Browsing Tag: Mobile Smart Phones

    Tech News

    Daily Crunch: Uber reveals sexual assault numbers

    December 6, 2019

    The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 9am Pacific, you can subscribe here.

    1. Uber reveals thousands of sexual assault reports last year

    Uber just released its first-ever safety report, stating that it received 2,936 reports pertaining to sexual assault in 2017, which went up to 3,045 in 2018 (these are U.S.-specific numbers). At the same time, Uber says there was a 16% decrease in the average incident rate.

    While traditional taxis also have their safety risks, those numbers are still quite troubling. It’s worth noting, though, that the company has implemented some safety measures designed to help prevent sexual assault.

    2. Niantic is working with Qualcomm on augmented reality glasses

    To be clear, you’re not going to be booting up Pokémon GO on a pair of Qualcomm/Niantic AR glasses this Christmas. Moving forward, though, Niantic will be working with Qualcomm to flesh out the reference hardware for augmented reality glasses.

    3. Netflix earmarks $420M to fight Disney in India

    “This year and next year, we plan to spend about Rs 3,000 crores developing and licensing content and you will start to see a lot of stuff hit the screens,” said CEO Reed Hastings at a conference in New Delhi.

    4. Airbnb officially bans all open-invite parties and events

    The new policy seeks to prevent certain guests from hosting events not approved by hosts — such as a recent Halloween party hosted at a California Airbnb rental in which five people were killed.

    5. Inside VSCO, a Gen Z-approved photo-sharing app, with CEO Joel Flory

    Known to many only because of this year’s “VSCO girl” meme explosion, the company has long been coaxing the creative community to its freemium platform. Turns out, if you can provide the disillusioned teens of Gen Z respite from the horrors of social media — they’ll pay money for it.

    6. This Lego Cybertruck is one even Elon can love

    While Lego’s take on the Tesla Cybertruck design seemed to be purely for the LOLs, a remarkably faithful representation has been submitted to the official Lego Ideas crowdsourcing website.

    7. Scammers peddling Islamophobic clickbait is business as usual at Facebook

    A network of scammers used a ring of established right-wing Facebook pages to stoke Islamophobia and make a quick buck in the process, according to a new report from The Guardian. But Devin Coldewey argues that this is less a vast international conspiracy and simply more evidence that Facebook is unable to police its platform to prevent even the most elementary scams. (Extra Crunch membership required.)

    Source: Tech Crunch Mobiles | Daily Crunch: Uber reveals sexual assault numbers

    Tech News

    Netflix earmarks $420M to fight Disney in India

    December 6, 2019

    Netflix continues to bet heavily on India, one of the world’s largest entertainment markets, where it competes with more than three dozen rivals, including Disney.

    Reed Hastings, the chief executive of Netflix, said on Friday that the company is on track to spend 30 billion Indian rupees, or $420.5 million, on producing and licensing content in India this year and next.

    “This year and next year, we plan to spend about Rs 3,000 crores developing and licensing content and you will start to see a lot of stuff hit the screens,” he said at a conference in New Delhi.

    The rare revelation today has quickly become the talk of the town. “This is significantly higher than what we have invested in content over the past years,” an executive at one of the top five rival services told TechCrunch. Another industry source said that no streaming service in India is spending anything close to that figure on just content.

    While it remains unclear exactly how much capital other streaming services are pouring into content, a recent KPMG report estimated that Hotstar was spending about $17 million on producing seven original shows this year, while Eros Now had pumped about $50 million into its India business to create 100 new original shows. (The report does not talk about licensing content expenses.)

    Netflix, which entered India as part of its global expansion to more than 200 nations and territories in early 2016, has so far produced more than two dozen original shows and movies in the country and inked partnerships with a number of local studios, including actor Shah Rukh Khan’s Red Chillies Entertainment.

    Hastings said several of the shows the company has produced in India, including A-listed cast thriller “Sacred Games” and animated show “Mightly Little Bheem,” have “traveled around the world.” More than 27 million households outside of India, said Hastings, have started to watch “Mighty Little Bheem,” a show aimed at children.

    Netflix, which is expected to spend about $15 billion on content globally next year, has never shared the number of subscribers it has in India. (It has over 158 million subscribers globally.) But the company’s financials in the country, where it employs about 100 people, have improved in recent quarters. In the financial year that ended in March, the company posted revenue of $65 million and profit of about $720,000 for its India business.

