Stock content service Storyblocks evolves with new partner program – gpgmail


Storyblocks, the subscription-based stock audio, imagery and video service formerly known as Videoblocks, today announced the launch of its new Member Library Partner Program. The company has also shuttered its pay-per-download marketplace and is now fully invested in its all-inclusive subscription program.

The reason for this move, the company says, it to better align its offerings with the needs of both its subscribers and contributors. The company also says that less than 5% of its members every purchased anything from the old marketplace.

With the new program, subscribers get access to a wide range of royalty free stock imagery without restrictions. That, of course, is not all that different from how the company’s program worked before. Unlimited access to the company’s video library starts at $39/month (though you get a 50% discount if you pre-pay for a year). At that price, the service is clearly going after YouTubers and others who need regular access to stock video. Access to its audio and image library is significantly cheaper.

Contributors get paid for every download, sharing in the pool of total revenue Storyblocks gains from its subscribers, and the service provides them with detailed analytics about how their content performs on the platform.

“For contributors, the Partner Program is uniquely designed to prioritize sustainable revenue growth alongside subscription growth: as the market grows, contributor earnings grow,” the company explains.

For now, the company will work with a targeted group of contributors to build the library and will add additional contributors over time. The company agues that this new program will triple contributors’ earnings, but that obviously remains to be seen.

“The Member Library Partner Program puts us in the unique position to provide diverse, high-quality stock media that the mass creative class demands while providing an earnings boost for our contributor community, and allowing them to better share in our success over the long run,” said Storyblocks CEO TJ Leonard. “We believe you cannot pivot an old approach to meet the needs of a new audience, and so we have created a fresh approach to stock media access that reflects the freedom, flexibility and choice required by today’s digital storytellers.”

 


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Walmart Grocery is expanding its $98 per year ‘Delivery Unlimited’ subscription across the U.S. – gpgmail


Walmart is expanding its brand-new “Delivery Unlimited” grocery delivery membership program to more stores across the U.S., with plans to reach over 50% of the country by year-end. The new program allows regular grocery delivery customers to pay either an annual fee of $98 or $12.95 on a monthly basis instead of paying the usual $9.99 per delivery fee. These options make Walmart Grocery delivery more affordable for those who order at least twice a month or more.

The program also gives Walmart a better way to compete with rival grocery delivery services including Amazon Prime Now/Whole Foods, Instacart, and Shipt, all of which offer subscription memberships.

Shipt currently charges $99 annually, and Target recently announced a way for Shipt shoppers to pay a per-order fee of $9.99 for the first time, by way of a Shipt integration on Target.com. Instacart, meanwhile, cut its annual fee to $99 in November. Prime Now is the most expensive option at $119 per year, but includes all the perks of Amazon Prime’s broader membership program.

In June, gpgmail broke the news that Walmart’s Grocery Delivery Unlimited program was being trialed in Houston, Miami, Salt Lake City, and Tampa.

Those customers responded favorably, which is why the retailer decided to roll out the program to more U.S. markets.

Initially, that includes all 200 metro areas where Walmart Grocery Delivery is available today. By this fall, it will reach 1,400 stores. And by year-end, it will reach 1,600+ — or more than half the U.S.

The program doesn’t offer any other perks, beyond the savings for Walmart Grocery’s regular shoppers. However, it does have the advantage of locking customers into Walmart Grocery and increasing their return rates and loyalty.

Walmart’s Grocery business grown steadily over the years, and has become a favored alternative to higher-priced services like Instacart where the individual products are marked up as a means of generating revenue. Walmart, on the other hand, charges the same online as it does in stores — the only added cost is the delivery fee and tip. (Pickup is free).

Today, Walmart Grocery Pickup is offered at nearly 3,000 stores and Walmart employs more than 45,000 personal shoppers to fill its online grocery orders. Walmart Grocery Delivery, as noted, is on track for over 1,600 stores this year.

Unlike some grocery delivery businesses, Walmart doesn’t operate its own network of delivery professionals or independent contractors. Instead, Walmart partners with delivery providers across the U.S., including Point Pickup, Skipcart, AxleHire, Roadie, Postmates, and DoorDash. It has also tried, then ended, relationships with Deliv, Uber, and Lyft.

