Digital Boom

Author: Staff Writer

  • Fintech giant ‘Brex’ lays off 62 of staff despite raising $150M

    Fintech giant ‘Brex’ lays off 62 of staff despite raising $150M

    Brex founders Pedro Franceschi and Henrique Dubugras wrote in a blog post published yesterday that 62 people would be let go. The corporate credit cards for startups company will be prioritizing building overgrowing this next year.

    “Three months in, it’s clear that the impact of COVID-19 won’t be short-lived. We know that the pace of growth won’t be what we expected for the foreseeable future,” the CEOs wrote. “This unique situation created the space for us to think about the future of Brex, and how we could use this time to accelerate our mission — to reimagine financial systems so every growing company can realize their full potential.”

    The layoffs are a bit surprising, given that the company announced just last week it raised $150 million.

    Brex will be taking another look at investments that don’t make sense, and some teams will be reduced, along with changing roles and some people being asked to switch teams.

    Brex said it would be using the money to invest in engineering, product, and design. It also planned to “use a combination of organic efforts as well as small acquisitions to supplement its hiring and product development efforts.”

  • Tribal Credit Joins Visa’s Fintech Fast Track to Bridge Equity Gap for MENA Startups

    Tribal Credit Joins Visa’s Fintech Fast Track to Bridge Equity Gap for MENA Startups

    US-based startup Tribal Credit, which raised $9.1 million in a series of seed rounds, announced that it had joined Visa’s Fintech Fast Track Program, adding it to an elite group of fintech and accelerating its integration with Visa’s global payment network.

    A corporate card designed to help emerging market startups break free from local financial barriers, Tribal Credit, uses a proprietary AI-driven approval process to provide small and medium companies with access to payments.

    tribal credit cards
    tribal credit cards

    Tribal Credit is a privately held company founded by serial entrepreneurs, data scientists, and fintech execs who have built and led startups in both emerging markets and Silicon Valley, the startup aspires to bridge the business financial inclusion gap between the two.

    Tribal Credit is backed by BECO Capital, Global Ventures, Silicon Valley Bank, Endure Capital, 500 Startups, Off The Grid Ventures, Rising Tide Fund, and Tribe Capital.

    “The Visa Fintech Fast Track Program is a critical enabler for us as we quickly scale our business to ensure global reach. Through direct engagement and integration with Visa’s global network, we can make our services available to new markets in weeks instead of months,” said Duane Good, President of Tribal Credit.

    Around 200 million small and medium-sized businesses in emerging economies lack access to formal savings and credit, hindering their growth and ability to scale. Strict banking regulations make it difficult for startups in those markets to open business bank accounts, obtain charge cards, and manage cross-border payments.

    Globally, there are ~1 billion potential new card credentials and more than 65 million merchants coming from fintech, neobanks, and wallets, according to Visa’s 2020 Investor Day Report, which described its Fintech Fast Track program as key to unlocking this opportunity.

    “By joining Visa’s Fast Track program, exciting Fintechs like Tribal Credit gain unprecedented access to Visa experts, technology, and resources,” said Terry Angelos, SVP and Global Head of Fintech, Visa. “Fast Track lets us provide new resources that rapidly growing companies need to scale efficiently.”

    “Visa’s Fintech Fast Track will help us meet our goal of reaching over 500,000 corporate cardholders in emerging markets by 2024,” said Amr Shady, CEO of Tribal Credit.

    After launching its waitlist in December, Tribal Credit has seen demand from startups in the UAE, Saudi Arabia, Egypt, and Mexico who struggle to access traditional financial services like opening bank accounts, issuing business credit cards, and making cross-border payments.

    “We effectively just tapped into a friendship with over 60 years of dedicated experience in international payments and partners,” Good added.

  • Outsourcing IT support – why are so many companies doing it?

    Outsourcing IT support – why are so many companies doing it?

    As a business, having 24/7 support from your IT department is a must. Sadly, with current business infrastructures, many IT consultants and support systems clock off when the rest of the office does, leaving business owners feeling vulnerable and lacking control of their IT department.

