The round was co-led by Flourish Ventures and 1kx, with backing from White Star Capital and Fabric Ventures. With this, the company’s total funding now stands at $9.2 million.

Kulipa builds payment infrastructure that allows fintech companies to issue cards funded directly from stablecoin balances. These cards can be used anywhere card networks are accepted, including for everyday purchases and ATM withdrawals.

Stablecoins already handle more than $300 billion in daily settlements, but their use in everyday payments is still limited. The systems that connect blockchain-based transactions to traditional card networks are still fragmented and usually require large upfront capital.

Kulipa says its platform removes some of these limitations. It verifies balances and settles transactions onchain, reducing the need for prefunding.

At the same time, it takes on fraud liability for issued cards, which lowers operational pressure for its partners.

“Stablecoins have proven their value as a settlement layer, but using them in everyday financial products is still early,” said Axel Cateland, Founder and CEO of Kulipa.

“Card issuance is the bridge between onchain balances and real-world payments. We built Kulipa to give regulated fintech platforms the compliant, capital-efficient infrastructure they need to operate at global scale.”

The company operates what it describes as a local-first model, with regulatory coverage across the European Union, Argentina and Nigeria. It is also working on expansion into the United States through BIN sponsorship.

Kulipa launched its infrastructure in February 2025 and since then, it has issued more than 120,000 cards and signed 20 customers. These include Flutterwave, Solflare, nSave and Ready.

The company also reports a 70% month-on-month increase in transaction volume.

“At Flutterwave, we’re focused on building payment infrastructure that works across markets at scale. As stablecoins become a more practical settlement option, it’s important that businesses can turn those balances into real-world spending,” said Olugbenga Agboola, Founder & CEO of Flutterwave.

“Partnering with Kulipa allows us to extend stablecoin value into globally accepted payments in a compliant, scalable way.”

“Kulipa has enabled Ready to become an onchain alternative to banks,” said Itamar Lesuisse, CEO of Ready. “With their infrastructure, we can issue globally accepted cards directly from stablecoin balances, giving our users seamless access to everyday spending in a compliant and scalable way.”

Kulipa was founded in 2023 by a team with experience across payments, compliance and technology. Cateland previously worked on Apple Pay and Google Pay deployments at Mastercard.

Co-founder and CTO Michael Shynar has worked at WhatsApp and Google, while Head of Compliance Benoit Roger brings experience from Binance and Nickel Bank.

Investors say the company is addressing a key gap in the market.

“We’re seeing stablecoins moving beyond cross-border settlement and becoming part of real financial infrastructure,” said Ameya Upadhyay, General Partner, Flourish Ventures.

“The missing piece has been compliant, scalable card issuance. Kulipa fills that gap by combining capital efficiency with multi-region regulatory coverage, enabling fintech platforms to bring stablecoin settlement into everyday payments.”

1kx Founding Partner Christopher Heymann added, “Stablecoins are reshaping how money moves globally, but for mainstream adoption, people need to spend them as easily as they spend fiat. 

“Kulipa meets users where they already are, starting with the card in their wallet, and gives businesses a turnkey way to offer that experience. We believe this payments layer is critical infrastructure for the next phase of crypto adoption.”

Kulipa says it will use the new funding to strengthen its infrastructure and support more fintech platforms looking to offer stablecoin-based payments at scale.

Even when companies with mixed-gender founding teams are included, startups involving women attracted just over 12% of global venture funding.

These are still among the most striking imbalances in the global startup economy.

But the funding gap doesn’t reveal the lot happening across sectors such as finance, healthcare, artificial intelligence, mobility and digital commerce. Women entrepreneurs are building companies that address everyday problems, including saving money, accessing diagnostics, paying school fees or commuting to work. 

Many of these businesses are growing quietly but steadily, creating new markets and improving access to essential services.

As the world marks International Women’s Day (IWD 2026), the economic focus has gone beyond asking if women are entering business, but where they are touching and bolstering entire sectors.

Fintech: expanding access to money

Financial technology has become one of the most visible areas where women are building scalable companies.