“We’ve been investing in our online grocery business by quickly expanding our Grocery Pickup and Delivery
services. Delivery Unlimited is the next step in that journey,” said Tom Ward, senior vice president, Digital
Operations, Walmart U.S., in a statement about the launch. “By pairing our size and scale and these services we’re making Walmart the easiest place to shop. Combine that with the value we can provide, our customers can’t lose,” he said.

Last month, Walmart reported its 20th consecutive quarter of sales gains in the U.S., with $130.38 million in revenue, earnings per share of $1.27, and net income to $3.61 billion, beating expectations. It said at the time that e-commerce sales had grown 37% in the quarter, in large part because of the rollout of next-day delivery and same-day grocery delivery.

Delivery Unlimited will not replace the pay-per delivery fee — that will remain an option for those who don’t want to subscribe. Customers will be able to see if the service is available in the market by visiting the Walmart Grocery website.

 


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The direct to consumer department store Neighborhood Goods has raised $11 million – gpgmail


Neighborhood Goods, the direct to consumer department store hawking brands like Rothy’s, Dollar Shave Club, Buck Mason, Draper James and Stadium Goods, has new cash to expand its storefront for e-commerce juggernauts.

The company has raised $11 million in a new round of financing led by Global Founders Capital, with participation from previous investors Forerunner Ventures, Serena Ventures, NextGen Venture Partners, Allen Exploration, Capital Factory and others.

The Dallas-based startup has raised $25.5 million to date and is expanding into a new location in Austin to complement its stores in Plano, Texas and a location in New York, opening soon, according to the company’s chief executive and co-founder Matt Alexander.

The Neighborhood Goods concept, providing a brick and mortar outlet for online brands, is one that dovetails nicely with backers like Global Founders Capital and Forerunner Ventures, which are both longtime investors in direct to consumer startups.

“As we expand our network of brands, we’re so thrilled to have Neighborhood Goods as a core element of our portfolio for them to test, assess, explore and learn about the impact of physical retail as they grow,” said Global Founders Capital investor Don Stalter.

As the company expands its geographic footprint, it’s also experimenting with different online features, like online browsing of in-store collections and the option for physical, in-store pickup of digital orders. Neighborhood Goods also said it will begin offering an analytics back-end for brand partners to provide data on activations and branded events at the company’s stores.


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Google Express to close in a few weeks, will become part of Google Shopping – gpgmail


Google’s failed online shopping service Google Express is closing in a few weeks, as its features will be merged into a revamped version of Google Shopping, Google says in an email sent to its customers this week. The company had already announced its plans to shutter the Google Express brand, as part of a wider redesign of how it approached online shopping. This included new advertising options for brands and online sellers, as well as a universal shopping cart across its platform of services, like Search, Shopping, Images, and even YouTube.

While Google is characterizing Google Express’s closure as an “integration,” it’s really more of a sunsetting of a failed product and brand.

Google Express was Google’s high-profile attempt to compete with Amazon for online shopping clicks and ad dollars buy creating a virtual mall on the web filled with top retailers’ products. Because Google is not a retailer itself, it did what it knows best — it organized information. At Google Express, you could find products from thousands of retailers — including big names like Walmart, Target, Walgreens, Best Buy, and others. And you could shop through a dedicated online storefront on the web, a Google Express mobile app, or even Google Assistant.

In the latter case, Google Express partnered with retailers like Walmart and Target for deep integrations for voice-enabled shopping. As direct competitors with Amazon, these retailers didn’t want to offer third-party skills for Echo users or others on Amazon’s Alexa platform. Google represented a safer third-party platform for their experiments with voice commands and personalized shopping.

But even several years after launch, Google Express had failed to offer any real threat to Amazon. Its retail partners, meanwhile, were building out their own fulfillment businesses for their customers’ online orders — like Walmart Grocery’s curbside pickup and delivery, for example, or Target’s Shipt, Drive Up, and Restock.

Not too much later, Target and Walmart were pulling out of Google Express.

