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Tappi Raises $1.5m in Pre-Seed Round to Digitise, Build Online Trust for Africa’s SMEs

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Tappi, an end-to-end digital commerce SaaS solution tailored for small and medium-sized businesses, has raised $1.5m in an oversubscribed pre-seed round led by Mercy Corps Ventures and Chui Ventures.

Tappi Raises $1.5m in Pre-Seed Round to Digitise, Build Online Trust for Africa’s SMEs

With participation from Digital Currency Group, SOSV, Resilience17, growX ventures, Orbit Startups and Reflect Ventures, the investment also saw contributions from angel investors and advisors from global tech companies, including Google, Salesforce, Zendesk and the financial sector.

The early-stage funding will further tappi’s mission to empower SMEs to gain visibility and build trust in the digital commerce ecosystem as the company broadens its footprint across Africa.

Founded in 2022 by Kenfield Griffith and Louis Majanja, tappi is digitizing Africa’s $20bn SME market through software sophistication. Offering SaaS and enterprise-grade tools to SMEs in Africa starting as low as $2/month, tappi integrates and partners with some of Africa’s largest mobile network operators and financial institutions, extending its addressable market to over 100M SMEs.

tappi embeds AI in its operations in Kenya and Nigeria, facilitating a seamless online business profile creation process through an intuitive chat experience. Payments, Messaging, and AI are all pivotal to the company’s end-to-end digital commerce stack, which aims to be the SEO backbone to increase revenue for SMEs across the continent.

This is achieved by helping businesses gain visibility, consolidating payments with verified reviews to build online trust, and paying for online ads with mobile airtime.

Since its inception, tappi has captured verified reviews on $3m consumer transactions and engaged with over 150K consumers.

With this new funding, tappi will double down on its current markets by building a solid sales force to boost direct sales, leveraging a strong 90% retention rate.

tappi will also forge strategic partnerships, building on its existing relationship with MTN Nigeria, which has seen a 19% MoM growth in business ads and business data bundle subscriptions. Further investment will also focus on talent acquisition and overall brand building.

Speaking on the round, Kenfield Griffith, tappi CEO and co-founder said, “We are grateful to be supported by great investors who share our vision and the mission to address the untapped potential within Africa’s informal SME markets, particularly in overlooked service industries such as food services, fashion, and agriculture, and health and beauty. We are eager to empower SMEs across Africa by providing them with a trusted identity online to find customers. The current investment will support our mission to make inroads with our customers through direct sales and partnerships across the continent.”

“There are ~44 million (M)SMEs in Africa, driving ~60% employment and ~38% of GDP on the continent. Yet, these businesses, ~60%+ women-led, remain the most underserved and vulnerable to shocks, especially those accelerated by climate change. While some may have access to mobile wallets, payment platforms, and online tools, few have a holistic package that offers them the ability to establish a verified digital presence, create a performance record, track income, and leverage these to increase incomes and resilience. Our investment reaffirms Mercy Corps Ventures’ belief in tappi, and is very much in line with our purpose of inclusivity and developing financial resilience amongst SMEs in Africa,” added Hetal Patel, Director of Investments at Mercy Corps Ventures.

In a recent 2023 Africa MSME Pulse Survey, 62% of respondents [majority from Kenya, Nigeria and South Africa] reported an increased reliance on technology and online tools. Additionally, over 25% plan to invest in e-commerce and website development, highlighting the significant opportunity in the digital commerce ecosystem. tappi is well-positioned to meet this growing demand as it fosters trust and drives economic growth across Africa.

Lynda Saint-Nwafor, chief enterprise business officer, MTN Nigeria, said, “At MTN, we’re committed to fueling the growth of over 40 million MSMEs in our markets through tech-driven solutions. Partnering with tappi, we’ve launched MTN Thryve, empowering SMEs to connect with current customers and find new customers via Facebook and Instagram ads using MTN data bundles and airtime. tappi’s technology aligns with our vision, and we’re excited to be part of SME success stories in our markets.”

 

 

 

 

 

 

 

 

 

 


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E-Business

Study Reveals 40% Believe that AI can be a Better Boss than a Human in Work, life

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AI is becoming a new member of society according to results from a new Kaspersky survey titled ‘Excitement, Superstition and great Insecurity – How global Consumers engage with the Digital World’.

The study also found that today artificial intelligence is taking on new roles in fields where it can succeed and be trusted by humans.

Based on statistics from Similarweb, ChatGPT, one of the world’s most popular chatbots, garnered 153 million visits in the first month after its launch in November 2022, and peaked at 2 billion visits in April 2024.

In light of the rapid advancements in AI, Kaspersky has conducted an in-depth study to explore current levels of confidence in AI. The study examines its roles from management positions in the workplace to assisting with significant life decisions.

According to the study, respondents in the Middle East, Turkiye and Africa (META) region see AI as their team member at work, and a manager – 40% believe AI can be a fairer boss than a human being because of its impartiality.

Another area where AI can play an active role is education. Over half of respondents in the META region (60%) foresee children being taught through virtual experience and Metaverses in the near future.

Half of all consumers surveyed in the META region (53%) believe that AI has already become an unavoidable part of their lives, with 46% having a positive outlook on its potential to bring about many exciting opportunities and improve the future for everyone. A large portion of respondents admit that AI has capabilities in creative areas – 59% believe AI is a credible producer of works of art.

