South Africa’s first Black-owned bank has hit unicorn status, POCIT reports. Tyme Group, founded in 2019, is majority-owned by billionaire Patrice Motsepe, notes Bloomberg. The platform was designed to make digital banking more affordable and accessible, and it has been an overwhelming success with online and physical banks throughout South Africa and the Philippines. According to TechCrunch, it has attracted 10 million users since its inception and reached an additional 5 million users through its Philippine brand, GoTyme. GoTyme allows users to create an account via its bank app. Customers can then receive an ATM debit card instantly and retrieve it at a kiosk. Tyme Group says it has allocated $600 million in financing to support small businesses and has raised $400 million in customer deposits. Now it is seeking to extend its reach in new markets, which include Vietnam and Indonesia by 2025. This will be made possible in light of a $250 million round led by digital bank Nu...

Investor and “Shark Tank” judge Barbara Corcoran has high praise for Kevin Hart. Hart made an appearance as a guest judge on the show during its 13th season alongside Mark Cuban, Barbara Corcoran, Kevin O’Leary, Lori Greiner and others. The purpose of “Shark Tank” is to provide a platform for entrepreneurs across industries to pitch in front of powerhouse investors with hopes of securing their investment. Speaking of the importance of appearing on the show, Hart said, according to ABC Audio, “If I can reach back and give opportunities to others, to people of my community, to the younger generation that is coming up that should be our future leaders of tomorrow and our future groundbreakers of today and tomorrow, why not? I’m not in the business of just doing it for me. You know, I think that’s the role that we all play when we get to sit in these chairs, is the role of opportunity for not just ourselves but others.” Hart’s expertise in entertainment and business has made him an...

Google continues to build on its commitment to invest $1 billion in Africa’s digital economy. As AFROTECH™ previously reported, Google announced on Oct. 6, 2021, that it would focus on supporting the continent’s tech sector over the next five years to make the internet more accessible. “Today I’m excited to reaffirm our commitment to the continent through an investment of $1 billion over five years to support Africa’s digital transformation to cover a range of initiatives from improved connectivity to investment in startups,” Google CEO Sundar Pichai said during a virtual event held in 2021, per TechCrunch. Fast forward to 2024, and the tech giant has already invested over $900 million since the announcement and expects to reach its goal by 2026, according to information shared on its platform. Its most recent investment includes participation in a $90 million funding round for telecom solutions provider Cassava Technologies, one of Google’s partners in building the first subsea...

If you’ve been following the stock market in recent days you may already be familiar with SoftBank, a multinational internet services and investment firm operating out of Japan. The business has received a ton of press since Monday morning after CEO Masayoshi Son announced a proposed $100 billion in investments over the next four calendar years. This plan, which was developed in collaboration with the incoming Trump administration , is projected to create 100,000 new jobs within the United States, particularly in artificial intelligence and similar internet-based infrastructure. Per the Wall Street Journal , SoftBank’s stock (SFTBY) received a massive bump in the day following the announcement, accounting for a 4.4 percent rise in the Japanese market and a 1.3 percent rise on the New York Stock Exchange . To better understand exactly what this means for our country, infrastructure and the stock market of today, we’ll have to take a moment to examine SoftBank’s business model and...

WNBA star and Nike signee A’ja Wilson is making m ajor moves. Wilson has been a cornerstone player for the Las Vegas Aces since she was drafted first overall by the team in 2018, as noted by the WNBA. She has led the Aces to two consecutive national championships and earned multiple MVP awards, including one in 2024. What’s more, Wilson has continued to dominate as the year comes to a close. She made history as the first player to score 1,000 points in a single WNBA season, according to ESPN. “It was pretty surreal but it was one of those things that I did not understand it was in reach,” Wilson said in reflection, per CNN . “It didn’t really hit me until the second half when I was like ‘oh no, this is doable.’ … Like now to live in it, I’m living my dream and so I’m so grateful to be able to say I’m here, and now I know someone is going to crush it soon and going to be 2,000 points in a season, so I am going to hold onto it now while I got it.” Wilson’s victories also extend off...