In Nigeria, PiggyVest, co-founded by Odunayo Eweniyi, has grown into one of the country’s most widely used savings and investment platforms. The service allows users to automate savings and invest small amounts through a mobile app. For many youths, it has become a simple entry point into personal finance.

Eweniyi is also a co-founder of FirstCheck Africa, an investment fund created to provide early-stage funding for female-led technology startups across the continent.

Another Nigerian fintech platform attracting attention is Bamboo, where Yanmo Omorogbe serves as co-founder and chief operating officer. Bamboo allows Nigerians to buy and trade U.S. stocks directly from their phones, a service that has received strong demand from young investors seeking exposure to global markets.

Elsewhere on the continent, women are building platforms focused on financial inclusion.

Shecluded, founded by Ifeoma Uddoh, provides loans and financial training to female entrepreneurs. The platform supports women who usually find access to credit from traditional banks difficult.

Another example is Hervest, founded by Solape Akinpelu, which offers savings and investment products designed specifically for African women, including smallholder farmers.

At the grassroots level, social enterprise Mamamoni, created by Nkem Okocha, provides microloans and vocational training for women in low-income communities.

Taken together, these platforms illustrate how fintech innovation in Africa is addressing financial behaviour such as saving, investing and accessing credit, rather than simply digitising traditional banking.

Health technology: solving long-ignored healthcare gaps

Healthcare is another sector where women entrepreneurs are building companies around problems that were usually overlooked by traditional investors.

In Nigeria, Healthtracka, founded by Ifeoluwa Dare‑Johnson, allows users to book laboratory tests online and receive diagnostic results digitally. The company raised $1.5 million in seed funding to expand its services across Africa. 

Simplifying access to diagnostics, Healthtracka is tackling one of the toughest gaps in African healthcare systems.

Another Nigerian startup in the space is Clafiya, founded by Jennie Nwokoye. The platform connects patients with verified healthcare providers, offering digital access to medical consultations and services.

Pharmaceutical access is being addressed by Pharmarun, founded by Teniola Adedeji, which helps people locate and finance prescription medications across African markets.

Meanwhile, One Health, founded by Adeola Alli, is building a mobile-first platform that simplifies pharmacy services and access to primary healthcare.

Globally, women founders are also building large digital health companies.

U.S. platform Maven Clinic, founded by Katherine Ryder, provides virtual care services covering pregnancy, fertility and family health. The company has reached a valuation above $1 billion.

Another fast-growing health company is Kindbody, founded by physician Gina Bartasi, which operates fertility clinics and digital reproductive health platforms.

These businesses show how women founders are turning neglected healthcare challenges into scalable technology markets.

Enterprise software and artificial intelligence

The technology sector is male-dominated, particularly in enterprise software and artificial intelligence. But then several women entrepreneurs have built companies at the centre of the digital economy.

One of the most interesting examples is Canva, co-founded by Melanie Perkins. The platform has grown into one of the world’s most widely used design tools, serving more than 150 million users globally.

Another example from the AI sector is Scale AI, co-founded by Lucy Guo, which provides data infrastructure used to train artificial intelligence systems.

These companies operate deep inside the digital economy, building the tools and infrastructure that other businesses rely on.

Mobility and urban transport

Women founders are also addressing everyday urban problems, particularly transportation in fast-growing cities.

In Nigeria, Shuttlers, founded by Damilola Olokesusi, operates a scheduled bus-sharing platform designed to reduce commuting stress in cities such as Lagos. 

The company allows users to book bus seats through a mobile app and has raised more than $5 million in funding to expand its operations.

Urban mobility is one of the biggest challenges in rapidly expanding African cities. Platforms like Shuttlers provide structured alternatives to chaotic public transport systems.

Logistics and cross-border commerce

eCommerce is expanding across Africa, and logistics startups are becoming more important.

Sendsprint, founded by Damisi Busari, focuses on simplifying cross-border remittances and international payments.

Meanwhile, Fez Delivery, founded by Seun Alley, is building last-mile delivery infrastructure for businesses and consumers across African cities.

Logistics companies like these are the backbone of digital commerce, connecting online marketplaces to physical deliveries.

Education technology and financial literacy

Education financing is another area where women founders are developing new solutions.

