Home Startups Visa Announces Investments in Four African Fintech Startups

Visa Announces Investments in Four African Fintech Startups

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Visa solidifies its commitment to fostering digital innovation in Africa by investing in four promising graduates from the inaugural Visa Africa Fintech Accelerator program.

These investments aim to propel fintech growth across the continent and bolster financial inclusion for all.

The awardees hail from various African countries and represent diverse solutions:

  • Workpay (Kenya): Provides a comprehensive cloud-based payroll and HR platform that manages the entire employee lifecycle, including payroll processing, time tracking, benefits administration, performance reviews, and Employer of Record services, spanning over 35 African countries.
  • OkHi (Nigeria): Offers a smart addressing system for verifying digital addresses. Businesses can utilize OkHi to collect, confirm, and navigate to accurate addresses, improving delivery efficiency and access to financial services.
  • ORDA (Nigeria, Kenya, South Africa): Digitizes restaurant operations across over 1,500 restaurants with cloud-based software. Their tools facilitate order processing, inventory management, and financial services, ultimately optimizing operations and fueling restaurant growth.
  • Oze (Ghana): Empowers SMEs with digital record-keeping tools and embedded finance products, facilitating easier transaction management, access to affordable capital, and business growth. They also offer a Loan Management System (LMS) to financial institutions, utilizing machine learning for credit scoring and expanding credit access for micro, small, and medium-sized enterprises (MSMEs).

The second cohort of the program will showcase their innovative solutions at a Demo Day on December 2nd in Cape Town, South Africa.

This event will attract venture capitalists, angel investors, ecosystem enablers, and potential business partners.

Propelling Innovation

Launched in 2023, the Visa Africa Fintech Accelerator program is a three-month intensive program that supports Seed to Series A start-ups.

The program provides participants with invaluable resources, including one-on-one mentorship, specialized training, and exclusive access to funding and partnership opportunities.

This initiative aligns with Visa’s $1 billion pledge towards Africa’s digital transformation by 2027.

The program is supported by Amazon Web Services (AWS), which offers free cloud services to cohort participants

Senior Vice President of Products, Partnerships and Digital Solutions for Visa CEMEA, Godfrey Sullivan said “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. Visa sees each investment as a unique opportunity to drive financial access and inclusion, and we are proud to support these start-ups as they realize their vision for a more connected Africa.”

Each startup leader expressed their enthusiasm about the partnership with Visa, highlighting the impact on scaling their innovations, disrupting industries, and achieving their visions for a more connected Africa.

Co-Founder and CEO of WorkPay, Paul Kimani commented: “We are happy to have Visa in our corner. As a trusted leader in digital payments, Visa’s support pushes us toward our goal of delivering innovative solutions and streamlining backend processes for all.”

Visa is finalizing additional investments and commercial partnerships with graduates from the program.

These partnerships demonstrate the transformative power of collaboration in fostering the next generation of fintech innovators.

Companies interested in contributing to Africa’s fintech landscape are encouraged to join this initiative.

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