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Atos staves off bankruptcy, casts wider net for refinancing

CIO

Atos may have won a few extra months to find a long-term solution to its financial problems after reaching interim agreements with banks, bondholders, and the French government to provide €450 million (US$490 million) in additional liquidity. In 2023, the company made a net loss of €3.4 billion on revenue of €10.7 billion in 2022.

.Net 263
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Kenya-based aquaculture tech Victory Farms nets $5M funding to expand into new markets

TechCrunch

I believed the platform I was running could be a lot bigger and scale a lot faster if we could connect more dots — and basically creating an end to end protein plant,” said Rehmann, who has worked for an investment bank and Microsoft. We run a tech-enabled platform and have scaled 2x faster than any other African fish company.

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Nigerian digital bank Carbon hit $240M in payments processed last year, up 89% from 2019

TechCrunch

Posting audited financials can prove detrimental for a private African company for several reasons ranging from bad marketing and PR if huge losses are incurred to regulatory clampdown if the company performs well. As we wait for its annual report for 2020, its year in review offers a sneak peek into how Carbon grew the past year.

Banking 291
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Allocate banks $5M to open up venture capital fund access

TechCrunch

Then Yang joined Kaji at First Republic Bank to work together and continue the conversation. With the market the way it is, the number of accredited investors is expected to grow by 50% by 2025,” Kaji said. There is a huge opportunity to unlock the market and have people participate.”.

Banking 249
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YC W22 batch nets 24 African startups, including 18 from Nigeria

TechCrunch

Quick thoughts : Off the back of DoorDash’s IPO, Y Combinator seems set on replicating that success in other markets, including Africa, where the likes of Glovo and Jumia Food are ramping up efforts to grab market share. Founders : Ahmed Ismail, a second-time founder who has worked for Goldman Sachs and Barclays, is the CEO.

.Net 228
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Daily Crunch: Mos evolves from fintech into challenger bank, as early users start post-college lives

TechCrunch

Today we have a few angles on the startup market. I think it nets out to a changing market, but not one that has settled on a new level of risk tolerance. The net is that some investors appear to be dialing back their appetite for high-priced startup rounds, while others are, well, not. What the heck does that mean?

Fintech 224
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Silicon Valley Bank: Here’s a timeline of the bank’s failure

TechCrunch

Writer’s note: We’re breaking from our usual formatting this week because there was a once-in-a-generation collapse of one of the biggest banks in the country. On Friday, I wrote about how Silicon Valley Bank has been closed by regulators , which are now in charge of the bank’s deposits. Some advised diversification.

Banking 126