Hi, welcome to Tech This Evening, an After-Work Tech Newsletter from Techparley Africa. Sure, there is a lot to unpack right now. Sit back, while I walk you through.
Top Story: Velmie and Flot Partner to Accelerate Payments and Banking Infrastructure in Africa
Digital banking integrator, Velmie has announced a partnership with Flot, an emerging fintech building a next-generation neobank for consumers and businesses across Africa.
This is a move aimed at addressing long-standing execution and infrastructure challenges in the continent’s financial technology sector.
The collaboration reflects a growing shift in African fintech, where success is increasingly defined not only by product innovation but by the ability to execute complex, regulated digital banking systems across fragmented markets.
“Launching regulated fintech products in African markets requires more than software — it requires execution capability across integrations, compliance, payment rails, and operational delivery. With Flot, we are helping deliver a scalable digital banking platform designed to operate reliably in complex, multi-market environments,” said Slava Ivashkin, CEO & Founder, Velmie.
Other Tech News Stories You Should Read:
Business Corner: How to start a profitable e-commerce business in Africa’s growing digital market. Read now.
Misti AI Raises £250,000 to Transform Industrial Cameras Into AI-Powered Sensors. Read now.
Nectar Social Raises $30 Million to Build AI ‘Operating System’ for Marketing Teams. Read now.
On Startup Spotlight:
Modal Labs Raises $355m to Power Next Wave of AI Infrastructure Growth
Modal Labs, a New York-based AI infrastructure company, is betting that solving artificial intelligence imbalance will define the next wave of cloud computing.
The company has raised $355 million in new funding at a valuation of $4.65 billion, marking a sharp jump from its roughly $1.1 billion valuation secured less than a year ago. The Series C round was led by Redpoint Ventures and General Catalyst, with participation from Accel and Menlo Ventures, according to Reuters.
The company was founded by Erik Bernhardsson and Akshat Bubna, and has recorded significant revenue growth in recent months as AI coding tools reshape how software is built.
“The last six months have been driving everything,” Bernhardsson told Reuters, pointing to the explosion in AI-assisted coding. He said Modal’s customers include biotech firms, hedge funds, and weather forecasting companies.
Quadri Adejumo brings you all the details. Read here.
Also Read:
Saudi HealthTech, Aumet, Bags $12M to Reinvent Healthcare Supply Chains with AI Across Markets. Yakub Abdulrasheed brings us the details, here.
Quote of the Day:
“Any sufficiently advanced technology is equivalent to magic.” – Arthur C. Clarke.
Thank you for joining me yet again this evening. Stay safe, and see you tomorrow for the next tech newsletter.
Best, Quadri