Google has tried to downplay the news of Google Express’s demise by including it as just another part to the larger Google Shopping revamp. After all, it’s not a shutdown, the company implied. Its features were simply becoming a part of Google Shopping! Nothing to see here! Just a rebrand!

But clearly, Google Express had been unable to establish itself in consumers’ minds as its own dedicated shopping destination. If customers wanted an online mall, they already had one with either Amazon or Walmart and their vast third-party marketplaces where you could find just about anything you’d need. Nor had Google innovated (or acquired) across key areas like warehousing or logistics, while others like Amazon, Target and Walmart had been spending billions.

With Google Shopping, Google goes back to its search engine roots. It aims to simply capture consumers’ clicks, ad dollars and now conversions no matter where they are on Google’s sites — whether that’s shopping from Merch shelves under YouTube videos, browsing photos in a Pinterest-y manner on Google Images, or through more traditional Google searches for products where ads become shoppable, and shopping carts follow you around Google’s part of the web.

In an email to Google Express shoppers that was sent this week, Google says Google Express will be integrated with Shopping in a few weeks’ time.

The redesigned Google Shopping will then be available across the web and through apps for iOS and Android later this month. At that point, the Google Express apps will automatically update to become Google Shopping, if you already had them installed.

The full email about Google Express’ closure is below:

 


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Target’s personalized loyalty program launches nationwide next month – gpgmail


Target today announced its new, data-driven loyalty program, Target Circle, will launch nationwide on October, 6th, following a year and a half of beta testing in select markets. The program combines a variety of features including 1% back on purchases, birthday rewards, and personalized offers and savings designed to make the program more attractive to consumers.

It also includes a way for customers to vote on Target’s community giving initiatives, which helps directs Target’s giving to around 800 nonprofits in the U.S.

The new program is designed to lure in customers who have yet to adopt Target’s store card, REDcard. While REDcard penetration today is around 23%, that number has remained fairly consistent over time — in fact, it’s down about one percentage point from a year ago.

With Target Circle, however, the retailer has another means of generating loyalty and establishing a connection with its customers on a more individualized basis.

A big part of that is the personalized aspect of the Target Circle program. In addition to the “birthday perks” (an easy way to grab some demographic data), customers will also get special discounts on the categories they “shop most often” — meaning, Target will be tapping into its treasure trove of customer purchase history to make recommendations from both in-store and online purchases along with other signals.

“As guests shop, Target leverages information about their shopping behaviors and purchases to share relevant offers that create an even more personalized, seamless shopping experience,” a company spokesperson explained, when asked for details about the data being used. “For example, a guest who frequently shops Target for baby products may receive a special offer on their next purchase of baby items.”

TargetCircle NonBeta 19 Brand RGB Logo Red

According to a recent retail study from Avionos, 78% of consumers are more likely to purchase from retailers that better personalize their experiences and 63% are more open to sharing personal information if retailers can better anticipate needs.

And as some may recall, Target is already scary good at personalization.

In one notable case, the retailer figured out a teen girl was pregnant before her father did, and sent her coupons for baby items. The dad, understandably, was angry — until he found out that Target was right.

That story was a high-profile example of the data collection and analysis big retailers are doing all the time, though. Target Circle simply formalizes this into an opt-in program instead of an opt-out experience.

As part of the changes, Target’s Cartwheel savings are rolling into Target Circle where they’ll be rebranded as Target Circle offers. 

TargetCircle inApp

Circle members will also get early access to special sales throughout the year — that is, the events people line up for, like they did for the Lilly Pulitzer fashion line or more recently, the quickly sold out Vineyard Vines collection.

Target says, in time, it will come up with “even more personalized, relevant ways” to make shopping easier for its customers.

The new program is meant to complement the REDcard, which will increase the cashback to 5% when used. But REDcard holders can still join Circle to take advantage of the other perks.

WalletRedeeming

“Our guests are at the center of everything we do, and we’re always looking for ways to create even easier, more rewarding shopping experiences that give them another reason to choose Target,” said Rick Gomez, Target executive vice president, and chief marketing and digital officer, in a statement. “We worked directly with guests to develop Target Circle, and the program includes the benefits and perks they told us were most important to them, from earning on every trip to having the opportunity to help Target make a positive impact in their local communities,” he said.

