LATEST TECH NEWS: 5 things you need to know today, March 12, 2020 – Ripples Nigeria
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These 5 latest stories from the tech space will keep you updated with trends today.
1. SpotOn secures $50 million in Series B Funding after a $40 million Series A in less than a year
US-based software and payment solution company, SpotOn, has raised $50 million in funding, a Series B that the company plans to use to keep expanding its business after a successful year, recording 150% growth in revenue. The SpotOn company specialises in the provision of point of sale payment solutions, alongside a number of related tools such as marketing, appointment booking and loyalty services to SMEs.
The company has recorded much growth leveraging on the high density of SMEs within the U.S. In 2020 alone, it has reportedly added another 5000 new client enterprise to its book. There is a lot for Africa’s KudiGo and ListBuy to learn from SpotOn’s operation. The $50 million funding was led by high-profile group of investors: Dragoneer Investment Group, Franklin Templeton and EPIQ Capital Group.
2. More global stock markets fall as W.H.O. declares COVID-19 pandemic
Following World Health Organisation’s declaration of COVID-19 as pandemic, stocks across international scene have plunged further. In America, for instance, stock markets plunged on Wednesday. In Asia, also, almost all the major stock indexes traded lower the morning after the announcement, with pronounced effect observed as the Asia Dow Index went down 4% by midday.
According to emerging stock reports, early morning trading in East Asian markets was recorded when President Donald Trump announced a 30-day travel ban from the European Union to the United States. Since the COVID-19 outbreak in China, stocks have been one of the greatest hit. Japan, Hong Kong, Taiwan, Mumbai and Singapore are experiencing similar down times.
3. Nigeria’s Unity Bank introduces USSD services in popular indigenous languages
Nigeria’s commercial bank, Unity Bank Plc, has launched a novel service as it introduces Unstructured Supplementary Service Data (USSD) banking in Nigeria’s three major languages – Yoruba, Hausa and Igbo. This is Unity Bank shifting from the basic English-only service bank, to become the first Nigerian commercial bank offering USSD in local languages.
Read also: LATEST TECH NEWS: 5 things you need to know today, March 11, 2020
With an increasing trend of USSD transactions in the financial space, Unity Bank has decided to put its foot forward towards driving financial inclusion as a bank recognising the culture and heritage of its customers. It is therefore expected that the ease of making transactions would be improved with the new service integration. While this is coming newly from Unity Bank, with time, other banks might tap into this Value Added Service in a bid to compete fairly.
4. Artificial Intelligence startup closes £1.35 million funding to scale its venture
AI company, Unitary, has secured up to £1.35 million in funding to scale its business venture. The company, which is still in its development phase is gaining traction as equity investors are finding value in its model.
This startup which develops AI to automate content moderation for “harmful content” launched a trial of its technology in September 2019. With Unitary, humans can rest while robots fix bugs and flag down inappropriate and harmful content from platforms. The seed funding was led by Rocket Internet’s GFC, with backing from Jane VC, SGH Capital, and a host of unnamed angel investors.
5. Field Intelligence raises $3.6 million in Series A to expand business in Nigeria and Kenya
Nigerian startup, Field Intelligence, has announced closing a $3.6-million Series-A funding round from investors. The startup noted that the fund will go into its investment to roll out Shelf Life, a supply chain finance platform for pharmacies in Africa.
The funding round which was led by Blue Haven Initiative was supported by Newtown Partners via the Imperial Venture Fund and Accion Venture Lab. According to the startup management on Wednesday March 11, the new investment will fund Shelf Life’s expansion throughout Nigeria and Kenya, as well as the development of additional services for Shelf Life clients and their patients. Despite operating in Africa, however, Field Intelligence is owned by American and Australian founders.
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