Author: Staff Writer
South African Internet of Things (IoT) startup Consumption Information Real Time (CIRT) has secured just under $500 000 or R7.2 million as part of its Seed Round of funding from E Squared Investments, an Impact Investor and a shareholder in Allan Gray. The funding will take the form of a convertible debt instrument which will be converted into equity at a discounted rate when CIRT’s Series A round of funding is completed. “We are extremely excited to have received this big vote of confidence from a respected local investment fund like E Squared, particularly as it comes hot on the…
A crisis is looming in South Africa as the deadline for the renewal of driving licences arrives tomorrow, 31 March, but with hundreds of thousands of drivers who have still not applied for their new cards. The Automobile Association (AA) is again appealing to the Minister of Transport to reconsider government’s refusal to extend this deadline, and to make provision for a longer renewal period. In August last year, Minister Fikile Mbalula announced that driving licences which expired between 26 March 2020 and 31 August 2021 will be valid until 31 March 2022. In February Minister Mbalula indicated that the…
Engineering design and advisory services company Zutari has announced that Teddy Daka is appointed as its sole CEO bringing to an end the dual role he has shared over the last year with Dr. Gustav Rohde. Dr. Rohde now steps into a Deputy CEO role with responsibility for culture, strategy and new business ventures. Daka will, in addition to leading the company, drive Zutari’s growth initiatives, its focused client management programme and digital transformation journey. The two seasoned executives have worked together very well over the last 15 years in different capacities within the legacy firms of Zutari. Daka recently…
Mobile money adoption and use saw continued growth in 2021, processing a record $1 trillion or R14.5 trillion annually. The industry enjoyed a substantial increase in the number of registered accounts, up 18% since 2020 reaching 1.35 billion globally. This is according to the GSMA’s 10th annual ‘State of the Industry Report on Mobile Money’ published today. The volume of person-to-person transactions were up to more than 1.5 million every hour. The report reveals that one of the most significant drivers of growth was merchant payments, which almost doubled year on year. It also highlights how mobile money continues to…
The war in Ukraine has added concerns to an already tense cybersecurity environment. What’s more, recent international coverage about scammers using QR codes to misdirect funds is fuelling fraud uncertainty. But South African consumers, while wise to remain vigilant, are well protected if they stick to a few simple QR guidelines. Quick Response or QR codes saw a rapid uptick in usage during Covid as consumers looked for a simple and truly contactless method of payment. Unfortunately, bad actors also realised there was opportunity in the new trend and rushed to take advantage of a distracted public. News out of…
South Africa’s power utility announced today that 15 Free State Municipalities and Mangaung Metropolitan owe R16 billion for services rendered, as at the end of February 2022. Eskom supplies electricity monthly in bulk to the Municipalities and Metropolitan which is re-distributed and consumed. “The Municipalities and Metropolitan receive government grants as well as payment for services rendered from their loyal customers, but these amounts remain unpaid for the consumed energy to Eskom,” the power utility said in a statement. “This behaviour threatens the security of supply to the citizens residing in these supply areas, as Eskom cannot continue to maintain…
Discovery Group launches a travel booking platform to take on Travelstart, a one-stop online travel service. Discovery Bank recently launched Vitality Travel, a fully integrated travel booking service with unprecedented discounts and simplified trip management. The comprehensive travel offering is the world’s first shared-value travel platform which channels behavioural savings into the greatest possible savings on flights, holiday accommodation, car hire and holiday packages. “Vitality Travel further expands the value clients get as they continue to monetise positive health and financial behaviours,” says Hylton Kallner, CEO of Discovery Bank. “The new travel offering combines Discovery Bank’s digital payments and platform…
HackerRank, the developer skills company, announced $60 million or R873 million in Series D funding led by Susquehanna Growth Equity. To date, HackerRank has raised more than $115 million or R1.6 billion in total funding. HackerRank will use the funding to fuel continued growth and accelerate its ability to drive technical hiring for the most in-demand roles and skills at companies across the globe. The funding will also be used to expand the depth of services provided by its global team, invest in technical innovation and partnerships, and scale the team across all departments. “It’s never been more critical to hire the right developer…
The three-year business strategy that 4Sight established in 2020 continues to deliver strong results, with the company reporting a second straight year of double-digit growth in revenue. “The continued commitment from the Board of Directors and the Executive Committee in the execution of our strategy has sustained top-line growth during 2021,” affirms Tertius Zitzke, Group CEO at 4Sight Holdings. 4Sight has achieved a 12.9% year-on-year increase in revenue and 3.6% in gross profit. with basic earnings per share increasing from R1.329 to R1.695 cents per share. A further improvement is a notable increase in debt-to-equity ratio to 36.4% and net…
Liquid Intelligent Technologies, a business of Cassava Technologies, has acquired a fibre pair on the Equiano subsea cable, allowing it to transport traffic up to 12 Terabits, bringing a much-needed increase in international connectivity in Western and Southern Africa. With older sub-sea cables almost at the end of their lifespan, Liquid through the Equiano cable system will address the growing need for Internet capacity supporting cloud services in both coastal and landlocked countries on the continent. The new Equiano subsea cable will link Africa to Europe via the West Coast of Africa when it is ready for service later in…