Schoolable, co-founded by Angela Essien, provides financing tools that allow families and schools to spread tuition payments over time. The company has also developed digital tools that teach financial literacy to students.

Across many African countries, school fees sometimes limit education. Flexible financing platforms like Schoolable are attempting to solve that problem.

The funding paradox

Looking beyond these good works, women founders still receive a small share of venture capital.

Data from the Global Entrepreneurship Monitor shows that women are launching businesses at rates close to men in many parts of the world.

However, access to capital is uneven. Across Africa, female-founded startups raised about $256 million in venture funding in 2025, representing 10% of the continent’s total equity investment, according to research from Partech Partners.

Part of the explanation is within the investment industry itself. Women still hold fewer than one-fifth of senior roles in venture capital firms globally.

Investment networks usually affect who receives funding, and those networks are dominated by men.

The industries women may transform next

Several emerging sectors could see stronger participation from women entrepreneurs in the coming years.

Artificial intelligence applications in healthcare and education are expanding, and climate technology, covering renewable energy, environmental monitoring and sustainable agriculture, is also attracting attention.

Another fast-growing field is the care economy, which includes childcare services, elder care and home healthcare.

With populations ageing and cities expanding, these sectors are likely to become indispensable to the global economy.

A change already underway

The venture capital gap is real and women founders still receive a small share of global startup investment.

But the companies they are building are doing exploits, solving problems that affect millions of people.

The change may not always be broadcasted, but across multiple industries, it is already enhancing markets.

Women are not simply joining the startup economy, but are helping determine what it becomes.

This evolution is largely driven by the rise of financial technology, or Fintech, which is reshaping the very nature of banking and making global financial transactions more accessible and efficient than ever before.

Just as globalization has brought people closer, Fintech acts as its indispensable financial counterpart, enabling seamless money movement across continents.

Prime examples of this revolutionary shift are platforms like Afriex, Remitly, Payoneer, Revolut and a host of others at the forefront of facilitating these crucial cross-border financial flows, especially for the African diaspora.

Historically, cross-border payments were often cumbersome, expensive, and time-consuming. Traditional banking systems, while robust, were not designed for the instantaneous global commerce and personal connections that define our modern era.

Lengthy processing times, high transfer fees, and complex currency exchange mechanisms posed significant barriers for individuals and businesses operating internationally. However, Fintech innovations are dismantling these barriers, ushering in an age of truly borderless banking.

The core of this transformation lies in the ability of Fintech platforms to leverage digital infrastructure for direct, rapid, and often more affordable transactions.

These platforms bypass many of the legacy systems that historically slowed down international transfers, offering streamlined solutions that cater to the demands of a globalised economy.

This is particularly impactful for emerging markets and the African diaspora, where the need for efficient remittance services and international business payments is critical.

Consider a platform like Afriex, which has demonstrated remarkable growth in addressing these needs.

With over $10 billion in processed transactions since its inception, and serving more than 5 million users globally, Afriex exemplifies the power of Fintech in bridging geographical divides.

It offers features such as recurring payments and scheduled transfers, allowing users to manage international bills and subscriptions with unprecedented ease.

The introduction of global accounts that enable users to receive money in major currencies like USD or EUR, and then convert or send it in multiple other currencies, is another testament to this shift.

These innovations mean that individuals and businesses can receive international payments directly into their accounts, hold funds, make transfers, or withdraw money, all within a single application.

Afriex is becoming a major player in global fintech with a strategic cross-border expansion. The company’s Global Accounts feature is a seamless financial bridge between continents, letting users receive and manage funds in international currencies. This directly addresses the high cost and complexity of international transfers.

Geographically, Afriex is rapidly expanding across Africa. Four new countries, Benin, Tanzania, Ivory Coast, and Uganda, have joined Nigeria, Kenya, South Africa, and Ethiopia, making it a total of eight countries where users can send money to over 18 countries in Africa, as well as to the UK, Europe, Canada, and Asia. The platform is also making significant inroads into Asia, positioning itself to cater to the growing remittance and trade corridors.

This multi-pronged approach demonstrates a focus on B2B services and a commitment to creating a truly borderless financial ecosystem.

