As Intuit announces the closure of its budgeting application Mint this week, competitor Copilot is witnessing a surge in its user base, attributing the shift to a growing consumer demand for more comprehensive finance management tools. Founded in New York by CEO Andrés Ugarte in January 2020, Copilot emerged as a subscription-based alternative to Mint, aiming to offer enhanced personal finance tracking and analysis. Today, the app boasts over 100,000 subscribers, many of whom engage with the app daily, while around 20% qualify as “heavy users,” accessing it up to ten times per day.

Ugarte shared with TechCrunch that the success of Copilot, especially in a landscape dominated by social networking apps, highlights the unique value it brings to the personal finance app market. Unlike its predecessors, Copilot focuses on presenting users with relevant spending and saving insights, tailored to their preferences in budgeting and financial goals. The app’s ability to help users save an average of 5% annually has effectively put back half a billion dollars into their pockets.

The genesis of Copilot was fueled by Ugarte’s personal experiences with Mint and other finance apps, which he found inadequate for modern financial management needs. His vision was to develop an app that not only simplifies account integration—averaging about ten accounts per user—but also utilizes the accumulated data to offer actionable insights.

The announcement of Mint’s shutdown on November 2 catalyzed significant growth for Copilot, marking its most successful day in terms of new user acquisition. This momentum has led to exponential growth, surpassing the company’s achievements in the preceding four years. This growth spurt enabled Copilot to secure a $6 million Series A funding round, spearheaded by Nico Wittenborn of Adjacent, and increase its total venture capital to $10.5 million.

Copilot, which achieved profitability in 2023, is now expanding its services to include Android and web platforms in response to consumer demand. This expansion, alongside investments in AI and product development, underscores the company’s commitment to enhancing user experience. Particularly, Copilot is exploring the integration of machine learning and chat interfaces to provide users with personalized finance conversations directly within the app, aiming for a comprehensive rollout by year-end.

The narrative of Copilot’s ascension in the wake of Mint’s closure encapsulates a larger trend in the financial tech industry, where the demand for intuitive, personalized finance management solutions is increasingly shaping the market’s future.

African financial ecosystems have been increasingly embracing a blend of indigenous and international technologies to enhance their offerings. At the forefront of this innovation wave is Appzone, a local fintech powerhouse renowned for supplying banks and fintech companies with software solutions that offer competitive pricing and superior flexibility.

Over a Decade of Pioneering Financial Solutions

Founded over ten years ago and headquartered in Nigeria, Appzone has emerged as a pivotal force in the realms of banking and payments. The company specializes in the development of both custom software and Software-as-a-Service (SaaS) products, catering to an impressive roster of over 18 commercial banks and more than 450 microfinance institutions throughout Africa, with a notable presence in Ghana and Kenya.

In 2022, the founders Emeka Emetarom, Obi Emetarom, and Wale Onawunmi ventured into a bold new direction by integrating blockchain technology with traditional banking and payment systems. This strategic pivot led to the rebranding of the company to Zone, which now operates as a fully licensed, blockchain-enabled payment infrastructure firm. In parallel, the original banking-as-a-service operations were spun off into Qore, an independent entity. Zone’s latest achievement is securing $8.5 million in seed funding to fuel its growth.

Zone: Bridging the Future of Payments in Africa

Zone’s strategy is simple yet revolutionary. It seeks to address the inadequacies of Africa’s current payment infrastructure in supporting a seamless transition to a digital economy. By leveraging blockchain technology’s scalability, Zone is creating an interoperable payment platform that links banks and fintech firms, facilitating direct transaction flows without the need for intermediaries.

Subheading: A Closer Look at Zone’s Innovations and Impact

The Evolution from Appzone to Zone

• Blockchain Integration: In a strategic shift, Appzone embraced blockchain technology to enhance legacy banking and payment systems, resulting in the formation of Zone.
• Rebranding and Focus: The transition to Zone highlighted a deeper focus on blockchain technology, positioning the company as a leader in Africa’s payment infrastructure landscape.

