Startup wins big; raises over GHc111,000,000 in funds after support from Toyota

Startup wins big; raises over GHc111,000,000 in funds after support from Toyota

- An African logistics startup known as Sendy has successfully raised $20 million in funds

- The business operates an on-demand platform that connects clients to drivers and vehicles for goods delivery

- The company plans to expand to West Africa as it increases its competitive stance

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YEN.com.gh has learned that a logistics startup known as Sendy has successfully raised $20 million in funds.

Information available shows that Sendy has an on-demand platform that connects clients to drivers and vehicles for goods delivery.

With support from Toyota Tsusho Corporation in a Series B funding led by Atlantica Ventures, Sendy’s raise comes within six months of Nigerian trucking logistics startup Kobo360, raised $20 million Series A backed by Goldman Sachs.

Startup wins big; raises GHc111,200,000.00 in funds after support from Toyota

Source: techcrunch.com
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Per a report by techcrunch.com, Sendy plans to expand to West Africa as it ups its competitive stance.

Sendy offers services for e-commerce, enterprise, and freight delivery and uses an asset-free model, with an app that coordinates contract drivers who own their own vehicles, while confirming deliveries, creating performance metrics and managing payment.

In other news, China’s tourism industry experienced a boost to up to 81.3 million trips in the first half of the year 2019, YEN.com.gh has learned.

According to the Chinese Tourism Academy, this represents an increase of 14% year-over-year (YoY), per a report from Alipay and Nielsen.

This, per a report by businessinsider.com, presents payments providers with a valuable chance to rack up volume and build loyalty.

Payment companies may, therefore, become a preferred option for merchants because the payment method has been recognized as the most popular factor that affects Chinese tourists overseas.

This has been pegged at 37% which comes ahead of product quality, which was 36% and price, which was 36%.

YEN.com.gh understands that 44% of Chinese tourists in some popular travel destinations like the UK, Singapore, and South Korea use mobile payments most often while just 13% of their general tourist populations do the same.

This suggests that the international acceptance of mobile payments could help payment companies to attract Chinese tourists.

For that reason, companies such as Alipay and WeChat Pay, which are major players in China’s mobile payment markets, have been doing their best to expand their networks.

READ ALSO: USA's budget deficit likely to reach an all-time high in 2020

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