VISA announced strategic investments in four startups that graduated from the first batch of its VISA Africa Fintech Accelerator Program.
The company did not reveal the amount of each investment, but said it aligns with its current strategy to drive digital innovation in Africa, aiming to accelerate the growth of fintech across the continent and to improve financial inclusion and access.
Below we take a look at the 4 startups:
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Oze – based in Ghana. The company provides digital recordkeeping tools and integrated financial products to SMEs, helping them manage their transactions, access affordable capital and grow their businesses. Additionally, the startup offers a loan management system for financial institutions, featuring machine learning-based credit scoring to improve lending decisions and expand access to credit for micro, small and medium-sized businesses businesses (MSMEs).
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WorkPay – an HR technology company headquartered in Kenya. The company offers a comprehensive cloud-based payroll and HR platform that manages the entire employee lifecycle, enabling payroll processing, time tracking, benefits administration, performance management and “reference employer” services in more than 35 countries across Africa.
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OkHi – based in Nigeria. OkHi is an intelligent addressing system that provides digital address verificationenabling businesses to collect, verify and access precise addresses, improving delivery efficiency and access to financial services.
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ORDER – a cloud-based restaurant software company that digitizes over 1,500 restaurants in Nigeria, Kenya and South Africa with order fulfillment, inventory management and financial services tools to optimize operations and fuel growth.
“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. »
Launched in June 2023THE VISA Africa Fintech Accelerator Program offers up to 40 startups an intensive three-month learning program each year focused on business growth and mentoring. Upon completion of the program, select participating companies receive additional support from VISA in the form of capital investments, as well as access to VISA’s technology and capabilities, to accelerate their commercial launch.
Visa launches Africa Fintech Accelerator program to empower startupshttps://t.co/KD0Nsg3v2v
– Best of Africa (@BestIn_Africa) July 13, 2023
From July 2023, fintech startups across Africa will be able to apply for the program during two application phases each year.
VISA has announced that graduates from the second cohort of the program will have the chance to showcase their innovation capabilities at a “Demo Day” on December 2, 2024, in Cape Town, South Africa. The event will bring together venture capitalists, angel investors, ecosystem facilitators and business partners.
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