By offering seamless, low-cost solutions, Afriex is empowering individuals and businesses to operate on a global scale. This is a critical step towards financial inclusion and a more interconnected world.

Furthermore, the rise of multi-currency wallets allows users to swap, hold, and send money in various currencies, enhancing financial flexibility. This is particularly crucial for supporting inter-African trade.

By enabling seamless transfers between countries like Nigeria, Kenya, Ghana, and South Africa, platforms like Afriex are directly contributing to the growth of regional commerce.

For instance, a small business in Lagos can easily pay a supplier in Nairobi, or an individual in Accra can send money to family in Johannesburg, bypassing traditional hurdles and significantly reducing transaction costs.

This facilitation of intra-African transfers connects a wider network of African nations, as well as to destinations in Canada, India, and Pakistan, fostering economic integration and unlocking new opportunities within the continent.

The impact extends beyond convenience. Fintech companies are increasingly focused on offering competitive pricing and transparent fees, often displaying real-time exchange rates to users. This transparency, combined with lower costs compared to traditional methods, empowers users to make more informed financial decisions and retain more of their hard-earned money.

Security is also a paramount concern, with leading platforms like Afriex adhering to stringent standards like PCI DSS compliance, ensuring secure systems and reducing the risk of data breaches.

This commitment to security builds trust and encourages wider adoption, essential for the continued expansion of borderless banking.

The ongoing evolution of Fintech, driven by the forces of globalization, points towards a future where financial transactions are as fluid and instantaneous as digital communication.

This new paradigm of borderless banking is not just about moving money; it’s about fostering greater financial inclusion, enabling global commerce, and strengthening economic ties across the world, with innovators like Afriex leading the charge.

The growth of Fintech in Africa is particularly noteworthy, given the continent’s unique financial landscape. A significant portion of the population, estimated to about 57%, remains unbanked or underbanked, and traditional financial infrastructure can be limited.

Fintech solutions, especially those leveraging mobile technology, have stepped in to fill this gap, offering financial services to millions who were previously excluded.

This surge in financial inclusion is a powerful driver of economic development, empowering individuals and small businesses to participate more fully in the global economy.

The ability to send and receive money easily, often through mobile phones, facilitates everything from daily transactions to supporting family abroad and growing entrepreneurial ventures.

Beyond remittances, Fintech platforms are enabling diverse financial activities. Features like recurring payments and scheduled transfers simplify managing international expenses, subscriptions, or even supporting recurring donations.

The convenience of global accounts, where users can receive funds in major currencies like USD or EUR and then convert or send them in various local currencies, caters to the diverse needs of a globally connected population.

For individuals living in the US or Canada, or within the African countries where Afriex operates, creating a free personal USD account to receive international payments and easily send them to their local currency streamlines financial management.

This allows for greater control and flexibility over funds, bypassing the complexities often associated with traditional international banking.

The increasing adoption of multi-currency wallets further enhances financial flexibility, allowing users to swap, hold, and send money in multiple currencies. This is particularly beneficial for travelers within Africa, enabling them to make local purchases and pay for services directly from their debit card or wallet without the inconvenience of currency exchanges or carrying large amounts of cash.

This ease of use not only simplifies personal travel but also supports the burgeoning tourism and service industries across the continent.

The impact of Fintech on inter-African trade cannot be overstated. Efficient, low-cost cross-border payment systems are essential for businesses operating across African nations.

By reducing the friction and cost associated with these transactions, Fintech platforms lower barriers to trade, encouraging more frequent and larger exchanges of goods and services between African countries. This fosters economic integration, builds regional supply chains, and unlocks the vast potential of the African Continental Free Trade Area (AfCFTA).

The ability to seamlessly send money from Nigeria, Kenya, and South Africa to a wide array of African countries, including Ghana, Uganda, Cameroon, Egypt, and many others, directly into bank accounts, mobile money wallets, or Afriex wallets, is a testament to this transformative power. This financial infrastructure is crucial for nurturing a vibrant and interconnected African economy.

The commitment to transparent pricing and low fees is another cornerstone of this new era of borderless banking. Users can see the current exchange rate on the app and website, ensuring transparency and enabling them to make informed decisions.

