Andela Bags $100 Million for Connecting African Software Developers

Andela Bags $100 Million for Connecting African Software Developers

By CultureBanx Team

  • In its series D round Andela raised $100M

  • Andela receives anywhere from $50,000 to $120,000 per developer

CBx Vibe:Go Get the Money” Zaytoven

African outsourcing startup Andela has just received a major injection of capital on its quest to continue connecting developers on the continent with tech companies around the world. They have raised $100 million and puts the valuation of the company at somewhere between $600 million and $700 million.

Why This Matters: If you’re wondering, what exactly does Andela do? They train developers across Africa for contract work with U.S. employers. Andela now operates in Kenya, Uganda, and Rwanda, and has about 1,100 developers on staff working for more than 200 companies, nearly 90% of which are located in the U.S.

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FinTech Adding $150 Billion Boost to Africa’s GDP

FinTech Adding $150 Billion Boost to Africa’s GDP

By CultureBanx Team

  • Africa’s current GDP stands at about $1.6T

  • 21% of adults in sub-Saharan Africa have a mobile money account

CBx Vibe:ATM” J. Cole

Sub-Saharan Africa is getting ready to experience a major level up thanks to its burgeoning fintech sector. Financial Sector Deepening Africa (FSD), a development-finance organization found that the continent’s economic output in fintech will add $150 billion by 2022 to its gross domestic product (GDP).

Why This Matters: Africa’s mobile first economy plays a big role in why the fintech space is going to have such a huge impact on their overall GDP, which according to the International Monetary Fund currently stands at about $1.6 trillion.  The World Bank’s Global Findex Data found that roughly 21% of adults in sub-Saharan Africa have a mobile money account. Since 2014, the amount of people with these accounts has nearly doubled and is the highest of any region in the world.  

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Airbnb Becoming a Mainstay in Africa

Airbnb Becoming a Mainstay in Africa

By CultureBanx Team

  • Nigeria, Ghana and Mozambique are among Airbnb’s 8 fastest growing markets globally

  • African Airbnb hosts have earned over $400 million in income since 2008

CBx Vibe:Destiination” Desiigner

Airbnb is booming in several African countries as the company makes the shift from novelty accommodation to a mainstream tourist option. Since launching on the continent, the travel startup has garnered more than 130,000 listings which have seen over 3.5 million guest arrivals. Nigeria, Ghana and Mozambique are all among Airbnb’s eight fastest growing markets globally.

Why This Matters: Airbnb’s growth on the continent is also depicted through the seven countries that all recorded more than a 100% increase in guest arrivals over the past year. South Africa’s Cape Town is Airbnb’s top market but Nigeria, Ghana and Mozambique have seen the most increase in guests arrivals of 213%, 141% and 136% respectively.

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Egypt’s Private Sector Receives $1 Billion Cash Injection

Egypt’s Private Sector Receives $1 Billion Cash Injection

By CultureBanx Team

  • The World Bank and Egypt signed a $1B private sector agreement

  • Economic reforms in Egypt have helped increase growth to 5.3% in 2018

CBx Vibe:Re Up” Belly Feat. NAV

The World Bank and Egypt signed a $1 billion agreement to spur the country’s private sector. By supporting small businesses, the country’s largest source of jobs, Egypt’s government hopes to bring about sustainable economic reform from this second phase of support.

Why This Matters: Egypt’s economy is weighed down by a legacy of heavy bureaucracy and a lack of transparency which deters investors. However, this funding is intended to support the next phase of the country’s reform program and finance the government’s economic development program, “Egypt Takes Off”.

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Disney’s Cultural Appropriation Quest For “Hakuna Matata”

Disney’s Cultural Appropriation Quest For “Hakuna Matata”

By CultureBanx Team

  • Disney’s Hakuna Matata trademark was granted in 2003

  • The Lion King is the highest-grossing entertainment property in history at $8.1B

CBx Vibe:Bad Company” ASAP Rocky

The mouse house has received a lot of backlash after trademarking the Swahili phrase “Hakuna Matata” which was made popular in its Lion King animated film. More than 138,000 people have signed an online petition asking Disney (DIS +3.08%) to drop the trademark and stop this pursuit for commercial ownership of the phrase. Does their brand benefit from having the phrase trademarked or does it get damaged from bad publicity?

Why This Matters: Disney’s exploitation of African culture is on full display with this burgeoning trademark issue. The Swahili phrase is commonplace in several African nations which loosely translates to “no problem,” is being robbed by corporate America.

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