    The big, big, big Indian market

    India has emerged as one of the last great growth markets for global technology and entertainment firms. About half of the nation’s 1.3 billion population is now online and the country’s on-demand video market is expected to grow to $5 billion in the next four years, according to Boston Consulting Group.

    But the propensity — or the capacity — of most of these internet users to pay for a subscription service remains significantly low. Most services operating in India today generate the majority of their revenue from ads. And others, which rely on a recurring model, are making major changes to their offerings in the nation.

    To broaden its reach in the nation, Netflix earlier this year introduced a new monthly price tier — $2.8 — that allows users in India to watch the streaming service in standard quality on a mobile device. (The company has since expanded this offering to Malaysia.)

    Netflix competes with more than three dozen on-demand video streaming services in India. Chief among its competitors in the nation is Disney’s Hotstar. Hotstar’s content includes live TV channels, streaming of sports events and thousands of movies and shows, many syndicated from global networks and studios such as HBO and Showtime.

    The ad-supported service offers more than 80% of its catalog at no charge to users and charges 999 Indian rupees ($14) a year for its premium tier.

    Among the licensed content that Hotstar — or its operator Star India — owns in the country includes rights to stream a number of cricket tournaments. Cricket is incredibly popular in India and has helped Hotstar set global streaming records.

    In May this year, Hotstar reported that more than 25 million people simultaneously watched a cricket match on the platform  — a global record. The service, at the time, had more than 300 million monthly active users.

    Commenting on the competition, Hastings said the next five to 10 years is going to be “the golden age of television” as “unbelievable and unrivaled levels of investment” go into producing content. “They are all investing here in India. We are seeing more content made than ever before. It’s a great export,” he added.

    Disney+, the recently launched streaming service from the global content conglomerate, is set to be available in India and Southeast Asian markets next year through Hotstar, TechCrunch reported last month.

    Source: Tech Crunch Mobiles | Netflix earmarks 0M to fight Disney in India

    Tech News

    Daily Crunch: Imgur launches an app for gaming memes

    December 5, 2019

    The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 9am Pacific, you can subscribe here.

    1. 300M-user Imgur launches Melee, a gaming meme app

    Melee, the company’s first app beyond its flagship product, lets users subscribe to the games from which they love to get memes and gameplay clips. You also can scroll through a popular post’s feed if you’re curious about unfamiliar games.

    If you’re worried about the risk that gaming communities might turn toxic, Imgur says Melee has multiple layers of community and staff moderation, will remove obscene content and won’t tolerate bullying.

    2. SpaceX nears milestone on key crew launch system test

    SpaceX is keeping relatively close to schedule on one of the bold timelines pronounced by its CEO Elon Musk. Specifically, the company notes that it has now completed seven system tests of the latest, upgraded version of the parachutes it plans to use with its Crew Dragon capsule when it launches with astronauts on-board.

    3. Flipkart leads $60M investment in logistics startup Shadowfax

    Shadowfax operates a business-to-business logistics network in more than 300 cities in India. The startup works with neighborhood stores to use their real estate to store inventory, and with a large network of freelancers for delivery.

    4. A Sprint contractor left thousands of US cell phone bills on the internet by mistake

    A contractor working for cell giant Sprint stored hundreds of thousands of cell phone bills for AT&T, Verizon (which owns TechCrunch) and T-Mobile subscribers on an unprotected cloud server.

    5. How to build or invest in a startup without paying capital gains tax

    Qualified Small Business Stock (QSBS) presents a significant tax savings opportunity for people who create and invest in small businesses. (Extra Crunch membership required.)

    6. Volvo invests in autonomous vehicle operating system startup Apex.AI though its VC arm

    Apex.AI is working on developing a robotic operating system qualified for use in production automobiles. Its offerings include a set of simple-to-integrate APIs that can give automakers and others access to fully certified autonomous mobility technology.

    7. Check out the prizes for TC Hackathon at Disrupt Berlin

    One team gets $5,000, but we’ve got additional prizes from a range of sponsors. Also: This is next week!

    Source: Tech Crunch Mobiles | Daily Crunch: Imgur launches an app for gaming memes

    Tech News

    Future iPhones could drop charging ports altogether

    December 5, 2019

    Here’s a little early Christmas present for you. Apple analyst extraordinaire Ming-Chi Kuo is out with his latest Apple opus. Per usual, it’s got a lot of fascinating nuggets, this time projecting as far as 2021 in its look at iPhones to come.

