Startup TaxTim, an online tax assistant has secured investment from Exponential, the innovation unit of JSE-listed company, MMI Holdings. TaxTim is an automated online and mobi-site service that helps people with their taxes.
Recently launched Exponential identifies and sometimes invests in early- and growth-stage companies, like TaxTim, that have the potential to be disruptive in the financial wellness market space, according to a report by IT-Online. (IT-Online)
Reserve Bank raises repo rate
The South African Reserve Bank raised the repo rate by 25 basis points to 7.0 percent yesterday, this is as it tries to tame rising inflation despite slow growth.
CNBC Africa reports Central Bank Governor Lesetja Kganyago said the monetary policy committee remained concerned about the weak growth outlook amid negative business and consumer confidence, but it assessed the risk to the growth outlook to be on the downside.
“Given the upside risks to the inflation forecast and the protracted period of the expected breach, the MPC decided that further tightening was required to complement the previous moves,” Kganyago told a news conference.
The bank targets inflation at between 3 percent and 6 percent.
Rocketseed gives stake to management team
Rocketseed South Africa’s management team led by chief executive Tess Sulamanhas has been given a majority stake, says John Cooper, the chairman of London based Rocketseed Group.
According to an IT-Online report, Rocketseed, an email pioneer was started by South African entrepreneurs and was subsequently bought by Cooper. Today the company has representation in South Africa, Australia, North America and the UK.
The transfer of majority ownership to the management team, says Cooper, was in part recognition of the value that they have added to the business over the years.
“Sulaman and her team have presided over the company’s most remarkable growth phase,” adds Cooper. (IT-Online)