FUNDING | VISA Announces Investments in 4 Fintech Startups Across Africa
Launched in June 2023, the VISA Africa Fintech Accelerator program provides up to 40 startups annually with a three-month intensive learning program focused on business growth and mentorship. Upon completing the program, select participating businesses receive further support from VISA through capital investment, along with access to VISA’s technology and capabilities, to accelerate their commercial launch.
VISA has 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 stated that it aligns with its ongoing strategy to foster digital innovation in Africa, aiming to accelerate fintech growth across the continent and enhance financial inclusion and access.
Below we look at the 4 startups:
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Oze – based in Ghana. The company provides digital record-keeping tools and embedded finance products to SMEs, helping them manage 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 enhance lending decisions and expand access to credit for micro, small and medium-sized enterprises (MSMEs).
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WorkPay – an HR tech firm 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, employee benefits administration, performance management and “employer of record” services in more than 35 countries across Africa.
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OkHi – based in Nigeria. OkHi is a smart addressing system that provides digital address verification, enabling businesses to collect, verify and navigate to accurate addresses, thereby improving delivery efficiency and access to financial services.
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ORDA – a cloud-based restaurant software company digitizing over 1,500 restaurants across Nigeria, Kenya and South Africa with tools for order processing, inventory management, and financial services to optimize operations and fuel growth.
“These investments mark a substantial step for VISA – we are once again standing behind our commitment to innovation in Africa, helping to shape the future of digital payments alongside some of the brightest FinTech minds that the continent has to offer,” Godfrey Sullivan, Senior Vice President of Products, partnerships and digital solutions for VISA CEMEA, said in the release.
“VISA sees each investment as a unique opportunity to drive financial access and inclusion, and we are proud to support these startups as they realize their vision for a more connected Africa.”
Launched in June 2023, the VISA Africa Fintech Accelerator program provides up to 40 startups annually with a three-month intensive learning program focused on business growth and mentorship. Upon completing the program, select participating businesses receive further support from VISA through capital investment, along with 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 In Africa (@BestIn_Africa) July 13, 2023
Starting from July 2023, fintech startups from across Africa can apply for the program during two application phases each year.
VISA announced that graduates of the second cohort of the program will have the chance to showcase their innovative capabilities at a ‘Demo Day’ on December 2, 2024, in Cape Town, South Africa. The event will be attended by venture capitalists, angel investors, ecosystem enablers, and business partners.
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