Pioneering Africa’s Payment Infrastructure

• Regulated Blockchain Network: Zone has distinguished itself as Africa’s first regulated blockchain network dedicated to payments, attracting major banks across the continent.
• Interoperable Platform: By developing a blockchain-based payment infrastructure, Zone enables seamless transactions between banks and fintech entities, eliminating the need for traditional intermediaries.

The Technology Behind Zone’s Success

• Licensed Switching Capabilities: Zone obtained a crucial switching license from the Central Bank of Nigeria, integrating with the Nigeria Inter-Bank Settlement System for optimal interoperability and swift fund transfers.
• Direct Card Routing (DCR): This innovation allows for direct connections with card issuers, streamlining POS transactions and enhancing reliability for consumers and merchants alike.

Financial Institutions Embrace Zone

• Wide Adoption: Over 15 of Africa’s largest banks have joined Zone’s network, with seven already processing domestic transactions through various channels, including ATMs, POS, and direct debit.
• Implementation Stages: Despite the complexity of onboarding, eight banks are in the midst of integrating Zone’s solutions, underscoring the platform’s potential to revolutionize the banking sector.

• New Use Cases and Functionalities: Zone plans to expand its offerings, including POS transactions, to incorporate fintech companies and improve financial transaction efficiency across the board.
• Instant Reconciliation and Settlement: Leveraging blockchain technology, Zone aims to introduce immediate reconciliation and settlement features, addressing longstanding issues of transaction delays and chargeback fraud.

Zone’s Milestones and Financials

The narrative of Zone is not merely about technological advancement but a testament to the transformative power of innovation in reshaping the financial landscape of Africa. By facilitating a more interconnected and efficient payment ecosystem, Zone is setting new standards for speed, reliability, and cost-effectiveness in financial transactions.

• First Regulated Blockchain Network for Payments: Zone’s establishment as the first regulated blockchain network in Africa for payments marks a significant milestone, offering unprecedented security and transparency in transactions.
• Significant Bank Partnerships: The collaboration with over 15 of the continent’s largest banks, including the processing of transactions through various channels, underscores the trust and reliability vested in Zone’s platform.
• Innovative Financial Solutions: From launching new use cases to integrating large fintech companies, Zone’s continuous innovation drives forward the financial sector’s evolution in Africa.

The journey of Appzone to Zone encapsulates a broader narrative of African innovation, where local solutions are not only competing but also leading in the global tech arena. Through strategic rebranding, embracing blockchain technology, and securing a place as a regulated payment infrastructure provider, Zone is poised to revolutionize the way transactions are conducted across the continent. With its recent funding and ambitious plans for expansion, Zone stands at the forefront of Africa’s march towards a more inclusive, efficient, and digital financial future.

Kaedim, a company providing innovative tools to simplify the creation of 3D content, recently secured $15 million in Series A funding. The firm debuted a new AI-driven marketplace, boasting an initial offering of 10,000 3D assets, including contributions from users. The influx of funds will support the enhancement of Kaedim’s platform, as well as facilitate growth in its team and reach.

The investment round was spearheaded by A16z Games and saw contributions from the Pioneer Fund, alongside notable investors such as Scott Gelb (ex-President of Games at Riot Games), Nate Mitchell (co-founder of Oculus), Eden Chen (CEO of Pragma), and Siqi Chen (CEO of Runway), among others.

In its quest to empower creators in the realm of 3D asset creation, Kaedim introduced a series of innovations. These include a comprehensive suite of tools designed to complement, not replace, the work of artists. The suite encompasses a 3D workflow solution compatible with current industry standards like Unreal and Blender, a collection of intelligent enhancements for 3D modeling workflows, including automated UV mapping, and a bespoke service for creating tailored 3D assets utilizing Kaedim’s proprietary machine learning technology, among other advanced features.

Konstantina Psoma, the CEO of Kaedim, highlighted the significant advancements in 3D technology over the past five years across various sectors, such as e-commerce, gaming, 3D printing, and AR/VR. She remarked, “We are facilitating the next evolution in 3D content creation, drawing parallels to the impact of DALL-E on 2D imagery and concept art.”