This stands in stark contrast to opaque traditional banking fees that can erode the value of international transfers. Furthermore, the focus on robust security measures, such as PCI DSS compliance, assures users that their financial data is protected, building confidence in digital financial services.

This emphasis on trust and security is paramount for driving widespread adoption and ensuring the long-term sustainability of Fintech growth.

Looking ahead, the collaboration between Fintech companies, traditional financial institutions, and regulatory bodies will be crucial for sustained growth and innovation.

As these technologies mature, there will be increasing opportunities for partnerships that combine the reach and regulatory compliance of established banks with the agility and innovation of Fintech startups.

This synergy can lead to even more comprehensive and accessible financial services for a globalized world.

The future of banking is undoubtedly borderless, driven by technological advancements and a growing demand for seamless, efficient, and affordable financial connectivity, with companies like Afriex playing a pivotal role in shaping this future.

*Dr. Robert Ekat is a media practitioner and public commentator, focusing on business and tech.

You don’t open a bank app, you don’t think about the transfer, you just pay, and move on. This simplicity is no accident but a part of a global transition where financial services are no longer exclusive to banks but are now built into everyday platforms.

By 2030, embedded finance is projected to generate more than $7 trillion globally, a value greater than the entire traditional banking sector today. That scale shows it is not a passing trend, but a structural transformation in how money moves.

What Exactly is Embedded Finance?

At its core, embedded finance means integrating financial services such as payments, lending, insurance, or even investment, into non-financial products. Think of it as financial “plug-ins” that sit inside platforms we already use.

It explains why you can:

• pay seamlessly on Uber without opening a separate app,
• access a small loan at checkout on Jumia,
• or insure your device as part of an online purchase.

Unlike traditional finance, where transactions are separate, embedded finance blends money and service into one smooth experience.

Why Now?

Several forces are making this model more urgent:

• The cashless policy: In Nigeria, government policy and banking reforms are pushing more people into digital payments.
• The rise of APIs: Platforms like Flutterwave, Paystack, and Mono have made it simple for non-fintech businesses to plug in financial features.
• Changing customer behaviour: Today’s consumers expect transactions to be quick, seamless, and invisible.

In short, finance is no longer a back-end activity. It has become the glue holding digital ecosystems together.

Global and Local Case Studies

Across the world, companies that didn’t start as financial institutions are quietly becoming one:

• Uber made cashless rides a global standard by embedding payments.
• Shopify lends directly to its merchants through Shopify Capital, turning e-commerce into finance.
• Amazon used one-click payments and Buy-Now-Pay-Later to strengthen customer loyalty.

In Africa, the trend is even more visible:

• OPay evolved from a wallet into a financial lifeline for millions of small businesses.
• JumiaPay provides credit and seamless payments right inside the marketplace.
• MTN MoMo started with airtime top-ups and now powers transfers, savings, and merchant payments across multiple countries.

None of these began as banks, but today they are central to financial lives.

Opportunities and Risks

For startups, embedded finance is not simply a feature, but a growth strategy. It provides new revenue streams, strengthens customer loyalty, and helps reach people who remain underserved by banks.

But the transition comes with challenges:

• Heavy reliance on technology and connectivity,
• Regulatory grey zones where the rules are still being written,
• Growing cybersecurity risks as more apps handle financial data,
• The constant need to earn and maintain user trust.

Handled well, these risks are manageable. Ignored, they can sabotage both startups and customers.

The future points towards financial services that disappear into the background. Traditional banks may become infrastructure providers, while everyday platforms handle customer interactions. 

E-commerce sites could compete both on price and on who offers the best credit at checkout. Insurance might be offered instantly during purchases. Gig workers may no longer wait days for their earnings.

Finance, in other words, will be everywhere, but rarely noticed.

The ability to pay a bike rider with a tap, borrow working capital directly from a digital marketplace, or access health insurance bundled into a subscription service are all made possible through embedded finance.

At a time when inflation is squeezing incomes and traditional banking feels distant for many, these services provide both opportunity and relief. But they also require safeguards, because when money becomes invisible, people need to know it is still secure.

