Are you a technology-driven startup looking to leverage innovations in the financial services sector to solve Africa’s most complex development challenges? Do you have a scalable solution with a defensible position and a clear monetization strategy?
Then Timbuktoo’s Fintech startup acceleration program is for you!
Preview
The Timbuktoo Fintech Startup Accelerator Program is a pan-African initiative of the Timbuktoo Fintech Hub in Lagos, Nigeria, which supports startups that:
- Deploying technology solutions in the financial services sector: These are startups that have a technology solution at their core, using digital tools and platforms to drive innovation and efficiency in the financial sector.
- Contribute to the achievement of the Sustainable Development Goals (SDGs): Startups whose solutions contribute to one or more SDGs, by promoting growth, industrialization, trade, education, health and inclusive governance, among others.
- Are highly scalable: Startups that demonstrate high scalability either through digital distribution channels or through the ability to rapidly scale their user base in African markets.
- Maintain a defensible position: Startups that have a defensible position – whether through intellectual property (IP) rights, network effects, domain expertise or regional market dominance – ensure a sustainable competitive advantage in the fintech landscape.
- Have a solid monetization strategy: Startups with a clear and sustainable monetization strategy, presenting a path to profitability and long-term financial viability.
What are the benefits of the Program?
The program will offer startup founders:
- Mentoring and coaching by leading African industry experts and seasoned entrepreneurs.
- Equity-free funding up to $25,000 to support startup growth.
- Access to a network of startup founders and entrepreneurs from across the African continent.
- A platform to connect and access potential investors as well as clients.
- Access to technical resources, adapted to accelerate the growth and impact of the startup.
Who can apply for the program?
Applications are open to technology-focused entrepreneurs and startup founders from across Africa aged 18-35, who can build, or are already building, fintech startups that meet the following criteria:
- Startups whose founders are citizens of an African country.
- Startups must be locally owned and based in any African country.
- Startups that leverage technology in the financial services sector to capitalize on complex development opportunities and solve challenges.
- Startups with a minimum viable product.
- Startups with existing corporate governance systems, accountability and social and environmental safeguards.
*This application is limited to citizens of African Union Member States.
How is the program structured?
Applications
The application portal will be open from May 31, 2024 to June 21, 2024.
Only candidates who have submitted a complete application will be considered for the program. The application includes questions to access the formal requirements as well as information about your startup and your motivation to join the program. You will need to submit the necessary documents that will be used exclusively for the application purposes.
Selection process
Applications will be assessed by an independent multi-stakeholder committee. The assessment will take into account eligibility criteria and fit with the programme mandate. The overall composition of the cohort will ensure a distribution that guarantees equal opportunities for participation between countries and genders.
Training camp
A 4-week immersive bootcamp, including pitching sessions with leading African investors, masterclasses with fintech experts and informal discussions with industry leaders, will take place. It will support startups’ product development, go-to-market strategies and market testing. The bootcamp will take place in a hybrid format, with continued virtual support, while also including a 2-week physical residency in Lagos, Nigeria from 7th to 21st July 2024.
Incubation and acceleration
The most promising startups from the bootcamp will receive personalized, long-term support for 5 months from August 2024 to December 2024. Through this targeted approach, startups will benefit from coaching, product refinement, and scaling. In addition, partnerships will be facilitated to drive product iterations, market access, and capital raising for startups. Startups selected for incubation and acceleration will have the opportunity to receive equity-free funding of up to $25,000.
What is the schedule of the program?
- Application and selection process: May 2024 – June 2024.
- Bootcamp: July 2024 (presence in Lagos, Nigeria from July 7 to 21, 2024).
- Incubation & Acceleration: August 2024 – December 2024.
How can startups apply to the program?