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Why Yoco Raising R230 Million in Funding is Good News for All African Startups
Fintech startup Yoco has proven, once again, that they are a South African startup worth watching.
The point of sale payments provider which helps small businesses accept card payments, today announced they had raised a Series B round of US$16 million (R230 million).
The round is led by Partech, a venture capital firm based in Silicon Valley, Europe and Africa, with participation from Orange Digital Ventures, FMO (The Dutch Development Bank), South African-based FutureGrowth and existing Series A investors Quona Capital and Velocity Capital.
Trends and Opportunities in South Africa’s Business Tourism Sector
Business tourism, which focuses on delegates attending meetings, conferences, and other business events, is a lucrative and fast growing segment of the world’s largest industry sector.
What does it take to tap into this industry?
Septi Bukula is Director of the Seeza Destination Network, a business acquisition and sharing network of SMEs in the tourism industry. According to him there are many opportunities available for SMEs in this industry and the Seeza Destination Network was established to help increase market penetration for SMEs in the sector. Its primary focus is on business events.
Entrepreneur Magazine is South Africa's top read business publication with the highest readership per month according to AMPS. The title has won seven major publishing excellence awards since it's launch in 2006. Entrepreneur Magazine is the "how-to" handbook for growing companies.
Pound to rand value: SA currency hits new low, recession woes intensify
The South African Rand has sunk to new lows against the strengthening British Pound – its largest drop in over two years.
On Thursday morning, one British pound was worth R20 – the last time South Africa’s currency dropped this low to the pound was back in late June 2016. This was during former president Jacob Zuma’s controversial tenure, which was marred by corruption, nepotism and cabinet reshuffles which wreaked havoc on the rand.
Why has the rand slumped? There are many reasons for the rand’s dismal performance of late.
South African economy in a recession The most disturbing news for South Africans is that the country’s economy has slipped into recession. On Tuesday morning it was revealed that the country’s GDP had contracted by 0.7%, this followed a shocking 2.2% decline in the first quarter of the year.
The fourth edition of the SME & Banking Africa Forum 2017 was held in Kigali.
This forum was organized in partnership with SFI / IFC, AfricSearch, OCP Group, ESPartners and Afreximbank among others.
Exclusively dedicated to the financing of African SMEs, the SME & BANKING Africa Forum enables African companies to access financing through banks, investment funds, guarantee funds, foundations and Business Angels. It also allows entrepreneurs to expand their business networks and receive advice from business development specialists and fundraisers.
B2B meetings, masterclasses for SMEs and Financial Institutions, sectorial business sessions on opportunities in Africa, and an SME Solution Centre for advices tailored to SMEs’ needs, will round up this forum for an unparalleled business experience.
Financial sector pledges $223m to SME financing at Kigali forum
Financial institutions in Rwanda have pledged at least $223m to SME financing under the ‘La Finance s’Engage’ initiative at the fourth edition of the SME & Banking Africa Forum which is under way in Kigali.
‘La Finance s'Engage,’ held for the first time at the annual forum, gave the financial sector an opportunity to measure needs and opportunities of SME and presented innovative solutions for financing SMEs and, for the first time, allowed stakeholders to engage publicly with each other.
The commitment came on the second day of the forum on Tuesday, and followed a panel session on financing solutions for SMEs by banks and financial institutions which involved the CEO of the Rwanda Development Bank (BRD), Alex Kanyankole, the CEO of the Private Sector Federation, Stephen Ruzibiza, the COO of the Rwanda Development Board (RDB), Emmanuel Hategeka, and Kora Associates’s CEO Mireille Karera.
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