    Wouldn’t it be much better and productive to have access to the latest equipment, software and technology, industry experts, and the knowledge that the security and protection of your digital world are in safe hands? Well, when you choose to outsource your IT support, that’s exactly what you get – and more.

    More businesses than ever are turning to outsourced IT support – click here to discover Probrand – but what else makes this decision so appealing? And does it really benefit your business? Read on to find out why so many companies are choosing to outsource their IT support network.

    You get IT, experts, without the hefty price tag

    Most small businesses can’t afford the salary of an IT consultant let alone a whole team. However, when you choose to outsource your IT support, you’ll get a whole host of highly qualified IT technicians with a variety of skills and specialisms working for you. So you get quality IT solutions without the huge dent in your budget.

    A reduction in downtime

    Downtime is bad for any business, but when you’re a small business, too much of it can be financially crippling. Downtime can occur for all kinds of reasons, although it’s mostly due to an IT issue. When you outsource your IT support, you’ll find that your IT infrastructure is being constantly monitored, allowing any issues to be picked up before they disrupt the day to day workings of your office.

    Your business security will be improved

    As a business, you’re carrying a huge amount of sensitive data. From personal information regarding clients and employees to payment details, accounts and sensitive reports. Keeping on top of your cybersecurity and staying one step ahead of cybercriminals can seem daunting, but when you outsource your IT support, you get the benefit of experts who specialize in keeping businesses like yours safe.

    You’ll get tailored IT support

    Create an IT department and you’ll get an umbrella service and skills that cover most things, some of which you’ll probably never utilize – but you’ll still pay for in terms of salaries. Outsource your IT support and all your IT requirements are fully tailored to your needs, making it much more cost-effective.

  • Top reasons you should hire a digital marketing agency

    Top reasons you should hire a digital marketing agency

    As a business owner, there’s nothing more important than helping your business to grow. You probably know where you want your business to be within the next few years, but in terms of success, it can feel as though you have a mountain to climb.

    The best way to get your business noticed and to build brand awareness is by creating a strong marketing strategy. However, traditional marketing methods including TV and radio advertising, newspaper, and direct mail marketing are somewhat effective but they’re also incredibly expensive and not always a viable option for a fledgling business. So, what’s the answer?

    Small businesses find themselves at much more of an advantage if they utilize online tools to market their business. This is where a digital marketing agency comes in – click here to reach out to the fastfwd digital marketing team – here we’ll look at the top reasons you should consider outsourcing your digital marketing.

    They’re the experts

    From SEO to SEM, PPC, and email marketing, or even utilizing your website to promote your visibility online – trying to get your head around all these different forms of digital marketing can be overwhelming. So, it makes perfect sense to hire a team who know what they’re doing. Instead of battling through and making expensive and time-consuming mistakes, you can hire a team of experts who will dedicate their time to creating productive campaigns that will get you the results you want.

    You can focus on your business

    Of course, jumping into digital marketing is great for your business, however, as the boss your time and focus could be better spent elsewhere. Deciding to take on your digital marketing responsibilities yourself means more responsibilities as this is something that cannot be left to its own devices. Even working with an in-house team would require your supervision. Hiring a digital marketing team to work hard in the background whilst you run your business makes perfect business sense.

    They’ll grow with your business

    Once your business starts to grow; you would need to expand your in-house digital marketing team. Again, this would be time consuming and expensive. When you hire an external company, there are no restrictions, they’ll simply grow with your company and provide packages that match your changing requirements.

    You can see the results for yourself

    Digital marketing allows you to see first-hand what is working and what isn’t. You should receive regular reports from your marketing agency, keeping you in the loop and allowing you to make informed decisions. You’ll also receive regular digital marketing and website audits too.

  • Coronavirus: Fitness App ‘ElCoach’ Gives Away 30-days Free For Everyone

    Coronavirus: Fitness App ‘ElCoach’ Gives Away 30-days Free For Everyone

    Bodybuilders, gym-goers, and fitness enthusiasts have been scrambled to find alternative ways to sweat after closing gym chains & boutique fitness spots in all the countries affected in the Middle East due to COVID-19.