    Let’s skip right to that bit, shall we? It seems that 2021 may be the year Apple finally drops the Lightning cable. That would, of course, be good news, given that the port is…how to put this nicely…pretty objectively terrible. Apple, of course, already swapped it out on the iPad Pro for the far-more-ubiquitous-and-generally-better-in-every-way USB C.

    What’s even more interesting here, however, is the suggestion that it won’t be USB C there to pick up the pace. 9to5Mac notes that the report suggests a 2021 iPhone would “provide the completely wireless experience.” The implication here being that the charging port drops altogether on the high-end device (like the iPad, it would be more of a gradual sunsetting across the line, starting with the premium model). 

    Meizu, notably, tried something similar this year with the very gimmicky (and pricey) Zero. The handset completely dropped ports, speakers and buttons from the equation, as a sort of logical conclusion of broader smartphone trends. For a majority of users, however, I suspect wireless charging is going to have to get some serious speed gains before they’re ready to ditch wired charging altogether.

    Interesting tidbits for 2020 include the arrival of several iPhones, arriving in 5.4, 6.1 (x2) and 6.7-inch varieties. All of the above will reportedly sport 5G, with cameras and size being the primary differentiation. The OLED devices will reportedly adopt a similar form factor as the now-ancient iPhone 4, per the report.

    Source: Tech Crunch Mobiles | Future iPhones could drop charging ports altogether

    Tech News

    300M-user Imgur launches Melee, a gaming meme app

    December 5, 2019

    Ten years after its debut, 300-million-monthly-user Imgur is one of the last massively popular yet unpersonalized home pages on the internet. Because everyone sees the same upvoted posts when they open Imgur, it creates a shared experience full of inside jokes and running gags. But while you can switch to a feed of topics and creators you follow, Imgur has focused on a one-size-fits-all approach over catering to niche audiences.

    The gaming community deserved better, and Imgur needed to seize this opportunity. Video and board game tags were the most popular on Imgur, with 46% of users following them. Esports, Twitch and streaming stars like Ninja have gone mainstream. And there’s a whole world of esoteric memes about absurd in-game moments, highlights from epic wins and commentary about the industry. That stuff gets diluted and buried on cross-functional apps like Imgur, is tough to easily browse on Reddit and oftentimes content about all games is mashed together, even though you might only play certain ones.

    That’s why today, Imgur is launching Melee, the company’s first app beyond its flagship product. Melee lets users subscribe to the games from which they love to get a feed of memes and gameplay clips. It’s an elegant way to prevent you from seeing jokes you don’t understand or feats of skill you don’t care about. You also can scroll through a popular post’s feed if you’re curious about unfamiliar games. Melee debuts today on iOS, with an Android version coming in Q1 2020 and a desktop version down the road.

    Gamers are constantly taking recordings and screenshots of the games they’re playing,” Imgur founder and CEO Alan Schaaf tells me. “But we found that there’s no place for gamers to share those clips. We want to give these highlights a home.” If 92% of surveyed Imgurians consider themselves “gamers,” and the average one already spends 30 minutes per day on Imgur despite it being a general-purpose image-sharing network, there was clearly room to build something just for them. Schaaf says “Imgur is interested in building things that the internet wants.”

    There’s an immediate in-group feel when you play with Melee. Whether you’re into Fortnite, Smash Bros. or Dungeons & Dragons, you can find your people to geek out with. There’s certainly already forums on Reddit, Memedroid and elsewhere dedicated to specific games, but those can get a bit exhausting. Melee keeps things spicy by combining in one feed content about your picks. It’s actually a savvy way to browse any genre of memes. I could see Melee expanding into letting you follow your favorite TV shows, movies and bands… or someone else might with a copy of its format.

    I was glad to hear that Imgur took safety seriously with Melee after stumbling into building messaging into its main app without proper protections in 2016. It has multiple layers of community and staff moderation, will remove obscene content and won’t tolerate bullying. That’s critical in the gaming space, which has a nasty habit of turning toxic. If Imgur can keep things on the rails, it plans to monetize Melee with the company’s expertise in display ads.

    Eventually, Schaaf hopes Melee can also help up-and-coming game streaming stars find a following, since on Twitch and YouTube they’re often overshadowed by the biggest stars. “If you start a stream today, you have virtually no chance of attracting an audience and competing in this market. Streamers need a place to post their gameplay in order to grow their audience on streaming platforms,” Schaaf tells me. “Melee is that place.” He plans to add more robust profiles and ways for broadcasters to promote their streams in 2020. Viewers will benefit as Melee lets them bypass watching a multi-hour stream just for the best parts.

