Gates Foundation Accelerator has announced the next four FinTech companies it will invest into.
The companies, which will receive $200,000 each, are Kenya-based Cherehani, US-based NALA, South Africa-based Nobuntu, and a Kenyan company still in stealth. Alongside this funding, these companies will receive six months of mentorship and support from a network of experts.
The Sub-Saharan Africa and Asia-focused accelerator picked nine finalists at the end of last year and put them through a one-week bootcamp to develop their solutions and have them presented to the DFS board of experts.
Cherehani Africa is a mobile-based platform that provides credit and personalised financial literacy for women and adolescent girls that own micro-businesses. NALA is a single, unified wallet for smartphone users in Tanzania.
Nobuntu is a personal finance platform that encourages South Africans to prepare for old age. Through the platform, a user can choose how much they wish to save, which will then be distributed to them monthly. When the Nobuntu member dies, half of the money is given to the family, the other half is distributed in the community.
The fourth company, which is still in stealth is building a compliant digital lender for Kenya.
DFS Lab director Jake Kendall said, “Our current set of portfolio companies are using technology to create solutions for low-income and unbanked populations, providing high-impact advancement. We look forward to seeing these companies grow and encourage others to look at Africa and Asia for investment opportunities.”
Last year, Kenya picked up the lion share of funding to Africa’s FinTech sector, bagging three-quarters of the total capital, according to data by FinTech Global.
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