TechPression

Tag: Yango

  • Yango Group launches $20 million venture fund to scale startups in MENA, Africa

    Yango Group launches $20 million venture fund to scale startups in MENA, Africa

    Dubai-based Yango Group launched Yango Ventures, a $20 million corporate venture fund that aims to empower early-stage startups in emerging markets.

    This initiative targets regions such as the Middle East, North Africa, Pakistan, Sub-Saharan Africa, and Latin America, where Yango Group has a strong presence.

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    Yango Ventures invests in growth-stage tech

    Yango Ventures will focus on seed to Series B investments in sectors like fintech, B2B software-as-a-service (SaaS), and online-to-offline (O2O) ventures. The fund aims to provide capital, strategic guidance, and mentorship to help startups scale effectively.

    Daniil Shuleyko, CEO of Yango Group, stated, “We’re more than a tech company; we are an ecosystem committed to empowering entrepreneurs worldwide. At Yango Group, we believe that technology is not just about innovation — it’s a catalyst for tangible progress. Through Yango Ventures, we’re sharing our expertise and network to help startups scale, thrive, and drive meaningful change in their communities. Our mission is simple: let people grow with us. By supporting local talent with the right tools and resources, we aim to foster sustainable business growth and contribute to resilient, inclusive economies across the globe.”

    Yango Ventures anticipates substantial returns from its investments, particularly from Series A startups, with targets ranging from ten to twenty times their initial investment over time. The fund’s approach is designed to support local talent without exerting control over the startups, offering guidance and connections as needed.

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    Yango ventures: funding and expert sector support

    Beyond financial support, Yango Ventures plans to leverage its expertise in mobility, fintech, and AI sectors to foster sustainable business growth. The fund aims to collaborate with other venture capital firms and institutions to enhance its investment capacity and expand its reach within these regions.

    Additionally, Yango Ventures will organise networking events and partner with educational institutions to equip young professionals with industry-specific skills, contributing to developing resilient and inclusive economies.

    Yango Group’s initiative comes when venture capital interest in emerging markets increases, providing a timely boost to startups seeking to scale and innovate in these regions. The fund’s initial allocation of $20 million may expand further based on the performance of its initial investments, reflecting the company’s ambition to grow its impact in these markets.

  • Yango launches in-app digital lending services for drivers in Côte d’Ivoire

    Yango launches in-app digital lending services for drivers in Côte d’Ivoire

    Yango, a ride-hailing service, announced on December 10, 2024, a partnership with Yabx and COFINA to launch in-app digital lending services in Côte d’Ivoire. 

    This initiative aims to empower drivers by providing them access to cash advances through the Yango app, addressing many gig workers’ financial barriers.

    Read also: E-hailing firm Yango partners with COFINA, Yabx to offer in-app loans of up to $500 for drivers in Ivory Coast

    Empowering drivers

    The newly introduced “Driver Cash Advance” service allows Yango’s partner drivers to borrow up to XOF 300,000 (approximately $500) with repayment terms ranging from two to eight weeks. 

    Kadotien Soro, Yango Côte d’Ivoire’s Country Manager, stated, “We are excited to partner with COFINA and Yabx to support our community. 

    By providing this lending service, we empower drivers to invest in their businesses and achieve their goals”.This service initially targets drivers but will eventually extend to riders and food delivery agents.

    Read also: Ghana proposes vehicle income on ride-hailing services

    Innovative technology for financial inclusion

    At the core of this partnership is Yabx’s advanced Lending-as-a-Service platform, which utilises artificial intelligence (AI) to assess creditworthiness based on digital footprints. 

    This technology enables individuals without traditional credit histories to access loans easily. 

    Puneet Chopra, Chief Growth Officer at Yabx, remarked, “Embedded lending transforms credit access in underserved regions, fostering a sustainable gig economy across Africa”.

    COFINA, a key player in microfinance across West Africa, provides the necessary funding for this initiative. 

    Amed Sié Touré, Managing Director of COFINA Côte d’Ivoire, emphasised the partnership’s significance: “This partnership advances inclusive economic growth and strengthens the digital economy in Côte d’Ivoire.”

  • E-hailing firm Yango partners with COFINA, Yabx to offer in-app loans of up to $500 for drivers in Ivory Coast

    E-hailing firm Yango partners with COFINA, Yabx to offer in-app loans of up to $500 for drivers in Ivory Coast

    Ivory Coast drivers now have access to in-app loans of up to 300,000 CFA ($500), according to a statement released by the taxi-hailing operator Yango on Wednesday.

    The announcement claims that the in-app loan is made possible by a collaboration between Yabx, an embedded finance platform that creates credit profiles for thin/no file customers, and COFINA, one of the nation’s top mesofinance institutions.

    The offering, a digital loan product known as the Driver Cash Advance service, will increase credit availability for a large number of people and enterprises. The statement claims that drivers will have immediate access to cash advances of up to XOF 300,000 (USD 500) via the Yango platform.

    Additionally, they will have various payback options ranging from two to eight weeks.

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    Loans to be extended to customers, food delivery services and retailers 

    Yango claims that although the collaboration is now only available to its partner drivers, it will soon be extended to include customers (riders), food delivery services, and retailers.

    Speaking about the anticipated effects of the cooperation, Kadotien Soro, the Country Manager of Yango in Ivory Coast, emphasised the significance of facilitating access to funding for business growth for entrepreneurs and supporting partners.

    ‘’We are excited to partner with COFINA and Yabx to support our community. By providing this lending service to our partners’ drivers and users, we empower them to fulfil their dreams and achieve the desired results by investing in their businesses. This is a great opportunity and I entreat all beneficiaries to take advantage of it and be diligent with the utilization of these funds in order to grow,’’ he said.