    Imgur remains one of the biggest internet communities no one talks about, despite being a top 15 most popular site in the U.S. according to Alexa. Schaaf bootstrapped the company from his bedroom and beyond for the first five years before taking a $40 million Series A in 2014 from Andreessen Horowitz. Now it’s focusing on becoming a more lucrative business. The startup took a $20 million funding round from strategic partner Coil, which is going to help Imgur launch a premium subscription tier to its free site.

    Imgur started at the end of the web era, and took years to build a full-fledged mobile app. Melee is truly mobile first, and offers a lifeboat to Imgur in case its original tribe disperses. It’s a smart way to harness the massive untapped energy of gamers, the way Instagram harnessed our newfound phone cameras. Finally, meme culture is getting purpose-built social networks.

    Source: Tech Crunch Mobiles | 300M-user Imgur launches Melee, a gaming meme app

    Tech News

    What we know about Qualcomm’s next-gen Snapdragon 865 and 765 chips

    December 4, 2019

    Qualcomm’s holding its big annual get-together this week in Hawaii, portioning off Snapdragon news, piece by piece. Yesterday’s event was the big unveiling of the Snapdragon 865 and 765, the chips that will power most of next year’s premium and mid-tier handsets, respectively.

    Today, the components came into sharper focus. Expect more from both tomorrow, as well, as the company continues to milk them for the multi-day event, but we’re starting to get a pretty solid picture of what these chips will be able to do.

    Let’s start top-down with the 865. Expect the premium chip to start showing up in announcements around CES and MWC, if past years’ road maps are any indication. As anticipated, 5G is one of the key focuses. After all, 2020 is generally believed to be when 5G-driven purchases will start helping to right long-flagging smartphone sales.

    No integrated 5G has been announced for the chip. Instead, it will work in tandem with Qualcomm’s 5G modem, the X55. Keep in mind, there are still going to be plenty of non-5G alternative flagships released in the next calendar year. For starters, the devices are bound to be prohibitively expensive. Also, in many markets, 5G coverage will be spotty, at best. Unfortunately, however, it seems that manufacturers will have to buy them as a pair.

    Notably, there’s support for a wide range of 5G frequencies. That’s necessary, because carrier approach to 5G has been pretty piecemeal. It varies a good deal from carrier to carrier — and in the case of some, like T-Mobile, a good deal within the carrier.

    AI’s the other big marquee bit. Again, no surprise. It’s been an increasingly important aspect of smartphone evolution for several years now. That’s powered by a fifth-gen AI chip that doubles the performance of its predecessor.

    There’s also on-board support for wake word listening for use with the likes of Alexa and Assistant, at low power. Imaging improvements include support for 200 megapixel photos and 8K, along with much-improved speeds. On the display/gaming front, there’s now support for 144Hz refresh rates.

    The arrival of the 765, meanwhile, highlights Qualcomm’s ambitions to speed up 5G adoption across a wider range of devices. The new chip, which features an option with integrated 5G, could certainly help on that front, keeping cost and power usage down.

    Expect devices to start arriving in early 2020.

    Source: Tech Crunch Mobiles | What we know about Qualcomm’s next-gen Snapdragon 865 and 765 chips

    Tech News

    Finally, an official Craigslist app

    December 4, 2019

    Fancy websites and services come and go, but Craigslist endures. And now one of its main shortcomings is fixed: there’s an official app. Currently available for iOS and in beta for Android, the app provides a true-to-form Craigslist experience: useful, unfussy and anonymous.

    There isn’t much to say about the app beyond that it faithfully replicates the website, down to the color scheme. All categories of posts are available to browse or search; you can favorite things, save searches and change the way results look. Different categories have their pertinent settings, so when you look for a car you’ll get odometer, model year and so on the way you do on the site.

    No account is required at all to browse listings or contact sellers, and conveniently all their contact info pops up easily, letting you email, text or call as desired.

    Obviously the web app is still perfectly serviceable, and some may even prefer it. But it’s nice to have a native app, if only to deter the imitation Craigslist apps that piggyback on the popularity of the original no-frills listings.

    The app was released yesterday and is already climbing the charts. Grab it today and start looking for free furniture!

