Shenzhen-headquartered Transsion, the mobile phone company, has teamed up with Wapi Capital, FinTech company Wapi Pay’s venture fund, to find, fund and support FinTech startups in Africa.
The money for this new partnership will come from the incubator and seed fund Transsion’s Future Hub, TechCrunch reported. Wapi Capital will not contribute with money, but will aid with offering its expertise to help determine how promising startups are.
Together, the two partners will begin to find and fund FinTech enterprises from Africa, beginning in September this year. They will invest up to $100,000 in each early-stage startup.
FinTech Global recently reported that Africa’s FinTech sector is the centre of a lot of investment deals. Kenya, Nigeria and South Africa have received the most FinTech investments over the years. And as we reported, the continent shows a lot of promise for the industry going forward.
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