Visa injects new funds into four startups that graduated from the first batch of its Visa Africa Fintech Accelerator Program.
These investments underscore Visa’s commitment to driving digital innovation in Africa, according to a press release emailed Wednesday (Nov. 6) to PYMNTS. In doing so, the payments giant aims to foster the development of FinTechs in Africa while supporting greater financial inclusion and access.
The amount of money invested in each startup was not disclosed.
The startups are based in Ghana Ozewhich offers integrated financial services to small and medium-sized enterprises (SMEs); Based in Kenya Working salaryan HR technology company; Based in Nigeria OkHiwhich digitally verifies addresses; And ORDERa cloud-based restaurant software company that digitizes over 1,500 restaurants in Nigeria, Kenya and South Africa, according to the release.
The accelerator program lasts three months and supports seed-stage Series A startups by providing mentorship, training, and funding and partnership opportunities, according to the release. It was first launched in 2023 and is part of Visa’s commitment to invest $1 billion in the continent by 2027 to strengthen its digital transformation.
“These investments mark an important milestone for Visa – we are once again supporting our commitment to innovation in Africa, helping to shape the future of digital payments alongside some of the brightest FinTech minds on the continent. has to offer.” Godfrey Sullivansenior vice president of products, partnerships and digital solutions for Visa CEMEA, said in the release. “Visa views every investment as a unique opportunity to drive financial access and inclusion, and we are proud to support these startups as they realize their vision of a more connected Africa.”
Visa welcomed its second cohort on the program in January, building on the success of the first edition acceleration program launched in June 2023, the company said at the time.
“This unique experience will provide entrepreneurs with an opportunity for mentorship and accelerated growth, while also giving them access to a broader network of invaluable partners and investors. » Leila Serhansenior vice president and group country director for North Africa, Levant and Pakistan (NALP) at Visa, said on January 29.
Graduates from the second cohort will be able to showcase their capabilities to venture capitalists, angel investors, ecosystem facilitators and business partners at a demo day on December 2 in Cape Town, Africa of the South, according to Wednesday’s press release.
