Following calls for applications, 12 startups have been selected for the semi-finals of the Innotribe Africa Startup Challenge, a competition which gives young African financial technology startups the opportunity to showcase their products and receive expert coaching and mentoring.
The 12 startups were selected from the 89 applications received (compared to the 49 applications received in 2015) by over one hundred judges from across the financial, technology, and investment communities.
In no particular order, the 12 FinTech startups are described below.
- Alternative Circle (Kenya) has created a app based marketplace to enable Financial Institutions to lend capital directly to end users without the need to build their own systems.
- AMoney (Cameroon) enables cross border payments and unifying mobile wallets using blockchain.
- BitPesa (Kenya) is Africa’s fastest and most affordable bitcoin trading platform.
- CashMadam (Nigeria) is a mobile sales, and Inventory Management system combined with advanced analytics to help SMEs.
- GeoPay (South Africa) is a mobile application that lets people transfer money cross-border instantly.
- Hello Paisa (South Africa) is a low cost international money transfer solution for remittances.
- Ranis Capital (Kenya) is a marketplace to leverage customer invoices to provide low cost short term financing.
- Stock Shop (South Africa) builds white label & bespoke financial products targeting millennials, levering emotional algorithms and artificial intelligence.
- The Money School (South Africa) offers effective employee financial education to eliminate financial related stress, and positively influence productivity.
- The Sun Exchange (South Africa) is a peer-to-peer lending platform for investors to fund solar energy projects across the globe.
- WeCashUp (Cameroon) has created a cross border mobile money platform, enabling users to make secure payments via their mobile phones all across Africa.
- Yo Uganda (Uganda) builds solutions that leverage existing mobile services to enable payments to be made through Point of Sales devices, mobile applications or online.
All the startups will pitch their products on May 18, 2016 during the SWIFT African Regional Conference (ARC) in Mauritius.
“For the second consecutive year, we are thrilled with the number and calibre of the African startups applying to our programme,” 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 every company participating as they benefit from expert mentoring and get that much needed exposure to financial institutions. We are excited to start this year’s journey and look forward to seeing the startups pitch their innovative products with determination in Mauritius.”
Prior to the pitch proper, each of the startups will receive complimentary coaching sessions with seasoned entrepreneurs.
After the pitch session, the audience will vote for the three best startups who will be invited to Sibos, SWIFT’s annual global financial services conference taking place from September 26-29, 2016 in Geneva.
The three selected finalists will have the opportunity to share the stage with FinTech experts at Sibos. They will also receive a cash prize of US$10,000 each.
This is the second edition of the Innotribe Africa Startup Challenge. The first edition last year saw Ugandan startup, iwiafrica and South Africa-based YueDiligence showcasing their product at Sibos.