10 fintech startups have been selected for the finals of the third Innotribe Startup Challenge in Africa, which will see the top three securing cash prizes and a chance to pitch in front of fintech aficionados from across the globe.
Announced earlier this year, the challenge is aimed at giving young African financial technology startups the opportunity to showcase their products and receive expert coaching, mentoring and funding.
Following calls for applications, about 100 submissions were received from startups in 16 countries, with South Africa, Nigeria and Kenya dominating the list.
Working in close collaboration with Innotribe, the judges assessed the startups on their potential to provide an important innovation to the future of the financial industry and ultimately selected only 10 for the finals of the challenge. They are described below:
1. South Africa’s FinChatBot aim to make financial services available to everybody, and even fun!
2. Nigeria’s FINT is a peer-to-peer lending platform that provides easy access to affordable loans.
3. Ghana’s Inclusiveft is an identity verification API that helps businesses verify African identities via digital channels.
4. Nigeria’s IroFit Technologies helps small businesses process in-store mobile/ card payments even when there’s no Internet connection.
5. South Africa’s Mobbisurance is focused on offering emerging farmers with affordable crop insurance.
6. Cameroon’s Ovamba brings financial solutions to the worlds Illiterate population.
7. Nigeria’s Releaf makes investing in Africa easier for foreign investors, by leveraging Big Data Analytics.
8. Kenya’s Sokowatch is a last-mile ordering and distribution network for small African shops.
9. South Africa’s ThisIsMe brings trust into transactions through proprietary, true identification technology.
10. Rwanda’s Vugapay provides a mobile wallet which can be topped up from Bitcoin, mobile money, debit and credit cards and bank accounts.
“It is a pleasure for us to see the number of African startups applying to our programme growing year after year. Their calibre continues to impress, and there is no doubt they are going to play an important role in shaping the future of finance,” said Fabian Vandenreydt, Global Head of Securities Markets, Innotribe and the SWIFT Institute at SWIFT.
He added, “The Startup Challenge is an enriching experience for all participating companies. They benefit from expert mentoring and get that much needed exposure to financial institutions. We look forward to collaborating with another bunch of talented startups, and start this year’s journey in Abidjan!”
The 10 startups will receive complimentary coaching sessions with seasoned entrepreneurs who will give them sound advice ahead of the formal pitches in Abidjan on 17 May during SWIFT’s African Regional Conference (ARC).
The three best startups, voted for by the audience, will receive US$10,000 cash prize each and a spot at Sibos in Toronto, Canada from 16 – 19 October 2017, where they’ll share the stage with fintech experts, providing great insights on innovation happening in Africa to the financial industry at large.
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