The startups joining the second cohort of the Visa Fintech Accelerator program has been unveiled. Launched in June 2023, the program aims to drive financial innovation across the continent by providing startups with personalised mentorship, training, and networking opportunities over 12 weeks. The initiative reflects Visa’s commitment to fostering digital transformation and financial inclusion in Africa.
The second cohort shows significant growth in participation, with startups from 28 African countries compared to 18 in the first cohort. Notably, female leadership has increased to 65%, up from 43% in the previous group, emphasizing Visa’s focus on diversity and inclusion in the fintech space.
Startups Selected for the Visa Fintech Accelerator Cohort 2:
The selected startups, which span a diverse range of fintech solutions, are set to address various challenges and opportunities within the African financial landscape, such as access to credit, cross-border payments, and more. Here’s a detailed look at the startups grouped by country:
Kenya
- CheckUps Medical Hub: Specializing in embedded finance within the healthcare sector, they aim to streamline financial transactions for medical services.
Tanzania
- AzamPay: A B2B marketplace facilitating smoother transactions for businesses.
- Beem: Engaged in social commerce, Beem is enhancing how businesses interact with their consumers through social media platforms.
Nigeria
- Aku: A neo-banking platform providing innovative banking solutions.
- Cleva: Focuses on efficient money movement solutions to enhance financial transactions.
- Curacel: An insurance management startup that leverages technology to streamline claims and reduce fraud.
- E-doc Online: Specializing in open banking, they facilitate secure sharing of financial information.
- Raenest: Enhances money movement capabilities with their financial technology solutions.
- Bridgecard: Provides infrastructure to enable various financial services.
South Africa
- Truzo: Offers escrow services to secure transactions and enhance trust between parties.
Côte d’Ivoire:
- Bizao (Ivory Coast): A merchant payments solution aimed at simplifying the payment processes for businesses.
- Hub2 (Ivory Coast): Focuses on providing essential infrastructure to enable various fintech services.
Other African Countries
- Chapa (Ethiopia): Provides merchant solutions to enhance business transactions.
- Vaultpay (Democratic Republic of Congo): Focuses on merchant payments to aid businesses in financial transactions.
- Iwomi Technologies (Cameroon): Specializes in money movement to facilitate better transaction processes.
- Proboutik (Cameroon): Another merchant payments solution aimed at improving business transactions.
Program Goals and Future Prospects
Visa’s Africa Fintech Accelerator program not only aims to nurture innovation but also to provide these startups with the necessary tools and opportunities to scale their operations. The program will conclude with a Demo Day, where participants can showcase their projects to key stakeholders, including potential investors and partners. This event aims to open doors for further growth and collaboration, following the success of the first cohort which reported enhanced user growth, product improvements, and new funding opportunities.
Aida Diarra, Vice President and Head of Sub-Saharan Africa at Visa, commented on the program’s impact: “We are proud that our second cohort of Accelerator participants represents more than 50% of countries across Africa. With a robust, diverse selection of innovators, Visa is thrilled to assist in their journey towards reshaping the future of commerce and finance.”
The Visa Fintech Accelerator program is part of a broader initiative by the company, which includes a pledge to invest $1 billion in Africa by 2027 to enhance the continent’s payments ecosystem. This initiative underlines Visa’s commitment to connecting and uplifting economies globally through innovative and secure payment solutions.