    In response to the Coronavirus outbreak, ElCoach, the Arabic fitness & nutrition app has decided to support its current and new users with a free 30-days premium plan to encourage them to work out and train from home.

    To benefit from this new offering, download ElCoach app on your mobile via this link and use Promo-code: StaySafe to obtain your free 30-days.

    ElCoach was launched in early 2019, since then, the app has grown fast to have more than 50,000 active users per month. Its programs are fueled by a combination of artificial intelligence and local coaches & chefs, its meal plans have local dish recommendations.

    See ElCoach Heros

    https://www.facebook.com/ElCoachfit/posts/807437486334734

    The World Health Organization (WHO) declared the COVID-19 outbreak as pandemic after spreading in more than 200 countries out of China. Today, the total number of cases has surpassed 228K worldwide, many countries have made a lot of strict measures to slow down the exponentially spread of infection like shutting schools, universities, cinemas, wedding venues, announcing curfew.

    Stay Safe, Stay Home!

  • Trade Bank of Iraq Donates $5M to Iraqi Ministry of Health to help Combat Coronavirus

    Trade Bank of Iraq Donates $5M to Iraqi Ministry of Health to help Combat Coronavirus

    Trade Bank of Iraq (TBI), today announced US $5 million in funding to support the Iraqi Ministry of Health’s efforts to combat the threat of COVID-19.

    Faisal Al Haimus, Chairman & President of Trade Bank of Iraq signed off the relief fund to help the Ministry of Health acquire appropriate resources in response to the coronavirus.

    Ministry of Health will use the funds to curb the spread of the virus by early detection and effective quarantine efforts.

    Faisal said: “This fund is our way of supporting the Ministry of Health to enhance their efforts on restricting the spread of the coronavirus.

    “TBI was built to work towards the welfare of the people of Iraq and we feel it’s our duty to help the government’s efforts to protect the Iraqi citizens from this pandemic.

    “With the number of people affected by the virus around the world increasing drastically, it is important for the public sector and private sector to come together in these dire times to help the people and do everything in our capacity to prevail over this crisis.

    “We will continue to work with the government to protect the health and safety of our people”.

  • Online Learning Platform Abwaab Raises 2.4M in Seed Funding

    Online Learning Platform Abwaab Raises 2.4M in Seed Funding

    Abwaab, MENA’s latest online learning platform, today announces the closing of its $2.4M pre-seed funding round.

    The round was kicked off by Adam Tech Ventures and joined by Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund (“ISSF”), a London-based investment fund, a number of former and current executives from Uber and Netflix, among others.

    The startup plans to use this funding to develop its product and grow its team.

    What’s Abwaab?

    Abwaab is a Jordan-based online learning platform, allows secondary school students to learn at their own pace, test themselves and get ahead with our expert tutors anytime and anywhere. By offering concept-based video lessons, visualized learning journeys, continuous assessment, and performance-tracking features, we are changing the way students learn outside the classroom.

    The Jordanian-based ed-tech startup was founded in September 2019 by Hamdi Tabbaa, former General Manager of Uber for the GCC & Levant, and AI expert Hussein Alsarabi, former director of technology & product development at Mawdoo3.com.

    Online Learning Platform Abwaab Raises 2.4M in Seed Funding
    Abwaab founders: Hamdi Tabbaa and Hussein Alsarabi

    “There is a clear lack of online educational resources for young people in MENA who are in their prime learning age (0-24) despite the fact that they currently makeup half of the region’s population and rank one of the lowest on academic performance. By providing a high-quality, easily-accessible and fun learning experience, we believe that our product will have a powerful impact on generations to come,” said Hamdi Tabbaa, Co-founder & CEO, Abwaab.

    Abwaab’s website, which launched in early February of this year, offers an online learning experience for secondary school students with programs tailored to specific markets in the region. From concept-based video lessons taught by highly experienced teachers to various forms of assessment and performance-tracking features, students get the opportunity to learn at their own pace, assess themselves and track their progress anytime and anywhere.