Tyrre Burks has raised new funding that will benefit younger athletes. The Chicago, IL, native is the founder of Players Health , a platform providing support solutions for sports organizations, teams, leagues, and clubs. These solutions include insurance offerings and an athlete safety suite that encompasses education and training, injury management forms, incident reporting, compliance forms, and tools to support name, image, and likeness (NIL) deals, its website mentions. As a former college athlete who went pro in the Canadian Football League, Burks understands firsthand the importance of athlete safety. During his playing career, he endured multiple injuries, including an experience during his college freshman year when he was paralyzed on the field for 45 minutes. “My freshman year of college I was catching a low ball with my head down, and I get hit. I’m paralyzed on the turf, could not move. This happened… It’s probably the most bizarre feeling you could ever have where you...

Travis Hunter has been quietly paying it forward to his University of Colorado Boulder teammates. The 2024 Heisman Trophy Award recipient and Colorado Buffaloes football star has been raking in various name, image, and likeness (NIL) deals, most recently signing a multi-year deal with adidas, as AFROTECH™ previously reported. View this post on Instagram A post shared by adidas Football (@adidasfballus) “Working with adidas is a special opportunity for me and something that I’m really excited about as I look ahead to what’s next,” Hunter said, according to Sports Illustrated. “The partners they currently have are top tier with some of the best young guys like me. I’m pumped to join the three stripes as we continue pushing the boundaries of the sport we all love.” Aaron Seabron, general manager, U.S. Sports & Creation Center Portland (Oregon) at adidas, commented: “…We’re proud to partner with someone whose passion for sport and drive to create impact on and off the field mirrors our...

New beginnings are on the horizon for Jay-Z’s Marcy Venture Partners. Founded in 2018 by Jay-Z, Jay Brown (former CEO of Roc Nation), and Larry Marcus (managing director at Walden VC), the venture capital firm invests in media, technology, products, and services that are culturally relevant and push boundaries, according to its LinkedIn profile. Its portfolio includes at least 24 companies, such as: Wheels (electric transportation company) Hungry Marketplace (food tech company) Savage X Fenty (lingerie brand) Spatial LABS (sLABS) (tech incubator) Madison Reed (beauty brand) Partake Foods (allergy-friendly food company) “Aligning with Marcy Venture Partners assists with our vision for elevating the youth as it relates to access and a means to true technological empowerment. The lasting impact of this relationship is not simply defined by the work we’re doing now, but by the immeasurable impact for generations of creators to come,” said Spatial LABS Founder Iddris Sandu at the time....

Equity-focused work may be a point of contention in today’s political environment, but it has not stopped the commitment of those dedicated to ensuring justice. Recently, Operation HOPE Inc. hosted its Hope Global Forums Annual Meeting. This convening brought together community stakeholders and influencers to discuss how to move into the future through economic, technological, and cultural advancements. During the meeting in Atlanta, GA, Hope Global Forum leader and CEO of Operation HOPE, John Hope Bryant, announced one of his goals to raise $100 million to fund the organization’s work of providing financial literacy and economic growth tools for individuals and small businesses. While providing his final remarks, Bryant confirmed that he is well on his way to receiving that fundraising amount through partners and corporations including Delta, Shopify, Truist, and Bishop T.D. Jakes. “Shopify, they’re ready for $60 million,” Bryant said. “Why did they do this? They are good people,...

In an industry that thrives on creativity and innovation, Black-owned marketing agencies are making a significant impact by offering fresh perspectives and culturally relevant campaigns. These agencies are not only shaping how brands communicate with diverse audiences but are also fostering inclusivity within the marketing world. Here are seven Black-owned marketing agencies that are leading the way in creativity, strategy, and results. 1. Burrell Communications Founded in 1971 by Tom Burrell, Burrell Communications is one of the pioneering Black-owned marketing agencies in the United States. With a mission to redefine how brands communicate with African American audiences, Burrell has worked with iconic brands like McDonald’s, Coca-Cola, and Toyota. The agency blends cultural insights with powerful storytelling to create campaigns that resonate deeply with consumers. 2. BLKBOX BLKBOX is a digital marketing agency that specializes in developing strategies tailored to multicultural...

