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Business News of Sunday, 19 March 2023


Payment platforms' valuation drops by $45bn

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Global payment platform, Stripe Incorporated’s valuation fell to $50bn from its $95 valuation in March 2021.

This was as the company announced on Wednesday that it had signed agreements for more than $6.5bn in a Series I round of funding with existing investors such as Andreessen Horowitz and Founders Fund, and new ones such as Singapore-based GIC and Temasek, and Goldman Sachs Asset and Wealth Management.

Stripe had already received $2.2bn in funding, according to Crunchbase.

Stripe said that “The funds raised will be used to provide liquidity to current and former employees and address employee withholding tax obligations related to equity awards, resulting in the retirement of Stripe shares that will offset the issuance of new shares to Series I investors.

“Stripe does not need this capital to run its business.”

Stripe said in Wednesday’s release that 100 businesses now handle more than $1bn through its platform.

Stripe in 2020 acquired Nigeria’s payment platform, Paystack, in a $200m deal.

Meanwhile, as Africa continues to experience rapid technological growth and increasing internet penetration, the Director General of the National Information Technology Development Agency, Kashifu Inuwa, has called on governments to collaborate to minimise the impact of cyberattacks on the continent’s critical infrastructure, national security, reputation and economy.

According to a statement issued on Friday by the agency, Inuwa made the call while speaking on ‘Strategies for Boosting Africa’s Cyber Resilience’ at the ongoing GISEC Global, a leading gathering for the cybersecurity community in Dubai, United Arab Emirates.

The DG said that to protect citizens and assets and genuinely harness the benefits of an increasingly complicated digital reality, Africa cannot afford to be apathetic towards cybersecurity, adding that with the right strategies and approaches, Africa can enhance its cybersecurity posture and build resilience against cyberattacks.