    Source: Tech Crunch Mobiles | Finally, an official Craigslist app

    Tech News

    Instagram finally launches 13+ age checkups

    December 4, 2019

    Instagram is done playing dumb about users’ ages. After nine years, Instagram is finally embracing more responsibility to protect underage kids from the problems with social media. It will now ask new users to input their birth date and bar users younger than 13 from joining. However, it won’t be asking existing users their age, so Instagram will turn a blind eye to any underage kids already amongst its 1 billion members.

    Instagram will later start using age info to offer education about settings and new privacy controls for younger users. It’s also adding the option to only allow people you follow to message you, add you to a group or reply to your Story.

    Yesterday we published an opinion piece noting that “Instagram still doesn’t age-check kids. That must change.” after receiving no-comments from Instagram after mobile researcher Jane Manchun Wong spotted Instagram prototyping an age-check feature. As the code she found indicated, Instagram will keep your birthday and date private, and sync it with your Facebook profile if you link your accounts.

    Instagram had fallen far behind in protecting underage users. It’s relied on ignorance about users’ ages to avoid a $40,000 fine per violation of the Child Online Privacy Protection Act that bans services from collecting personal info from children younger than 13. “Asking for this information will help prevent underage people from joining Instagram, help us keep young people safer and enable more age-appropriate experiences overall,” Instagram notes.

    Facebook, Snapchat and TikTok already require users to enter their birth date as soon as they start the signup process. TikTok built a whole separate section of its app where kids can watch videos but not post or comment, after it was fined $5.7 million by the FTC for violating COPPA.

    As for why it took so long, an Instagram spokesperson tells TechCrunch, “Historically, we didn’t require people to tell us their age because we wanted Instagram to be a place where everyone can express themselves fully — irrespective of their identity.” That seems like a pretty thin excuse.

    Adding the age check is a good first step for Instagram. But it should consider how it can do more to verify the ages users enter and keep out those who don’t belong exposed to strangers across the app. Moving in line with industry standards is attaining minimum viable responsibility. But an app so appealing to younger users and that deals in such sensitive data should be leading on safety, not just following the herd.

    Source: Tech Crunch Mobiles | Instagram finally launches 13+ age checkups

    Tech News

    Android’s ‘Focus Mode’ exits beta, adds new scheduling features

    December 4, 2019

    Google is expanding its suite of “Digital Wellbeing” tools for Android devices with a new feature, Focus Mode, launching today. This feature allows users to turn off distractions — like social media updates or email notifications — for a period of time, so you can get things done without interruption. Focus Mode was first announced at Google’s I/O developer conference this May, and has been in beta testing until now, Google says.

    Unlike Do Not Disturb, which can mute sounds, stop vibrations and block visual disturbances, Focus Mode is only about silencing specific apps.

    Within the Digital Wellbeing settings, users select which apps they find most distracting — like Facebook, YouTube, Gmail, games or anything else that tends to steal their attention. These apps can be paused temporarily, which stops those apps’ notifications. Plus, if you try to open the app, Focus Mode reminds you they’re paused.

    During beta testing, Google said tester feedback led to the creation of a new enhancement for Focus Mode: the ability to set a schedule for your app breaks. This allows you to continually block app notifications for the days and times you choose — like your 9 AM to 5 PM working hours, for example.

    There’s also a new option to take a break from Focus Mode, which allows you to use the blocked apps for a time, then return to Focus Mode without entirely disabling it to do so. In addition, if you finish your work or other tasks early one day, you can now turn off Focus Mode for that day without breaking its ongoing weekly schedule.

    The Focus Mode feature is one of now many investments Google has made into its comprehensive Digital Wellbeing feature set, which was originally introduced at Google I/O 2018 but initially only on Pixel devices. Since then, Google has expanded access to Digital Wellbeing features and further integrated its features — including parent control app Family Link — into the Android OS.

    It has also developed digital well-being apps outside of its core Digital Wellbeing product, with October’s launch of a handful of well-being experiments. This set of apps included a notification mailbox, unlock clock and even an easy way to print important information from your phone so you don’t have to keep checking your device throughout the day, among other things.

    Elsewhere across Google’s product line it has developed settings and controls devoted to well-being, like YouTube’s reminders to “take a break,” automations for Gmail, downtime settings for Google Home and more.

    Google says the new version of Focus Mode exits beta testing today and is rolling out to all devices that support Digital Wellbeing and parental controls, including Android 9 and 10 phones.

