Four fintech startups creating financial products for consumers in low-income communities have been awarded $200,000.
Funded by the Bill and Melinda Gates Foundation, the Digital Financial Services Lab (DFS Lab) programme supports early stage companies targeting Sub-Saharan Africa and Asia markets. This latest funding brings the total investment by the platform to $1.2 million.
“We are excited to have the opportunity to invest in companies that are creating products that will improve, simplify, and enrich people’s lives. 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,” said DFS Lab Director Dr Jake Kendall.
Nobuntu, designed to help older South Africans with their financial planning; a mobile tech platform to help fund female-led micro-enterprises, Cherehani Africa; NALA – which is pioneering smart payments for smartphone users in Tanzania; and a company in stealth mode focussed on digital lending in Kenya are the four startups that will now receive the new investment and six-months of mentorship support.