The loyalty program had been in testing in Dallas-Ft. Worth, Charlotte, Denver, Indianapolis, Kansas City and Phoenix over the past 18 months.

Though not having Amazon’s scale, Target has done well at quickly innovating to keep up with today’s pace of e-commerce. In short order, it has made over its stores to make more room for order pickups and online grocery, and has launched and expanded new services like Target Restock (next-day), Shipt (same day delivery) and Drive Up (same day pickup). The changes have been paying off with Target beating on its latest earnings with $18.42 billion in revenue and profits of $938 million.

 


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DHL expands Africa eShop online retail app to 34 countries – gpgmail


DHL  has expanded its DHL Africa eShop business to 13 additional markets, upping the presence of the global shipping company’s e-commerce platform to 34 African countries.

DHL  href=”https://Gpgmail.com/2019/04/11/dhl-launches-africa-eshop-app-for-global-retailers-to-sell-into-africa/”>went live with the digital retail app in April, bringing more than 200 U.S. and U.K. sellers — from Neiman Marcus to Carters — online to African consumers.

Africa eShop operates using startup MallforAfrica.com’s white label fulfillment service, Link Commerce. Similar to MallforAfrica’s model, the arrangement allows Africa eShop users to purchase goods directly from the websites of any of the app’s global partners.

This week’s expansion is the second for DHL’s Africa eShop, after adding 9 markets in May.

DHL’s moves run parallel to significant developments this year in the Africa’s online retail scene—namely Jumia’s big capital raise through its IPO.

Here are Africa eShop’s latest additions: Angola, Benin, Burkina Faso, Burundi, Chad, Ethiopia, Guinea, Lesotho, Namibia, Niger, Sudan, Togo, and Zimbabwe.

MallforAfrica CEO Chris Folayan points to the novelty of online sales in many of Africa eShop’s new markets.

“For some of these countries no one has really tapped into e-commerce the way we’re tapping into it, with an ability to buy online and also buy online directly from places like Macy’s or Amazon,” he told gpgmail on a call.

Payment methods include local fintech options, such as Nigeria’s Paga and Kenya’s M-Pesa. DHL Africa eShop leverages the shipping giant’s existing delivery structure on the continent, through its DHL Express courier service.

To add some context, someone with a mobile phone and bank account in, say, Niger can now use DHL’s app to shop at Macys.com and have anything from designer sneakers to kitchenware shipped to their doorstep in Central-Africa.

DHL AFRICA ESHOP MAP

DHL Africa eShop is also offering incentives to entice first-time digital consumers.

“We will be launching with a promo, buy any 5 items from over 100 retail partners and get a $20 flat shipping fee. This is DHL’s way of showing they are dominant in shipping and eCommerce in Africa.”

As gpgmail highlighted this spring, the launch and expansion of DHL’s MallforAfrica supported platform is creating a competitive scenario with e-commerce unicorn Jumia.

Jumia is Africa’s most visible e-tailer and operates consumer retail and online service verticals in 14 African countries. Headquartered in Lagos, the company raised more than $200 million in an NYSE IPO this April.

DHL launched the Africa eShop product the day before Jumia went public and made its first country expansion only weeks after.

There’s a brewing business debate on which platform is best positioned to capture a larger share of a projected $2.1 trillion in consumer spending (10% online) expected in Africa by 2025.

Then there’s the question of who’s largest. DHL Africa eShop touts itself as “Africa’s Largest Online Shopping Platform.” Jumia said, “We believe that our platform is the largest e-commerce marketplace in Africa,” in its SEC F-1 filing.

On the prospect of going head to head with Africa’s best funded e-commerce company, Chris Folayan is somewhat circumspect.

“We’re note focused on competing with Jumia, but in a way it’s starting to happen as a result of our expansion and growth,” he said.

Two main spectators in a MallforAfrica, Jumia match up could be the big global e-commerce names.

Alibaba has talked about Africa expansion, but for the moment has not entered in full.