    Benefits of the Yango-Yabx-COFINA cash advance partnership to users 

    According to the company, the introduction of the “Driver Cash Advance” service would improve financial accessibility for its community and increase driver involvement. It claims that this will greatly enhance the user experience for every user.

    Yango claims the new program will give drivers a smooth way to manage their cash flow and take care of everyday costs more effectively, with a large user base of drivers and riders expanding at a rate of up to 25 percent annually.

    Yango to leverage on Yabx’s AI and Machine Learning algorithms to create detailed financial identities for borrowers 

    This voyage will be undertaken by Yango in collaboration with Yabx, a state-of-the-art Lending-as-a-Service (LaaS) platform.

    For borrowers without prior access to official credit, Yabx analyses digital footprints and generates comprehensive financial identities using artificial intelligence and machine learning algorithms.

    Yabx will allow drivers to get cash advances instantly by using unconventional credit scoring techniques and creating an end-to-end loan journey on the Yango app.

    According to the embedded finance platform, it has effectively created and executed a wide variety of financial solutions across Asia, Latin America, and Africa. These products, which are designed to promote financial inclusion and strengthen marginalised communities, include term loans, overdrafts, microloans, handset financing, and more.

    Puneet Chopra, Yabx’s Chief Growth Officer, discussed the significance of the collaboration, saying that it marks a significant turning point in the company’s goal of providing financial services that are suited to developing countries.

    “By embedding lending directly within the Yango platform, we are removing barriers to financial access, offering users quick and convenient access to capital. We believe embedded lending has the potential to transform access to credit in underserved regions and contribute to a more sustainable gig economy across Africa,” Chopra said.

    Read also: Power outage halts Tanzania’s electric train services, stirs concerns over grid stability

    Yango-COFINA’s advanced cash feature to provide seamless loans to drivers 

    In addition, Yango is launching the advanced cash feature in partnership with COFINA Group, one of West and Central Africa’s leading mesofinance companies. The COFINA Group is committed to advancing financial inclusion by aiding in the growth of entrepreneurs and small and medium-sized businesses (SMEs).

    COFINA is essential in delivering the funding required for the cash advance operation, guaranteeing Yango drivers easy and rapid access to credit.

    COFINA confirms its commitment to supporting initiatives that aim to develop platform economies and contribute to inclusive economic growth in Côte d’Ivoire and beyond, leveraging its experience and continental reach.

    Speaking about the program, Mr. Amed Sié TOURE, Managing Director of COFINA Ivory Coast, stated that it is a continuation of the organization’s dedication to digital innovation and financial inclusion.

    “At COFINA, we firmly believe in the power of financial inclusion and digitalisation to drive innovation and support players in the digital economy. This partnership with Yango and Yabx represents a significant step forward in offering financing solutions tailored to the needs of Yango drivers. We are proud to play a role in this initiative, which paves the way for a more inclusive and resilient digital economy in Côte d’Ivoire,” he emphasised.

  • Yango, MTN to Boost well-being of ride-hailing drivers in Côte d’Ivoire

    Yango, MTN to Boost well-being of ride-hailing drivers in Côte d’Ivoire

    Yango, the international ride-hailing company, has embarked on a groundbreaking collaboration with MTN, Africa’s largest mobile network operator, to enhance the well-being of its partner drivers.

    The strategic partnership announced recently, aims to provide innovative solutions to improve working conditions and connectivity for drivers across Côte d’Ivoire.

    Read also: E-hailing drivers call for passengers’ NIN verification following homicides

    A Strategic Partnership for Enhanced Connectivity

    The core of this collaboration lies in the provision of free data packages for the Yango Pro app, a move aimed at simplifying and enhancing the experience for ride-hailing drivers. The partnership, set to kick off in Abidjan on October 25, is expected to deliver substantial monthly savings for drivers on essential services, including internet, SMS, and voice calls. Fleet-registered Yango drivers will further benefit from reduced call charges, fostering improved communication within the network and creating a more connected community.

    Innovative Solutions for Drivers’ Benefit

    This collaboration between Yango and MTN represents a commitment to delivering tangible benefits to the drivers who form the backbone of the ride-hailing industry. By offering free data packages for the Yango Pro app, both companies aim to alleviate the financial burden on drivers, allowing them to save at least FCFA 5,000 per month on communication expenses. This not only enhances the economic well-being of individual drivers but also contributes to the overall growth and sustainability of the ride-hailing ecosystem in Côte d’Ivoire.

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    MTN’s Commitment to a Modern Connected World

    Honore KOUAME, GM MTN Business, expressed enthusiasm about the partnership, stating, “We are happy to partner with Yango and we look forward to providing their partner drivers base access to MTN products and services in Ivory coast.”

    He emphasized the broader strategy of delivering better services for all customer needs and leveraging Yango’s network and platform to extend offerings to more customers. The partnership aligns with MTN’s mission of creating a modern connected world, ensuring that Yango drivers have unrestricted data usage for always-on connectivity.

    Kadotien Soro, Country Manager of Yango Cote DÍvoire, echoed the excitement, stating, “We have big ambitions, and we are committed to helping our partners’ drivers amplify their businesses and increase earnings.” Through this collaboration, Yango aims to offer the best services and free telephone packages to its partner drivers across Ivory Coast, demonstrating a continued commitment to providing drivers with a comprehensive range of quality services at affordable prices.

    As Côte d’Ivoire becomes the inaugural country for the Yango and MTN partnership, the collaboration is poised to set new standards in the ride-hailing industry, prioritising the well-being and connectivity of drivers. The coming months are expected to witness positive transformations, not only for individual drivers but also for the ride-hailing community as a whole.