Founders Factory has invested at least $40k into 5 FinTech startups in Africa | Innov8tiv
Innov8tiv Apr 20, 2019 11:47:52 AM 0 Post Ups
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As might already know, Founders Factory is set to hold a bespoke startup acceleration program in Africa running for six months. What you might not already know, is the program has already invested $40,000 into the five fintech startups selected to take part in the acceleration program.
The program was founded in London back in 2015 and has so far up to 70 startups under its portfolio. It recently pitched camp in Johannesburg, South Africa from which it will be identifying African startups worth their salt and ready for acceleration and seed funding.
The five fintech startups were selected out of a pool of more than 500 applicants, all from fintech background and founded on the continent. The five startups are as follows:
Schoolable - a school financing solution from Nigeria
- a peer-to-peer leasing platform from Nigeria
- retail solutions and big data startup from Ghana
- an online lender from Kenya
Digest Africa - a news platform featuring investment opportunities in Africa based in Kenya
Each of the startups got $40,000 funding from Founders Factory, and are set to go through a six-month acceleration program. The program is designed to help them scale their products, network, and market.
They will be taking advantage of Founders Factory's multinational network, which includes serial entrepreneurs, investors, corporates, and role-model startups from across Africa, U.S., and U.K.
Roo Rogers, the CEO of Founders Factory Africa said the following in a statement: " Digest Africa, LipaLater, Kudigo, Schoolable, and EazyHire all represent the best of African leadership and innovation.Our investment and focus on growing pan-African products and market solutions will enable these exceptional entrepreneurs to address the needs of millions of people and deliver scaled financial and impact return across the continent. Together with our multi-national corporate investors, we are excited to support these businesses on their pathway to scale."
Some of the multi-national corporates Founders Factory will be leveraging on, includes Standard Bank, which has a significant footprint across the continent. Alongside a wide customer distribution network that will easily give participating startups a good start for distributing their products and services across the continent.
Dareen Segal, the executive and head of moonshots at Standard Bank said: " These businesses are just the start of an exciting journey working with Founders Factory Africa. We see huge potential to grow these businesses and create jobs. Through our partnership, there is also a unique opportunity to catalyze the startup culture and early-stage investment into these ventures in Africa."
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