Amazon offers limited e-commerce sales on the continent, but more notably, has started with AWS services in Africa.

DHL and partner MallforAfrica plan to bring Africa eShop to all 54 African countries in coming years.

 

 


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Alibaba acquires NetEase Kaola in deal worth $2 billion – gpgmail


Alibaba Group said today it has acquired NetEase Kaola for $2 billion and will integrate it into Tmall, creating the largest cross-border e-commerce platform in China. The announcement follows weeks of media reports about a potential deal, which was said to have stalled in the middle of August after the companies reportedly disagreed on transaction details.

Tmall Import and Export general manager Alvin Liu has been named as Kaola’s new CEO, replacing Zhang Lei, but Kaola will continue to operate independently under its own brand.

Tmall Global and Kaola are China’s largest and second-largest cross-border e-commerce platforms, respectively, holding 31.7% and 24.5% of the market, and their union means they will create a business that will far outstrip in size rivals like JD Worldwide, VIP International and Amazon China.

Alibaba and Yunfeng, the investment firm launched by Alibaba founder Jack Ma, also agreed to invest $700 million into NetEase Cloud Music’s latest funding round. This will give Alibaba a minority stake in the streaming music service, with NetEase remaining its controlling shareholder.

In a press release, NetEase CEO William Ding said “We are pleased to have found a strategic fit for Kaola within Alibaba’s extensive ecosystem, where Kaola will continue to provide Chinese consumers with high-quality import products and services. At the same time, the completion of this strategic transaction will allow NetEase to focus on its growth strategy, investing in markets that allow us to best leverage our competitive advantages.”

Daniel Zhang, Alibaba Group’s CEO, said “Alibaba is confidence about the future of China’s import e-commerce market, which we believe remains in its infancy with great growth potential.”


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Alibaba reportedly near finalizing a deal to acquire NetEase’s cross-border e-commerce unit – gpgmail


After weeks of media reports, Alibaba may finally be nearing an agreement to acquire NetEase’s cross-border e-commerce unit, Kaola. Chinese tech news website 36kr reports that a deal may be announced as early as this week and is expected to be worth $2 billion in cash and shares.

Kaola will continue to run independently, but would become part of Alibaba’s Tmall Global, creating a massive cross-border e-commerce business. At the end of last year, Tmall Global held a 31.7% share of the market, while Kaola had about 24.5%, much larger than rivals JD Worldwide (11.5%), VIP International (9.7%), Amazon (6%).

Caixin Global first reported that Alibaba was planning to acquire Kaola for $2 billion in cash on August 15, but then the deal was reportedly called off after the companies disagreed on the price and other details.

36kr reports that Kaola employee stock options will be converted into Alibaba shares and that even though the brand will remain independent, Alibaba will put a new CEO in place, replacing current Kaola head Zhang Lei.

An Alibaba spokesperson said the company does not comment on market rumors. NetEase had no comment.

Alibaba is also expected to invest in NetEast Cloud Music, but that deal is unrelated to the Kaola acquisition.


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Goldman backs Kobo360, Rwanda commits to EVs, Interswitch IPO update – gpgmail


Nigerian freight logistics startup Kobo360 raised a $20 million Series A round led by Goldman Sachs and $10 million in working capital financing from Nigerian commercial banks.

The company — with an Uber-like app that connects truckers and companies to delivery services — will use the funds to upgrade its platform and expand to 10 new countries beyond current operating markets of Nigeria, Togo, Ghana and Kenya.

Kobo360 looks to grow beyond its Nigeria roots to become a truly Pan-African company, co-founder Obi Ozor told gpgmail .  He co-founded the venture in 2017 with fellow Nigerian Ife Oyedele II.

Since its launch in Lagos, the startup has continued to grow its product offerings, VC backing and customer base. Kobo360 claims a fleet of more than 10,000 drivers and trucks operating on its app. Top clients include Honeywell, Olam, Unilever, Dangote and DHL.

Kobo360’s latest round is also notable for Goldman Sachs’ involvement. Goldman’s participation tracks a growing list of African venture investments made by the U.S. based finance firm.

