Tech Mar 6, 2023

Abound Raises £500 Million for Open Banking-Based Lending Business

Abound, a UK-based consumer lending service, has raised £500 million ($601 million) to fuel its open banking-based business, which combines open banking data and machine learning algorithms to build a better credit score for applicants. Abound is planning to expand its direct-to-consumer offering in the UK, and as a B2B service in Europe. The service issues loans of between £1,000 and £10,000, and has been growing on average 30% month-on-month, with over 150,000 customers to date. The new funding includes both debt and equity, with Citi and Waterfall Asset Management providing the debt portion, and K3 Ventures, GSR Ventures and Hambro Perks providing equity.

Local News Mar 6, 2023

Osun State cancels right-of-way fees to promote broadband penetration

Osun state in Nigeria cancels right-of-way fees for telecom companies and internet providers to lay fibre optic cables for free, as part of a digital economy policy aimed at improving broadband penetration and attracting tech startups. The state also plans to localize the Nigerian Startup Act, launch a Google Mapping project, and focus on the digital economy.

Tech Mar 5, 2023

Flutterwave Reassures Customers Following Report Of N2.9bn Hack

Flutterwave, the African fintech unicorn, reassures its customers that it has not been hacked after identifying an unusual trend of transactions on some users' profiles. The company confirms that no user lost any funds and outlines its security measures, including periodic audits, certifications, and licenses such as PCI-DSS and ISO 27001.

Tech Mar 5, 2023

Hackers Steal Over ₦2.9 Billion from Flutterwave Accounts

Flutterwave, an African fintech unicorn, experienced a hack attack where over ₦2.9 billion was illegally transferred from their accounts. Flutterwave's legal counsel filed a suit to freeze accounts in 27 Nigerian financial institutions, including Access Bank, Kuda, Zenith Bank, and OPay, to recover the stolen funds. It remains unclear how the hackers bypassed Flutterwave's security, and customers are waiting for an official statement from the company.

Tech Mar 3, 2023

Twitter Blue expands to over 20 new European countries

Twitter Blue, the social network's subscription service, is expanding to over 20 European countries, including the Netherlands, Poland, and Ireland. The service offers features such as the ability to post 60-minute long videos and 4,000-character long tweets, along with legacy features such as an edit tweet functionality and a thread reader. Despite these offerings, early results show that the service has less than 300,000 subscribers.

Tech Mar 2, 2023

Tesla Reveals Plans for New Car and Battery Factories at Investor Day

Tesla's 2023 Investor Day in Austin, Texas, saw CEO Elon Musk share his "Master Plan 3" and discuss the company's plans to scale up amid increasing competition. Musk outlined Tesla's goal to produce 20 million electric vehicles annually by 2030, while executives presented on topics such as battery production, manufacturing efficiency, and market growth in China.

Tech Mar 1, 2023

OpenAI Offers Paid Access to ChatGPT for Business Applications

OpenAI is offering paid access to its popular chatbot, ChatGPT, for use in business applications. The software's ability to answer questions and generate text has already been adopted by companies like Instacart, Shopify, and Snap. The move comes as OpenAI seeks commercial uses for its AI systems, including ChatGPT and DALL-E, and looks for ways to accelerate revenue growth and pay for massive cloud-computing bills. OpenAI's partnership with Microsoft and the launch of its new services demonstrate its continued growth and innovation in the AI industry.

Tech Mar 1, 2023

TikTok implements 60-minute screen time limit for users under 18

TikTok has introduced new features to reduce screen time and improve the well-being of its young users. The platform will soon apply a daily screen time limit of 60 minutes to all users under 18 and offer customized parental controls through Family Pairing. The company is also developing content filters and a sleep reminder to encourage healthy habits. Read on to learn more about TikTok's latest efforts to support its young users.

Finance Mar 1, 2023

Revolut reports first-ever annual profit

Revolut, a financial technology company, has reported its first-ever annual profit, with revenues of £636.2 million ($767.1 million) for 2021, tripling its previous year's figure. Revolut's CFO, Mikko Salovaara, attributes this success to the company's diversified business and strict cost control. The company expects revenues to grow over 30% to £850 million in 2022. Revolut offers digital banking, money transfers, cryptocurrency, and stock trading through a single app and competes with companies such as Wise, Monzo, and Starling. Read on to learn more about Revolut's success and challenges.

Tech Feb 25, 2023

Elon Musk’s Twitter Sued Again for Non-Payment of Vendor

Elon Musk's Twitter has been sued by a sixth company in California for non-payment of a vendor, raising red flags about the social media company's financial health. Since Musk's $44 billion buyout of Twitter in 2022, at least five other companies have sued the platform for non-payment and breach of contract. Finance experts suggest that non-payment and contract violations could indicate financial distress. Learn more about the latest legal complaint against Musk's Twitter and its financial challenges.

Tech Feb 21, 2023

Microsoft Signs Deal with Nintendo for Call of Duty and Other Games

Microsoft has signed a 10-year contract with Nintendo to make Xbox and Activision games, including the popular game Call of Duty, available on Nintendo hardware. This move may allay concerns about reduced competition in the gaming industry and put pressure on Sony to accept a similar deal. Read on to learn more about this significant development in the gaming industry.