    Source: Tech Crunch Mobiles | Android’s ‘Focus Mode’ exits beta, adds new scheduling features

    Tech News

    Lessons from M-Pesa for Africa’s new VC-rich fintech startups

    December 4, 2019

    In African fintech, the fourth quarter of 2019 brought big money to new entrants.

    Chinese investors put $220 million into OPay and PalmPay — two fledgling startups with plans to scale in Nigeria and the broader continent. Several sources told me the big bucks had created anxiety for more than few payments ventures in Nigeria with similar strategies and smaller coffers. They may not need to fret just yet, however: lessons from Africa’s most successful mobile-money case study, M-Pesa, suggest that VC alone won’t buy scale in digital finance.

    Startups and fintech in Africa

    Over the last decade, Africa has been in the midst of a startup boom accompanied by big growth in VC and improvements in internet and mobile penetration.

    Some definitive country centers for company formation, tech hubs and investment have emerged; Nigeria, South Africa and Kenya lead the continent in numbers for all those categories. Additional strong and emerging points for innovation and startups across Africa’s 54 countries and 1.2 billion people include Ghana, Tanzania, Ethiopia, and Senegal.

    The continent surpassed $1 billion in VC to startups in 2018 and per research done by Partech and WeeTracker, fintech is the focus of the bulk of capital and deal-flow.

    By several estimates,  Africa is home to the largest share of the world’s unbanked and underbanked population.

    This runs parallel to the region’s off-the-grid SME’s and economic activity — on display and in commercial motion through the street traders, roadside kiosks and open-air markets common from Nairobi to Lagos.

    IMF estimates have pegged Africa’s informal economy as one of the largest in the world. Thousands of fintech startups have descended onto this large pool of unbanked and underbranked citizens and SMEs looking to grow digital finance products and market share.

    In this race, the West African nation of Nigeria — home to Africa’s largest economy and population — is becoming an epicenter for VC. Many fintech-related companies are adopting a strategy of scaling there first before expanding outward.

    Enter PalmPay and OPay

    That includes new entrants OPay and PalmPay, which raised so much capital in fourth quarter 2019. It’s notable that both were founded in 2019 and largely incubated by Chinese actors.

    PalmPay, a consumer-oriented payments product, went live in November with a $40 million seed-round (one of the largest in Africa in 2019) led by Africa’s biggest mobile-phones seller — China’s Transsion. The startup was upfront about its ambitions, stating its goals to become “Africa’s largest financial services platform,” in a company statement.

    To that end, PalmPay conveniently entered a strategic partnership with its lead investor. The startup’s payment app will come pre-installed on Transsion’s mobile device brands, such as Tecno, in Africa — for an estimated reach of 20 million phones in 2020.

    PalmPay also launched in Ghana in November and its U.K. and Africa-based CEO, Greg Reeve, confirmed plans to expand to additional African countries in 2020.

    If PalmPay’s $40 million seed round got founders’ attention, OPay’s $120 million Series B created shock-waves, coming just months after the mobile-based fintech venture raised $50 million — making OPay’s $170 million capital haul equivalent to roughly a fifth of all VC raised in Africa in 2018.

    Founded by Chinese owned consumer internet company Opera — and backed by 9 Chinese investors — OPay is the payment utility for a suite of Opera -developed internet based commercial products in Nigeria that include ride-hail apps ORide and OCar and food delivery service OFood.

    With its latest Series A, OPay announced it would expand in Kenya, South Africa, and Ghana.

    In Nigeria, OPay’s $170 million Series A and B announced in the span of months dwarfs just about anything raised by new and existing fintech players, with the exception of Interswitch.

    The homegrown payments processing company — which pioneered much of Nigeria’s digital finance infrastructure — reached unicorn status in November when Visa took a reported $200 million minority stake in the venture.

    A sampling of more common funding amounts for payments ventures in Nigeria includes established fintech company Paga’s $10 million Series B. Recent market entrant Chipper Cash’s May 2019 seed-round was $2.4 million.

    There is a large disparity between fintech startups in Nigeria with capital raises in ones and tens of millions vs. OPay and PalmPay’s $40 and $120 million rounds. Conventional wisdom could be that the big-capital, big spending firms have an unmistakable advantage in scaling digital payments in Nigeria and other markets.

    A look at Kenya’s M-Pesa may prove otherwise.

    Source: Tech Crunch Mobiles | Lessons from M-Pesa for Africa’s new VC-rich fintech startups