Chinese mobile-phone and device maker Transsion will list in an IPO on Shanghai’s STAR Market, Transsion confirmed to gpgmail.

The company — which has a robust Africa sales network — could raise up to 3 billion yuan (or $426 million).

Transsion’s IPO prospectus is downloadable (in Chinese) and its STAR Market listing application available on the Shanghai Stock Exchange’s website.

STAR is the Shanghai Stock Exchange’s new Nasdaq-style board for tech stocks that also went live in July with some 25 companies going public.

Headquartered in Shenzhen — where African e-commerce unicorn Jumia also has a logistics supply-chain facility — Transsion is a top-seller of smartphones in Africa under its Tecno brand.

The company has a manufacturing facility in Ethiopia and recently expanded its presence in India.

Transsion plans to spend the bulk of its STAR Market raise (1.6 billion yuan or $227 million) on building more phone assembly hubs and around 430 million yuan ($62 million) on research and development, including a mobile phone R&D center in Shanghai, a company spokesperson said.

The government of Rwanda will soon issue national policy guidelines to eliminate gas motorcycles in its taxi sector in favor of e-motos, according to a preview of the plan by President Paul Kagame at a public-rally

The director general for the Rwanda Utilities Regulatory Authority, Patrick Nyirishema, confirmed Kagame’s comments were ahead of a national e-mobility plan in the works for the East African nation.

“The president’s announcement is exactly the policy direction we’re in…it’s about converting to electric motos…The policy is prepared, it’s yet to be passed…and is going through the approval process,” Nyirishema told gpgmail on a call from Kigali.

Motorcycle taxis in Rwanda are a common mode of transit, with estimates of 20 to 30 thousand operating in the capital of Kigali.

Nyirishema explained that converting to e-motorcycles is part of a national strategy to move Rwanda’s entire mobility space to electric. The country will start with public transit operators, such as moto-taxis, and move to buses and automobiles.

Ampersand, a Kigali-based e-moto startup, has already begun to pilot EVs and charging systems in Rwanda and will work with the country’s government on the moto-taxi conversion.

In an ExtraCrunch feature, gpgmail delved into tech talent accelerator Andela — one of the most recognized and well funded startups operating in Africa.

In a byte, Andela is Series D stage startup ― backed by $180 million in VC ― that trains and connects African software developers to global companies for a fee.

CEO Jeremy Johnson dished on the company’s strategy toward profitability and responded to some of the criticism it receives ― namely a claim the startup is creating a second brain-drain when software developers leave Andela and Africa, to take positions with global companies.

Today Andela has offices in New York and five African countries: Nigeria, Kenya,  Rwanda, Uganda, and Egypt ― which largely align with the continent’s top tech VC markets.

Across this network the company recruits software developers, builds software engineers, and deploys teams of software engineers.

Johnson disclosed numbers on Andela’s expected new hires for the year, current developer staff, how many departures the company expects, and how many of those will likely leave their home countries―which actually amounts to a fairly small percentage.

gpgmail checked in with Nigerian fintech company Interswitch for the latest on its anticipated dual-listing London and Lagos stock exchanges.

A Bloomberg News story (based on background sourcing) revived speculation the IPO could happen this year for the company — which provides much of Nigeria’s digital banking infrastructure and has expanded its operations presence and payments products across Africa and globally.

Reports that Interswitch could be one of the earliest big tech companies out of Africa to go public trace back to 2016, when CEO and founder Mitchell Elegbe told gpgmail the company was considering a listing before the end of that year.

Last month, an Interswitch spokesperson would neither confirm or deny a pending IPO, per a gpgmail inquiry. So, it’s still tough to say if or when the company could list. But there are still several reasons why the business (and its possible IPO) are worth keeping an eye on, which we detailed in the update story.

 

One could be an eventual increase in venture funding to African startups, that could come from Interswitch. Another could be an Interswitch IPO adding another benchmark for global investors to gauge Africa’s tech sector beyond Jumia — the e-commerce company that became the first big tech firm operating in Africa to launch on a major exchange, the NYSE in April.

