown by 33.87%.
After witnessing a rise in daily active users the numer slumped between Q1 2018 and Q4 2018 with a percentage drop of 2.61%.
The research also overviewed Snapchat’s number of daily active users based on regions. As of Q3 2020, North America recorded the highest number at 90 million, a growth of about 7% from a similar period last year.
Commenting on the recent surge in Snapchat’s daily active users, Buy Shares researcher Justinas Baltrusaitis said:
“After taking a dip in users around 2018 Snapchat began witnessing a steady rise from the end of last year. The platform’s 2020 numbers have been boosted by the coronavirus pandemic.During the health crisis, most people were confined to their homes and turned to social platforms like Snapchat for entertainment.”
Europe has 72 million active daily users as of Q3 2020, a growth of 10% from Q3 2019. Elsewhere during Q3, 2020 the rest of the world had 87 million daily active users.
UK Imposed €132.7 Million of GDPR Fines, more than Germany and Italy Combined
UK Imposed €132.7 Million of GDPR Fines, more than Germany and Italy Combined
The General Data Protection Regulation (GDPR) continues causing hefty fines and penalties for businesses and organizations across European countries even two years after coming into force.
According to data presented by Buy Shares, the United Kingdom tops the list of the most expensive data breach penalties with €132.7 million in total value of GDPR fines, more than German and Italy combined.
Cumulative Value of GDPR Fines Hit €344 Million, a €119 Million Increase in 2020
The primary reason for such a high cumulative value of GDPR fines in the United Kingdom is the data breach penalty imposed by the UK’s data protection authority, ICO, to Marriott International. In November 2018, the American multinational company was fined with €110.4 million after reporting a cyber incident that exposed nearly 340 million guest records.
Last week, the ICO fined British Airways €22 million for failing to protect the personal and financial details of more than 400,000 of its customers, the second-largest GDPR fine in the United Kingdom. The penalty is considerably smaller than the €204.6 million that the ICO initially said it intended to issue back in 2019 after the Magecart group used card skimming to collect the personal and payment information of British Airways` customers.
Far below the United Kingdom, Germany ranked as the second-leading country in Europe with €61.6 million in the cumulative value of GDPR fines, revealed the GDPR Enforcement Tracker data. On October 1st, 2020, H&M Hennes & Mauritz Online Shop was fined with €35.2 million for the insufficient legal basis for data processing, the severest GDPR penalty in the country.
Italian data protection authority (Garante) imposed €57.3 million worth of GDPR fines so far, ranking in third place among European countries. On January 15th, 2020, telecommunications operator TIM was fined €27.8 million for unlawful data processing, non-compliant aggressive marketing strategy, and invalid collection of consents, the steepest penalty in Italy.
France ranked fourth among the European countries with €51.3 million worth of GDPR fines. Austria, Sweden, and Spain follow, with, €18 million, €7million, and €3.9 million, respectively.
Statistics indicate the cumulative value of GDPR fines and penalties hit over €344 million in October, with almost €119 million worth of new fines imposed in 2020.
Top Five GDPR Penalties Account for 70% of Cumulative Fine Value
Behind Marriott’s €110.4 million worth GDPR fine, Google holds second place on the list of the highest data breach penalties. The US tech giant was fined €50 million by France’s data protection regulator, CNIL, for not providing enough information to users about its data consent policies and control in using their data.
H&M Hennes & Mauritz Online Shop ranked third on this list with €35.2 million worth GDPR fine. Italian telecommunications operator TIM and British Airways round the top five list with €27.8 million and €22 million, respectively.
Statistics show the five biggest data breach penalties cost more than €245 million, or 70% of cumulative GDPR fine value.
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