Investors update: Bitcoin breaches $21,000 mark in bullish start

Bitcoin breaches $21,000 mark in bullish start to 2023

Highlights

• Bitcoin has started the New Year on a bullish note, having gained over 25% in the past two weeks of 2023 to trade above $21, 000.
• With its market capitalization now over $400 billion, Bitcoin is now more valuable than the likes of MasterCard and Meta.
• The largest cryptocurrency by market capitalization has held steady above the $21,000 mark, a level it has not traded since November of 2022 but breached last weekend.

Source: Nairametrics

Our Takeaway

Bitcoin’s bullish technical outlook appears against the backdrop of a relatively weaker U.S. dollar, which is down due to expectations that the Federal Reserve will stop raising interest rates as a result of lowering inflation. Just at the tail end of 2022, it was trading below $17,000 till a decline in US Consumer Price Index (CPI), among other factors, pushed crypto and stock prices higher.

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SA proptech Flow secures $4.5m for global expansion

Highlights

• South African proptech startup Flow has announced a $ 4.5 million pre-Series A funding round to aid its global expansion ambitions. 
• The platform and its APIs enable portals to offer fully-automated off-site advertising social media and digital out-of-home boards at scale, to enable agents and portals to easily target and connect with buyers and sellers.
• The funding is South Africa’s largest round for a proptech startup and Flow plans to use it to support its B2B growth strategy, which entails integrating its social media-driven real estate marketing platform into existing international property portals and CRM platforms. 

Source: TechCrunch

Our Takeaway

Proptech is beginning to heat up in Africa. Unlike many other traditional industries, the real estate and property space has mostly stayed the same over the decades. But in recent times, the ongoing technology wave has seen a number of African startups emerge with a vision to give the sector a face-lift. For Flow, it sees an opportunity in addressing a massive fragmentation challenge in the African and global property market.

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Dutch DFI provides $20m for motorcycle financing in Kenya, Uganda

Highlights

• Dutch development finance institution FMO has provided a $15 million and $5 million senior term loan to Watu Credit Kenya and Watu Credit Uganda, respectively. 
• Watu is an asset fintech revolutionizing mass-market mobility across Africa through financial inclusion and accessibility. It provides financing for motorcycles, which are commonly used as taxis and a source of employment.
• The company, which started operations in 2015 and has since expanded across Africa, will use the funds from FMO to provide financing for youth-owned micro, small, and medium enterprises.

Source: ABC

Our Takeaway

Boda bodas are a significant part of the transport industry in East Africa and play a crucial role in its economic growth. For many people struggling to earn a sustainable livelihood in that part of the continent, the business has enabled them to become entrepreneurs and indirectly offers employment opportunities to many others. Watu is one of the leading asset financing companies in Kenya, providing boda boda and tuk tuk loans to thousands of aspiring business owners every day.