Innotribe selects 12 semi-finalists to compete in the second annual African Startup Challenge


12 companies will compete in Mauritius on 18 May and get the chance to take their innovative solutions to the next level

Working in close collaboration with Innotribe, over one hundred judges from across the financial, technology, and investment communities evaluated the 89 applications received for the second edition of the Startup Challenge in Africa (compared to the 49 applications received in 2015). The judges assessed the startups’ ability to provide an important innovation in the future of the financial industry and ultimately narrowed the selection process to this year’s 12 semi-finalists:

One Line Description Country
 

Alternative Circle has created an app based marketplace to enable Financial Institutions to lend capital directly to end users without the need to build their own systems.

 

Kenya
AMoney enables cross border payments and unifying mobile wallets using blockchain. 

 

Cameroon
BitPesa is Africa’s fastest and most affordable bitcoin trading platform. 

 

Kenya
CashMadam is a mobile sales, and Inventory Management system combined with advanced analytics to help SMEs. 

 

Nigeria
GeoPay is a mobile application that lets people transfer money cross-border instantly. 

 

South Africa
Hello Paisa is a low cost international money transfer solution for remittances. 

 

South Africa
Ranis Capital is a marketplace to leverage customer invoices to provide low cost short term financing. 

 

Kenya
Stock Shop builds white label & bespoke financial products targeting millennials, levering emotional algorithms and artificial intelligence. 

 

South Africa
The Money School offers effective employee financial education to eliminate financial related stress, and positively influence productivity. 

 

South Africa
The Sun Exchange is a peer-to-peer lending platform for investors to fund solar energy projects across the globe. 

 

South Africa
WeCashUp has created a cross border mobile money platform, enabling users to make secure payments via their mobile phones all across Africa. 

 

Cameroon
Yo Uganda builds solutions that leverage existing mobile services to enable payments to be made through Point of Sales devices, mobile applications or online. 

 

Uganda

These companies will now pitch their new products in Mauritius on 18 May, during the SWIFT African Regional Conference. The event attracts up to 500 high-level delegates from more than 40 countries and is a unique platform for discussion, debate, and high-level networking for the African financial community. It also represents a great opportunity for the local startups to meet face to face with potential investors, partners and customers.

“For the second consecutive year, we are thrilled with the number and calibre of the African startups applying to our programme.” says Fabian Vandenreydt, Global Head of Securities Markets, Innotribe and the SWIFT Institute at SWIFT. “The Startup Challenge is an enriching experience for every company participating as they benefit from expert mentoring and get that much needed exposure to financial institutions. We are excited to start this year’s journey and look forward to seeing the startups pitch their innovative products with determination in Mauritius.”

As a part of the programme, each semi-finalist will also receive complimentary coaching sessions with seasoned entrepreneurs who will give them sound advice ahead of the formal pitches taking place on 18 May.

During the showcase, the audience will vote for the three best startups who will be invited to Sibos, SWIFT’s annual global financial services conference, taking place from 26-29 September in Geneva. The three finalists will have the opportunity to share the stage with FinTech experts, providing great insights on innovation happening on the ground in Africa to the financial industry at large. They will also receive a 10,000 USD cash prize each.

For more information about Innotribe and the Startup Challenge, please visit: www.innotribe.com.


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