The British International Investment, the UK government’s Development Finance Institution has announced that it has invested $20 million in debt funding in Nigeria’s mobility financing startup Moove.
Moove, which raised $10 million in debt financing in February and mega funding of $105 million a month after, has shown that it has a huge appetite for funding.
Ladi Delano, co-founder and co-CEO at Moove, says BII’s strategic support will play a key role in its mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs.
Delano says that the new debt funding puts his company in a stronger position to use its technology and productivity data in creating a more inclusive financing ecosystem

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The European Parliament has given a final stamp of approval to two major pieces of regulation which will update the EU’s rules for digital businesses.
The Digital Markets Act will introduce new ‘ex-ante’ competition rules for gatekeeping tech giants to ensure markets are fair and open; while the Digital Services Act which applies more broadly will set governance rules around the handling of illegal content and products, as well as dialling up broader accountability on larger platforms which have extra responsibilities under the framework.

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Google has stopped providing updates to popular messaging app KakaoTalk in South Korea after Kakao continued using an external payment link in its Android app, against Google’s new in-app payments policy.
Google’s new policy requires developers selling digital goods and services to use Google’s first-party billing system, but Kakao has been using an external link to its own website.
Google says all developers selling digital goods and services in their apps are required to use Google Play’s billing system.

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Glance, a subsidiary of adtech giant InMobi Group, is planning to launch its lock screen platform on Android smartphones in the U.S. within two months.
The startup is engaging with wireless carriers in the U.S. for partnerships and is gearing up to launch several smartphone models by next month.
Glance, valued at around $2 billion, serves media and current affairs content and casual games on Android handsets’ lock screens.
The startup said in February that it planned to expand globally in the coming years.

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Twitter has sued the Indian government to challenge some of its block orders on tweets and accounts, further escalating the tension between the American social giant and New Delhi.
Twitter alleges that New Delhi has abused its power by ordering it to arbitrarily and disproportionately remove several tweets from its platform
Twitter moved to the court after New Delhi threatened to open criminal proceedings against its chief compliance officer in India.

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Some cyber security experts have called for constant awareness and sensitisation of individuals and organisations to help protect their data.
Sub Sahara Africa Infodata Professional Services, Eze Osiago regretted the increasing proliferation of targeted cyber-attacks in the financial services sector that ranges from insider threats to typical ransomware, phishing, web application and vulnerability exploitation attacks.
Senior Manager, Sales Engineering, Forcepoint, Mr Mohammed El Shenawy, says that regularly creating awareness about the new technologies and the basic protection from Internet risk was very important.

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Clickafix, an app built to pool together skilled artisans to render professional services in homes and offices, has been unveiled in Lagos State.
The founder and Director of Clickafix, Mr Arun Goswami, says the app was created to address two problems; lack of access to skilled artisans and a lack of access to customers on the part of the artisans.
Goswami says there are lots of skilled artisans who have been frustrated out of business because they lack sufficient contacts to keep them in business, and many customers have been enduring a lot of hitches with home accessories because they lack access to skilled artisans to fix the faulty accessories and equipment in their homes.

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Nigerian startups have raised about $3.6bn since 2019, a figure that is a little less than the $3.8bn that was raised by startups in northern and eastern Africa in the time under review.
The firm The Big Deal’, stated that Western Africa was by far the region that attracted the most funding on the continent, thanks to Nigeria which has attracted about 86 per cent of the total funding into the region since 2019.
The firm says Nigeria’s dominance has begun to wane, from 93 per cent of total funding into the region in 2019 to 84 per cent in 2022 to date, although its absolute numbers remain staggering.
It stated that in 2021, start-ups in Nigeria raised the same amount ($1.6bn+) that was raised by all start-ups in Africa in 2020.

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India will give VPN providers and cloud service operators an additional three months to comply with new rules that require they maintain the names and addresses of their customers and their IP addresses, delivering some relief to firms as many scrambles to follow the new guidelines and others explore the option of leaving the South Asian market.
The Indian Computer Emergency Response Team, says it is extending the enforcement of the new rules to September 25. The rules, unveiled in late April, were set to go into effect Monday.
CERT says it was extending the deadline because additional time had been sought by the industry players.

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JourneyOne says it’s closed a $10 million fund and has started making its first few investments.
The fund’s solo fund manager, Helene Servillon, says there’s only a specific amount of time until Andreessen Horowitz, First Round Capital and Sequoia Capital are starting to play in this industry.
Servillon noted that there are other big players in this space, especially on the corporate side of things.
The fund is dedicated to investing in founders with senior-level executive experience within the cannabis industry.
JourneyOne Ventures has already started to invest in startups that are creating B2B software customized for the cannabis industry, biotech and consumer products including Komplyd, Nabis, Cellibre, Wunder and Plant People.

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