Keith Lee experienced survivor’s remorse when he bought his first home in 2024. Lee, a former delivery driver and MMA fighter, is a well-known food reviewer who boasts 16.8 million followers on TikTok alone. His reviews have led businesses to become overnight successes within their communities. In fact, some have even expanded after gaining traction from his reviews. As previously reported by AFROTECH™ , Stricen Carter had been on the verge of closing down her New Orleans, LA-based NOLA Sips and Sweet Thangs, which sells a variety of flavored snowballs and treats, until Lee’s review. Since then, her business has not only stayed afloat but she has also opened a storefront in Houston, TX. View this post on Instagram A post shared by DESIGNER SNOBALLS ®️🍧🌈🍭✨ (@sweetthangsnola)   Beyond providing visibility, Lee has also demonstrated his commitment to supporting small businesses financially. As he revealed on the “Club Shay Shay” podcast, hosted by Shannon Sharpe, Lee invested $300,000...

Lesa Milan, star of “The Real Housewives of Dubai,” credits Beyoncé as an inspiration for her fashion business success. In 2016, Milan launched her fashion brand Mina Roe, catering to pregnant women because she felt there was a lack of trendy maternity items on the market, notes WWD. “I love that Rihanna was out there with her bump, being sexy and bold because that’s what Mina Roe has always been about — celebrating your pregnancy rather than hiding it,” she told the outlet in 2022 . “You can still add that fashion twist and your own personal style to your bump. I think that’s the hole that we filled with Mina Roe.” View this post on Instagram A post shared by MINA ROE (@minaroe) Milan had ambitious goals for her brand from the start, launching it with the support of just one female employee. In an interview with radio station Hot 97, she shared how she initially reached out to entrepreneurs and celebrities, hoping they would wear Mina Roe. Ultimately, her breakthrough came through...

When a company begins to grow and expand, it often needs significant capital to support its operations and scale. This is where venture capital funding rounds like Series A, B, and C come into play. Most commonly something startups engage in, these rounds represent distinct stages in a company’s journey, each with its own objectives, investor types, and implications for the business. Why Startups Use Series Funding Series A, B, and C funding rounds are primarily associated with startups because these companies often have innovative ideas but lack the financial resources to scale independently. Startups typically rely on outside investments to accelerate growth, develop new products, and gain a foothold in competitive markets. Unlike established companies, startups usually cannot rely on steady revenue streams or traditional bank loans to fund their expansion. Venture capital funding, offered during these series rounds, fills this gap. In exchange for equity, startups secure the...

Stephen Curry stands by his decision to choose Under Armour over Nike. In 2013, in what was arguably the fumble of that decade for Nike, the shoe brand conducted a pitch meeting with the Golden State Warriors point guard. He had been signed to the company since being drafted to the NBA in 2009, according to Basketball Network. Sports Illustrated notes Curry began setting up meetings with leading shoe companies, and the new Under Armour ultimately came out on top. Under Armour offered a $4 million annual contract that included the promise of a signature shoe and the chance for him to become a key figure for the brand. Nike’s offer was $2.5 million without the additional perks, and the meeting reportedly didn’t go so well. A representative was said to have mispronounced Curry’s first name, calling him “Steph-on” instead of “Steph-en,” and a slide presentation allegedly had Kevin Durant’s name on it and not Curry’s. With Curry choosing Under Armour, the deal kicked into gear in 2013....

Serial investor Tré Baker says relationships are the secret weapon for Black investors to scale and produce greater impact. Baker is an investor in nearly 160 startups, including Groundfloor Finance and TribeVest. Reflecting on the venture capitalist space, he admits he wants to see a systemic shift in the investment landscape, particularly concerning Black venture capitalists (VCs). This desire for change also prompted his exit from Techstars Accelerator in November 2024 after nearly three years with the organization, serving as Managing Director. “I’m no longer the managing director of Techstars Tulsa. And part of the reasons that platform is not operating at a systemic enough level, it wasn’t big enough,” he explained during an episode on the “Black Tech Green Money,” hosted by AFROTECH™ Brand Manager Will Lucus. Baker believes Black VCs can operate more effectively, suggesting they move away from the idea of “meritocracy,” which prioritizes talent over wealth or status. In...