10 African startups receive investment from The World Bank

  • The World Bank has awarded 10 Southern Africa fintech startups with $5 000 (~R93 870).
  • The investment forms part of the Southern Africa Bridge Portal that The World Bank supports.
  • Six of the 10 fintech startups hail from South Africa specifically.

10 fintech startups from Southern Africa have been chosen to receive an investment of $5 000 (~R93 870) from The World Bank.

This initiative was part of the Fintech Challenge, hosted by the Southern Africa Innovation Bridge Portal, which is supported by the World Bank to crowdsource new and impactful ways to utilise the latest innovations in fintech.

“The region’s most innovative and impactful fintech companies unveiled their solutions to enable greater financial access to the poor, after an eight-week investment readiness program which included masterclasses and mentoring,” noted Marie Francoise Marie-Nellie, World Bank country director for Botswana, Eswatini, Lesotho, Namibia, and South Africa.

“Of the 15 participating startups, 10 were awarded financing. These businesses are investment ready and now eager to engage further with interested investors,” she added in a press release sent to Hypertext.

Along with the aforementioned $5 000, the purpose of the initiative was to help train startups to better engage with investors and enhance their chances of successful capital raising.

Of the 10 fintech startups chosen, six hailed from South Africa, serving as a reminder of the maturity of the segment within the country, as well as the innovation that is being fostered daily here.

“South Africa’s financial services sector is well regarded and we are thrilled to be actively promoting fintech in partnership with the World Bank. There are many untapped opportunities to be explored,” added Marino Cuenat, deputy head of Mission for the Embassy of Switzerland.

As for the chosen startups, they are:

abela – South Africa,

Bento Technologies -South Africa,

Fintr – South Africa,

Moya Money – South Africa,

Sum1 Investments – South Africa,

Thumeza – South Africa,

Chaperone – Lesotho,

FundRoof – Namibia,

Ipachi Capital – Botswana,

Prime Capital – Lesotho.

[Image – Provided]


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