Innotribe, which connects people, networks and ideas on innovation, has shortlisted 12 start-ups to compete in the 2017 African Start-up Challenge.
The three finalists who eventually emerge will each take home a cash prize of $10, 000 plus an opportunity to share the stage with FinTech experts, providing great insights on innovations in Africa to the wider financial industry.
The Innotribe Start-up Challenge is a leading start-up competition that connects the financial services industry with over 650 FinTech global start-ups by spotlighting emerging companies in the ecosystem and their revolutionary way of thinking and work. It reaches more than 4, 00 audience members through showcases and networking events globally.
Each of the shortlisted companies will receive complimentary sessions with seasoned entrepreneurs ahead of the pitching.
The audience will vote for the best three start-ups during the showcase who will then be invited to Swift’s annual global financial services conference Sibos in Geneva, Switzerland in September 2017.
More than one hundred judges from across the financial, technology and investment sectors narrowed the African start-ups from a total of 89 applications on the basis of their ability to provide vital innovation in the future of the financial industry.
“We are thrilled with the number and calibre of the African start-ups applying to our programme,” said Fabian Vandenreydt, Global Head of Securities Markets, Innotribe.
The 12 semi-finalists are:
South Africa’s GeoPay, a mobile application that lets people transfer money cross-border instantly; Hello Paisa, a low-cost international money transfer solution for remittances; Stock Shop which builds white label and bespoke financial products targeting millennial, leveraging emotional algorithms and artificial intelligence; The Money School which provides affordable, scalable financial education solutions for financial institutions to attract and retain customers whilst adding a new revenue line to their business; and The Sun Exchange, a peer-to-peer lending platform for investors to fund solar energy projects across the globe.
From Kenya, Alternative Circle which has created a app based marketplace to enable Financial Institutions to lend capital directly to end users without the need to build their own systems; Africa’s fastest and most affordable bitcoin trading platform BitPesa; and Ranis Capital, a marketplace to leverage customer invoices to provide low cost short term financing.
Cameroon is represented by AMoney which enables cross border payments and unifying mobile wallets using blockchain; and WeCashUp which has created a cross border mobile money platform, enabling users to make secure payments via their mobile phones all across Africa.
Nigeria and Uganda are each represented by one start-up: CashMadam, a mobile sales and Inventory Management System combined with advanced analytics to help SMEs; and YoUganda which builds solutions that leverage existing mobile services to enable payments to be made through Point of Sales devices, mobile applications or online respectively.
They will pitch their innovations at the Swift African Regional Conference on 18 May 2017 in Mauritius at the event that attracts up to 500 high-level delegates from more than 40 countries.
The platform for discussion, debate and networking for the African financial community is also a great opportunity for local start-ups to meet face-to-face with potential investors, partners and customers.