₦airaland Forum

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Jumia has reported Q3 revenue of $44.2 million versus $37.1 million it reported last year. The Amazon of Africa report further revealed that it now has 5.5 million active customers, up from 3.5 million a year ago and 4.8 million in Q2 2019. It added 636,000 new customers during the last quarter.

Jumia’s revenue during the last quarter was $44.2 million, up from $37.1 million for the same period in 2018. So far in 2019, the company has made $122.3 million in revenue.

According to the Q3 report, JumiaPay which is the platform for processing payment saw the biggest growth. The total Payment Volume (“TPV”) reached €32 million in the third quarter of 2019, up 95% from the same period last year.

Meanwhile, the number of JumiaPay Transactions reached 2.1 million, up 262% from the same period last year, demonstrating robust traction of digital payments on our platform. In the third quarter of 2019, approximately 31% of Orders at Group level were settled via JumiaPay compared to 16% a year ago, demonstrating our ability to leverage the marketplace flywheel to drive the adoption of JumiaPay.

Despite this, Jumia is still losing money. Its operating loss stood at $55 million, which is higher than the $45 million it recorded in the same quarter in 2018.

“We are making significant progress in the usage and relevance of our platform for consumers and sellers and are firmly positioning Jumia as the digital destination of choice for everyday needs in Africa.

“In parallel, we continue to make great strides in our payment and fintech business with JumiaPay showing very strong growth momentum on both volume and transaction metrics,” commented Sacha Poignonnec and Jeremy Hodara, Co-Chief Executive Officers of Jumia.

“Our financial strategy seeks to balance growth, JumiaPay development, monetization and cost efficiencies. We manage this equation on a dynamic basis and are now placing even greater emphasis on cash discipline and efficiency.

“Our growth strategy favors business verticals and product categories that drive adoption, repeat purchase and usage. On the cost efficiency front, we continuously seek to optimize our portfolio of assets and geographies to ensure efficient capital allocation.

“We are confident this strategy will enhance our focus on our core assets and contribute to building a healthy foundation for the long-term growth and success of Jumia.”

https://www.techawk.com.ng/2019/11/12/jumia-reports-q3-revenues/

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Interswitch Limited, a leading technology-driven company focused on the digitisation of payments in Nigeria and other countries in Africa, has become one of the most valuable African fintech businesses with a valuation of US$1 billion after Visa Inc., the global credit card company; acquired a significant minority equity stake.

According to a statement by InterswitchAccording to a statement by Interswitch, Visa will join globally renowned investors, Helios Investment Partners, TA Associates and IFC, as shareholders in Interswitch, alongside Company management.

The partnership, according to the statement “Will create an instant acceptance network across Africa to benefit consumers and merchants and facilitate greater connectivity for communities...

Click here to continue reading: https://www.techawk.com.ng/2019/11/12/interswitch-1billion-valuation-visa/

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Crop2Cash, a Nigerian agritech startup has emerged winner of the Lagos leg of the Seedstars Pitch Competition. The  Lagos pitch competition was held at the newly launched Seedspace GrowthLab-the second Seedstars hub in Nigeria's commercial city.

Crop2Cash which was founded in 2018 by Michael Ogundare, Emem Essien and Seyi Alabi; is enabling smallholder farmers in the countryside through its CashCard; to receive digital payments and build their financial identity. This automatically gives them access to finance to increase their agricultural production.

For winning the Lagos Seedstars pitch competition, Crop2Cash will now represent Nigeria at the Seedstars Africa Summit...

Continue at https://www.techawk.com.ng/2019/11/11/crop2cash-winner-lagos-seedstars/

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Visa, the global credit card giant is reportedly planning to acquire a 20% stake in Interswitch, Africa’s integrated payments, and transaction solutions company.

If the deal pulls through, the fintech firm will become Africa’s latest technology ‘unicorn’ after Jumia, the continent’s largest eCommerce firm as a result of listing its shares on the New York Stock Exchange.

According to reports by Sky News, talks on the deal are in advanced stages and Visa, which has more than 19 million cards active on its network in Africa, is expected to invest $200m in Interswitch in return for a 20% stake.

The announcement comes just days after Interswitch acquired a Nigerian health tech firm, eClat for an undisclosed fee and its prospective initial public offering in London during the first half of 2020.

This is not the first time Visa and Interswitch are working together. Back in July 2017, they disclosed that they will partner to boost mobile payment adoption...

Continue on https://www.techawk.com.ng/2019/11/11/visa-acquire-interswitch/