China has vowed to fight against the US’ desperate attempt to force Chinese technology firm, ByteDance, (TikTok parent’s company) into selling the company’s US operations to Microsoft.
An editorial piece on China Daily Newspaper, which is state-owned, was straight to the point when it declared that the “US administration’s smash and grab of TikTok will not be taken lying down.” The piece then went ahead to describe America’s moves against TikTok as a “theft” and said the government would respond in due course.
“After vowing to ban the popular short-video sharing app TikTok in the United States on Friday, the White House is reportedly weighing the advantages of allowing Microsoft to purchase its US operations. Such shilly-shallying is a tactic the US administration employed during the trade deal negotiations with China,” the editorial explained.
Why the Chinese are angry: Some hours ago, President Donald Trump gave the world’s most valuable software maker (Microsoft), tactical approval to go ahead with the acquisition of TikTok. Consequently, China, through its state-backed paper, disclosed that it had “plenty of ways to respond if Trump’s administration carries out its planned smash and grab.”
The Backstory: Recall that Nairametrics reported that the world’s biggest software maker, Microsoft, was in talks with ByteDance, the Chinese owners of TikTok, over a possible acquisition of its US operation.
The offer by Microsoft seems to be an escalation of President Trump’s recent attacks on TikTok and other Chinese tech startups. President Trump, in June, had raised security concerns about TikTok’s entry into the world’s largest economy.
Nigerian payments company, Paystack expands to South Africa
Paystack’s south African expansion began with a six-month pilot phase that started after Stripe’s acquisition.
Paystack, the Nigerian payments company which powers businesses with its payment API has announced that it has expanded its operations to South Africa.
Founded in 2015 by Shola Akinlade and Ezra Olubi, Paystack helps businesses in Africa get paid by anyone, anywhere in the world. The company was actively present in Nigeria and Ghana before expanding to South Africa.
In 2018, Paystack raised an $8 million series A round led by Stripe. The funding was used for its Ghana expansion. Since expanding to Ghana, Paystack has grown and claims to power 50% of all online payments in Nigeria with around 60,000 customers, including small businesses, larger corporates, fintech, educational institutions, and online betting companies.
The company was later acquired by Stripe for $200M in 2020 for its African expansion. According to Tech Crunch, Paystack south African expansion began with a six-month pilot phase that likely started a month after Stripe’s acquisition. During this phase, the company has worked with different businesses and has grown a local team to handle on-the-ground operations.
What they are saying
Shola Akinlade, Paystack CEO said, “South Africa is one of the continent’s most important markets, and our launch here is a significant milestone in our mission to accelerate commerce across Africa. We’re excited to continue building the financial infrastructure that empowers ambitious businesses in Africa, helps them scale and connects them to global markets.”
Khadijah Abu, head of product expansion, added that “for many businesses in South Africa, we know that accepting payments online can be cumbersome. Our pilot in South Africa was hyper-focused on removing barriers to entry, eliminating tedious paperwork, providing world-class API documentation to developers, and making it a lot simpler for businesses to accept payments online.”
Yele Bademosi is driving crypto adoption in Africa with Bundle
From dropping out of medical school, young Bademosi evolved to setting up one of Nigeria’s most innovative startups.
The tech ecosystem is in dire need of innovators who will make a change and build scalable products that can thrive in the face of an ever-changing world. In Nigeria, different individuals have continued to push the country’s digital revolution forward by solving consumer-facing problems through tech. One of such people is Yele Bademosi.
Yele Bademosi is the CEO and Co-Founder of Bundle, a social payments app for cash and cryptocurrency. He is also a founding partner of Microtraction, an early-stage venture capital fund.
Yele was born into a missionary home in Ibadan. He attended Kings College, London where he studied Medicine, after a few years, he dropped out because, unlike his Parents, medicine wasn’t his passion.
After dropping out of medical school, he started learning how to code and design user interfaces. Yele launched his first startup Purple, a social app that lets university students with shared interests in the UK find and connect with each other. The startup raised an angel fund but didn’t scale.
Yele returned to Nigeria and worked as General Manager of Starta – an online community and resource platform for African startup entrepreneurs. Here he helped the platform reach over 24,000 subscribers in 8 months before it was acquired in 2016.
At Starta, Yele identified the “pre-seed funding gap” as a huge problem that was stifling the growth of the African technology ecosystem. He decided to solve this problem and in 2017, he founded Microtraction, an early-stage venture capital fund that invests in Africa’s most remarkable teams with technical founders at the earliest stage of their venture, helping them build enduring companies. Microtraction offers $25,000 for a 7% equity and has gone on to invest in over 15 startups.
Yele has also worked as the Director of Binance Labs, the venture arm of the crypto platform (Binance) where he was charged with developing Africa’s blockchain ecosystem, a position he held till April 2020.
In August 2019, he founded Bundle, an Africa-focused social payments app for cash and cryptocurrency aimed at driving crypto adoption on the continent by making it more fun, easy to use, and inclusive for Africans.
Africa as a whole, has the largest population of young people in the world, with a median age of 19 and one billion+ people expected to be born over the next 30 years. Bundle is targeting young, digitally savvy, educated consumers with spending power. Bundle was incubated within the Binance ecosystem and raised US$450,000 from the blockchain company, as well as other investors.
Nairametrics | Company Earnings
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