AI can also be considered a reliable companion and an assistant in everyday life. More than half of respondents in the META region (67%) would like to use AI to run their daily lives more efficiently.

Over half of those surveyed in the META region (60%) are ready to use an AI chatbot to have conversation online, 38% would use it to help them to find the right partner on a dating app.

In fact, 58% believe that human relationships will change because of the impact of AI if virtual characters start replacing real-life partners.

“We are witnessing the growing adoption of AI as a valuable tool, assisting people in diverse areas. Beyond traditional applications, such as processing and analysing data, AI is being entrusted with more intriguing personal roles, including romance, education, and work. As AI technologies continue to evolve, their potential to drive innovation and improve human experiences becomes even more profound.

“However, this advancement also brings unexpected risks and sophisticated threats, ranging from overreliance — putting too much trust in AI advice — to AI-generated phishing, deepfakes and identity theft.

“These are the challenges that we need to address across multiple levels,” comments Vladislav Tushkanov, Machine Learning Technology Research Group Manager at Kaspersky.


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E-Business

X3M Ideas Empowers Lagos Students with Tech Skills

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X3M Ideas, creative agency is set to equip the next generation of Nigerians with technological skills. X3M Tech programme has produced a new set of students who have successfully completed their training.

Presenting the students to stakeholders, including representatives of the Lagos State government, tech enthusiasts, students and secondary school teachers, the Group Chief Executive Officer of X3M Ideas, Steve Babaeko said the initiative will help shape the future of young generations and put them in the right place.

According to Babaeko, the second phase of the progamme, held at Muritala Ajadi Animashaun Community Senior Grammar School, Surulere, Lagos, was designed to empower young minds with essential tools, knowledge, and cutting-edge technological skills required to thrive in the rapidly evolving digital landscape.

He said: “At X3M Ideas, we have always believed in the potential of the youth and the critical role they play in driving the future. For the past 12 years, we have been privileged to partner with the Lagos State Government in its pursuit of quality education. Through this partnership, we have renovated schools and handed them over, ensuring that students across the state have access to conducive learning environments.

He applauded the state government for its role in prioritising education and equipping students with required equipment to upskill.

While congratulating the Principal, staff and students of Murtala Ajadi Animashaun Community Senior Grammar School, he pointed out that their dedication, resilience, and commitment helped X3M and its partner on the project to achieve the feat.

Lagos State Commissioner for Education, Jamiu Ali-Balogun, who represented the governor at the event commended Babaeko and his entire team for their forward-looking initiative and urged other corporate entities not to shy away from embarking on CSR activities that could bring positive changes to the society.

He stated that government needs support of individuals and organisations to bring the required development to the people.


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E-Business

Cybersecurity Firm Provides Insight on Safe Sharing Practices on World Photography Day

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Posting online is a valuable way to connect with others, and sharing photos helps maintain bonds with family and friends. However, it is essential to strike a balance between staying connected and oversharing.

In honour of World Photography Day, Kaspersky experts have compiled some essential tips on what to consider before posting photos to ensure that privacy and safety are maintained.

With the increasing rise of social media and photo-sharing platforms, it is easier than ever to overlook the potential risks associated with revealing too much personal information.

Posting without careful consideration can have unintended outcomes, such as identity scams, receiving unwanted attention or doxing, which is the collection of personal information for the purpose of gaining benefit.

Luckily, such risks can be significantly reduced by ensuring that sensitive information is eliminated from pictures before sharing.

Kaspersky experts provide guidance on what posted pictures should avoid revealing:

Location details

To enhance personal safety, it is wise to avoid sharing photos that could reveal locations frequently visited, particularly the home. Pictures containing identifiable landmarks, street signs, or geotags can potentially pinpoint a person’s whereabouts.

Even subtle details in the background can inadvertently disclose a location. To minimise risks, it is best to share these types of photos only with friends and family and opt for images without identifiable features when posting to a wider audience.

Real-time updates

Sharing real-time information, such as the current location, how long someone will be there, or what they look like, can attract unwanted attention. It is safer to limit such updates to a circle of friends.

For a broader audience, consider sharing these updates after plans have concluded, ensuring personal safety while still allowing experiences to be shared. Privacy can be further strengthened by enabling a comprehensive security solution like Kaspersky Premium that manages the collection of sensitive data, like location, by apps.

Documents

Before posting photos, it is important to carefully review them for any visible documents, such as IDs, home addresses, medical records, prescriptions, bank statements, or utility bills.

Even when sharing images of mail, parcels, or receipts, ensuring that no sensitive information is visible is crucial. Such details should be kept private, even among close friends, as they could be misused if an account is compromised.

Travel plans

When on vacation, it is safer to share updates and photos only with a close group of friends. Being away from work and focused on relaxation can create opportunities for targeted attacks, such as someone impersonating the vacationer at work to take advantage of their absence.

Quick reactions may be challenging while on vacation, so it is best to keep travel plans private until returning home. Later experiences can then be shared with a broader audience without compromising security.

“Sharing special moments online is a wonderful way to connect with others, but it’s crucial to use privacy settings wisely. With many platforms now allowing control over who sees the posts, this feature should be thoughtfully used, especially when sharing sensitive content.

“By conducting a quick security check, it’s possible to enjoy the benefits of online sharing while keeping personal data secure,” comments Anna Larkina, web content analysis expert at Kaspersky.


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