Today, Village Capital, in partnership with PayPal announces the 12 African startups selected for their venture development programme, “Village Capital Fintech Africa 2018”.
The programme was initiated as a result of an obvious fact — the African fintech landscape has witnessed a recent positive shift and is expected to grow by $3 billion over the next two years, according to a recent report by independent pan-African banking group Ecobank.
Fintechalso has the potential to expand access to financial services and improve financial health for millions of people in Sub-Saharan Africa.
From a pool of 165 applicants, Village Capital and PayPal selected a cohort of 12 early-stage fintech startups, each of which has developed an innovative technology or business model that has improved financial health for consumers and/or businesses alike. The companies are based in Kenya, Nigeria, and Uganda with each country having a total of 4 selection.
From March through May, these startups will participate in three four-day workshops to sharpen their case for investment and engage with potential customers, strategic partners, mentors, investors, sector experts, and PayPal employees.
At the end of the programme, the two top startups in the cohort will be offered $50,000 investment. The victors would be selected by their peers.
See below for the list of startups.
Annona: is the leading technology platform for managing small-scale producers in global supply chains, helping them fulfil contracts and make digital payments.
FPESA®: helps small- and medium-sized Kenyan enterprises that transact foreign exchange discover, negotiate, book and settle foreign currency transactions.
GrassRoots Bima: helps customers access insurance services simply and transparently through both online and offline applications.
Tulaa: also based in Ghana, is a mobile-based marketplace that helps smallholder farmers in Africa access affordable finance, quality agricultural inputs, and markets.
CredPal: is a technology company that allows consumers to make purchases across various online and offline merchants and pay for it in installments.
Social Lender: is the leading credit lending solution based on social reputation on mobile, online and social media platforms.
Youverify: is an API for address and identity verification in Africa.
Finance Life Technologies Limited (Riby Finance): provides a software that enables cooperatives, associations and trade groups to automate and manage their financial transactions.
Ensibuuko: helps cooperative microfinance organisations automate how they manage customer and transaction data using Mobis, a cloud-based software platform.
Mazima Retirement Plan: helps Africa’s informal sector save for retirement.
Numida Technologies: is building the missing digital products that African small businesses need in order to thrive.
Patasente Inc: provides purchase order financing for SMEs in Uganda.
Nigerian startups raised a total funding of $9.2 million in Q1 2018. Download our report to find out more.