    The startup, which has a freemium subscription model, has begun rolling out its content, starting with STEM subjects tailored to the Jordanian market and has produced nearly 1,000 videos to date.

    “Not only are we planning on tailoring the learning experience on the country level, but also on the individual level. We aim to harness the power of AI to provide each and every student with a unique and personalized learning journey. I believe that AI will be an instrumental driver of change in ed-tech and we want to be at the forefront of this,” said Hussein Alsarabi, Co-founder & CTO, Abwaab.

    In recent years, MENA has experienced a boom in ed-tech startups with many attempting to take on the $20B after-school tutoring industry and address the lack of online educational resources for students in the region. Nevertheless, there is still more work that needs to be done. Despite being the 4th largest language globally, Arabic only accounts for 3% of content online which is a huge discrepancy that needs to be addressed.

    “We see huge potential in Abwaab and are very excited to be supporting its mission. We can clearly see the impact Byju’s is having on the Indian market and strongly believe that Abwaab will have a similar effect in MENA,” said Dina Shawar, CEO, Adam Tech Ventures.

  • Jordan declared free of Coronavirus

    Jordan declared free of Coronavirus

    Jordanian citizen who was tested positive Covid-19 has been declared healthy today and released from quarantine in Amman, which means that the country is free of COVID-19 virus, according to the Jordanian Ministry of Health.

    in early February, Jordan evacuated a number of its citizens and other Arab nationalities from China in light of the news of Coronavirus outbreak.

    Since that time and Jordan has been applying a number of health procedures at Queen Alia airport, canceled flights to/from a number of countries that declared the spread of Coronavirus including Iran, China, Italy, South Korea, and others.

    Despite the fact that Jordan is considered one of the few countries in the world that wasn’t yet hit by Coronavirus, however, panic is leading the scene among Jordanians, as there are calls to cancel schools and declare a nationwide emergency.

    Jordan is going to take more precautions decisions starting tomorrow by suspending flights to more countries including Egypt, Syria, Oman, Lebanon among others, reported Royal Jordanian airlines. Here’s the updated list:

    • (China, South Korea, Iran, Italy) travel restrictions still effective: Travelers of any nationality who have been in any of the countries mentioned above in the past 14 days are not allowed to transit or enter Jordan. Exemptions: the above decision does not apply to -Jordanian nationals, their spouses and their children traveling to Jordan from these countries. And they will be subject to the Ministry of Health clinical evaluation and any other required health procedure upon their arrival to Jordan. -Chinese delegation and diplomats. – Italian delegations and diplomats
    • (France, Spain, Germany) travel restrictions effective 16th March 2020:Nationals of Jordan are not allowed to travel to any of the countries mentioned. Travelers from any of these countries are not allowed to transit or enter Jordan. Exemptions: the above decision does not apply to – Jordanian nationals, their spouses and their children traveling to Jordan from these countries. And they will be subject to the Ministry of Health clinical evaluation and any other required health procedure upon their arrival to Jordan. – French delegations and diplomats. – Spanish delegations and diplomats. – German delegations and diplomats.
    • (Syria, Lebanon) travel restrictions effective 14th March 2020: Nationals of Jordan are not allowed to travel to any of the countries mentioned. Travelers from any of these countries are not allowed to transit or enter Jordan. Exemptions: the decision does not apply to – Jordanian nationals, their spouses and their children traveling to Jordan from these countries. And they will be subject to the Ministry of Health clinical evaluation and any other required health procedure upon their arrival to Jordan. – Syrian delegations and diplomats. – Lebanese delegations and diplomats.
    • (Iraq) travel restrictions effective 14th March 2020: Travelers from Baghdad Airport (BGW) and Erbil Airport (EBL) shall only be allowed to enter Jordan.
    • (Egypt) travel restrictions effective 14th March 2020: Nationals of Jordan, travelers, and others are advised only to travel for necessary cases only.
    • For the 14th & 15th of March 2020, all passengers arriving from France, Spain, and Germany are required to submit a health certificate that is certified by official authorities guaranteeing that they are free of Corona Virus. If the health certificate not available, passengers are not allowed to enter or transit Jordan.
    • Health procedures will be applied for Jordanian nationalities arriving from France, Spain, and Germany and do not have a health certificate.
  • Dubai to benefit from 1M+ hotel room nights amid major business event wins