More Africa-related stories @gpgmail

African tech around the ‘net

 


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Update on Nigerian fintech firm Interswitch and its speculative IPO – gpgmail


Nigerian fintech firm Interswitch has been circulating in business news around a possible IPO on the London Stock Exchange.

Last month Bloomberg News ran a story—based on unnamed sources—reporting the financial services firm had hired investment banks to go public on the LSE later in 2019. The piece spurred additional aggregated press.

That Interswitch—which provides much of Nigeria’s digital banking infrastructure—could become one of Africa’s earliest tech companies to list on a global exchange isn’t exactly news.

It’s more deja vu of a story that began several years ago.

As gpgmail reported, Interswitch was poised to launch on the LSE in 2016. CEO and founder Mitchell Elegbe confirmed “a dual-listing on the London and Lagos stock exchange is an option on the table,” in a January 2016 call.

Two additional sources wired into Nigeria’s tech market and close to Interswitch’s investors also said the public launch would happen by the end of that year.

The IPO would have made Interswitch Africa’s first tech company to go from startup to a billion-dollar plus unicorn valuation status. Of course, it didn’t happen in 2016.

In 2017, gpgmail checked in with Interswitch on the delay and was told the company could not comment on its pending IPO.  In other public interviews, executives Mitchell Elegbe and Divisional Chief Executive Officer Akeem Lawal named Nigeria’s recession as a reason for the delay and reaffirmed a likely dual Longon-Lagos listing by the end of 2019.

After the latest round of IPO buzz, gpgmail asked Interswitch this week about the Bloomberg reporting and an imminent public stock listing. ““Interswitch does not comment on market speculation,” was the only info a public spokesperson could offer.

So, its tough to say if or when the company could list. There are still a few reasons why the company (and its possible IPO) are worth keeping an eye on.

One is Interswitch’s growing role as a nexus for payments and financial services infrastructure in Nigeria (home of Africa’s largest economy), across Africa, and between Africa and the world. Back in 2002, the company became the pioneer for creating infrastructure to digitize Nigeria’s then predominantly paper-ledger and cash-is-king based economy.

Interswitch has since moved into high-volume personal and business finance, with its Verve payment cards and Quickteller payment app. The Nigerian company (which is now well beyond startup phase) has expanded with physical presence in Uganda, Gambia, and Kenya—the latter being home-turf of M-Pesa and Safaricom, which are largely responsible for making Kenya the mobile-money capital of Africa.

Interswitch also sells its products in 23 African countries, through bank partnerships, and has presence abroad. Through its Verve Global Card product, the company’s cardholders can now make payments in the U.S., UK, and UAE. Interswitch launched a partnership this month for Verve cardholders to make payments on Discover’s global network. The first transaction for the partnership was placed in New York, with an advertisement for the Nigerian company’s payment product flashing across Times Square. Verve Times Square Interswitch  Another facet to a possible Interswitch IPO is its potential to spark more corporate venture arm and acquisition activity in African fintech, which as a sector receives the bulk of the continent’s startup capital. Interswitch launched a venture arm in 2015called its global ePayment Growth Fundthat made two investments, but then went largely quiet.

A windfall of IPO capital and increasing competition from fintech startups could spur Interswitch to fire up its venture investing activity again. Startups such as Flutterwave and TeamAPT (formed by a former Interswitch alum) have already entered some of Interswitch’s product territory. If a public listing led Interswitch to ramp up investing in (or even acquiring) startups, the net effect would be more capital and exits in Africa’s fintech sector.

And finally, if Interswitch does IPO on the London and Lagos stock exchanges, it could provide another benchmark for global investors to gauge Africa’s tech sector beyond Jumia. This spring the e-commerce company became the first big tech firm operating in Africa to launch on a major exchange, the NYSE.

So far, Jumia’s IPO has been an up and down affair. The company gained investor and analyst confidence out of the gate, but also came under a short-sell assault and share-price volatility.

Two successful global IPOs of tech companies from Africa would and could become the best-case scenario for the continent’s startup scene. But for that to be a possibility, Interswitch will have to confirm the speculation and finally list as a publicly traded fintech firm.

 


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