African e-commerce giant Jumia announces co-founders Jeremy Hodara and Sacha Poignonnec have stepped down as co-CEOs, replaced by executive Francis Dufay (Tage Kene-Okafor/TechCrunch)

Tage Kene-Okafor / TechCrunch:
Dubai-based baraka, a commission-free investment app for Middle East users to invest in US stocks and ETFs, raised a $20M Series A led by Valar Ventures  —  Stock-trading apps have multiplied over the past couple of years, targeting varying demographics and audiences that they feel need …

Tage Kene-Okafor / TechCrunch:
Cairo-based Money Fellows, which digitizes money circles or rotating savings and credit associations, raised a $31M Series B, bringing its total funding to $37M  —  Egyptian fintech Money Fellows has raised $31 million in what it describes as the first close of its Series B investment.

Eileen AJ Connelly / The Wrap:
SEC sues two former MoviePass CEOs, charging them with misleading investors about profit potential, data operations, studio relationships, and revenue sources  —  The Securities and Exchange Commission filed suit against two former CEOs of MoviePass, charging them with misleading investors …

Aanu Adeoye / Financial Times:
Jumia undergoes major restructuring after ousting its co-CEOs, including closing its Prime subscription program and its Logistics service in seven countries  —  Acting chief hunts for profits after continent’s first ever tech unicorn plunges 70% in value since New York listing

Alexandra S. Levine / Forbes:
At Code, CEOs and politicians voiced concerns about TikTok’s power, rapid growth, and surveillance potential, with some calling for it to be banned altogether  —  At the Code Conference in LA, tech and media CEOs and politicians all expressed concerns about the Chinese-owned app — as a competitor, and as a national security risk.

Jeremy Nation / The Block:
Esports company TSM ends its 10-year, $210M partnership with FTX “effective immediately” and removes all branding, the latest company to drop FTX after its fall  —  As part of the continuing fallout from the collapse of FTX, major esports company TSM opted to terminate its contract with the crypto exchange.