    Dubai to benefit from 1M+ hotel room nights amid major business event wins

    Dubai Business Events (DBE), the city’s official convention bureau, recorded a total of 301 successful bids for meetings, conferences, and incentives in 2019. Set to attract an expected 150,095 delegates to Dubai over the coming years, the winning bids will deliver approximately 620,000 room nights for the city and, added to wins from previous years, means the total expected hotel room night pipeline stood at 1,031,060 at the start of 2020.

    The city’s convention bureau also witnessed a steady growth of its Al Safeer Congress Ambassadors Programme, with 342 active ambassadors in 2019, up from 316 ambassadors in 2018.

    DBE submitted a total of 595 bids in 2019, marking an increase of close to 7% in comparison to 2018, making it the bureau’s most active year in terms of bid submissions. This reflected an uplift in the number of events identified in partnership with local associations, businesses and other stakeholders, and the increasing confidence in the city’s ability to host them, taking advantage of Dubai’s strong infrastructure, ease of connectivity, world-class hotels, and state-of-the-art venues.

    Issam Kazim, Chief Executive Officer of Dubai Corporation for Tourism and Commerce Marketing, said: “Last year was a significant one for Dubai Business Events, and the successful bid wins are a testament to the city’s rapid growth as a leading business and knowledge hub.

    We would like to thank our partners and stakeholders for their unwavering support in driving the contribution of business events to achieving our overall tourism ambition. With Expo 2020 Dubai approaching, this is set to be a landmark year for the city, providing an unrivaled opportunity to further demonstrate the city’s ability to host successful and impactful events of all sizes.

    Our aim is to build on the momentum we have already gathered and continue to partner with stakeholders and business events professionals globally to pursue opportunities to bid for and secure key events for the city.’’

    DBE’s notable wins in 2019 included: the Million Dollar Round Table Global Conference set to take place in 2020 with a total of 10,000 delegates in attendance, the 45th World Hospital Congress taking place in 2021 with 1,100 delegates in attendance, and the Geospatial Week being hosted in 2021 which is set to attract 1,500 delegates.

    Additionally, the city’s official convention bureau secured the Asian Congress of Emergency Medicine set to take place in 2025, welcoming 1,300 delegates, as well as the International Association for the Protection of Intellectual Property World Congress in 2025, that will bring 1,300 delegates to Dubai.

    Major incentive travel programs secured in 2019 included: the Amway Europe Annual Incentive with 3,200 delegates expected, the Sun Hope International Annual Incentive with 2,000 delegates in attendance, and the SAS EMEA Sales Kick-Off, which is set to welcome 1,300 delegates, all taking place this year. DBE also won the Amway China Leadership Seminar, which saw 8,000 delegates gather in Dubai last month and the Enersys Phoenix XL Annual Incentive that is set to welcome 1,000 delegates in 2021.

  • JLL appoints Dana Salbak as Head of Research for the MENA region

    JLL appoints Dana Salbak as Head of Research for the MENA region

    JLL, one of the world’s leading real estate investment and advisory firms, has appointed Dana Salbak as the Head of Research for the MENA region.

    Salbak, who has been at JLL for four years, has been responsible for delivering a number of successful industry-specific publications, in addition to detailed market intelligence. She replaces Craig Plumb, who will continue to work with JLL in an advisory role.

    Jones Lang LaSalle Incorporated “JLL”, is a leading professional services firm that specializes in real estate and investment management. JLL has an annual revenue of $16.3 billion, operating in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019.

    Dana Salbak - Digital boom
    Dana Salbak

    In her new and expanded position, Salbak will work closely with JLL’s team of researchers across MENA to drive synergy and collaboration in the firm’s research output. She will also oversee a team of 10 researchers and data analysts covering the MENA region whilst continuing to drive JLL’s capabilities in data collection, management and analytics, along with strengthening its position as an industry thought leader.