Embedded finance is not about replacing banks, but about reimagining how financial access fits into daily life. For startups, it has become the secret weapon for growth and customer retention. For consumers, it promises convenience and inclusion, though it carries its own risks.

The question is not whether embedded finance will grow, that is already happening, but how it will bolster the future of money for both businesses and individuals.

The UNDP has launched the timbuktoo Fintech Startup Accelerator Programme, a Pan-African initiative designed to support technology-driven startups in the financial services sector. 

The timbuktoo Fintech Startup Accelerator Programme aims to leverage innovations to address some of Africa’s most complex development challenges by facilitating scalable solutions with clear monetization strategies.

Based at the timbuktoo Fintech Hub in Lagos, Nigeria, the programme supports startups that:

• Deploy technology solutions in the financial services sector: These startups use digital tools and platforms to drive innovation and efficiency within the financial sector.
• Contribute to the achievement of sustainable development goals (SDGs): These startups’ solutions promote growth, industrialization, trade, education, health, and inclusive governance, aligning with one or more SDGs.
• Are highly scalable: Startups that demonstrate potential for rapid expansion across African markets through digital distribution channels.
• Hold a defensible position: These startups have a sustainable competitive advantage through Intellectual Property (IP) rights, network effects, domain expertise, or regional market dominance.
• Have a strong monetization strategy: Startups with a clear path to profitability and long-term financial viability.

Benefits

Participants in the programme will receive:

• Mentorship and Coaching: Guidance from leading industry experts and seasoned entrepreneurs across Africa.
• Equity-free Funding: Up to $25,000 to support the growth of the startups.
• Networking Opportunities: Access to a network of fellow startup founders and entrepreneurs from across the continent.
• Investor and Customer Connections: A platform to connect with potential investors and customers.
• Technical Resources: Access to resources tailored to accelerate the growth and impact of the startups.

Eligibility

The programme is open to technology-focused entrepreneurs and startup founders across Africa aged 18 to 35. Applicants must meet the following criteria:

• Citizens of an African country: Founders must be citizens of an African Union member state.
• Local Ownership: Startups must be locally owned and based in any African country.
• Technology in Financial Services: Startups must leverage technology to capitalize on development opportunities and solve challenges in the financial sector.
• Minimum Viable Product: Startups must have a working product.
• Corporate Governance: Startups must have existing systems for accountability, social, and environmental safeguards.

A 4-week build-a-thon will include pitching sessions with Africa’s leading investors, masterclasses with fintech experts, and fireside chats with industry executives. 

This bootcamp will support product development, go-to-market strategies, and market testing. It will be conducted in a hybrid format with a 2-week physical residency in Lagos, Nigeria from July 7th to 21st, 2024.

The most promising startups will receive long-term support for 5 months from August 2024 to December 2024. This phase includes tailored coaching, product refinement, and scaling support. 

Partnerships will be facilitated to spur product iterations, market access, and capital raising.

How to Apply

The application portal will be open till June 21st, 2024. Apply for the timbuktoo Fintech Startup Accelerator Programme and grab the opportunity to innovate, scale, and make a huge impact in the financial services sector.

Applications are now open in Nigeria for the 2023 edition of the Visa Everywhere Initiative (VEI), a global open innovation competition that sees startups pitch their innovative solutions to solve tomorrow’s payment and commerce challenges. 

In addition to monetary prizes, VEI winners gain access and exposure to Visa’s vast networks of partners in the banking, merchant, VC, and government sectors. The winners also benefit from receiving recognition from one of the world’s most trusted and valuable brands. 

The Central and Eastern Europe, Middle East and Africa (CEMEA) finals will be livestreamed on July 27 on TechCrunch – a leading online publisher focused on the tech industry and the startup ecosystem. The startup that wins at the CEMEA Regionals will participate in the global finale, which will be held on September 19 at TechCrunch Disrupt in San Francisco. 

This year, Visa’s VEI CEMEA is set to introduce for the first time an award in the Risk and Security domain – Fintechs Innovating in Risk Excellence, or ‘FIIRE’, Award. Through this Special Edition, Visa in partnership with Emirates NBD are scouting for global Fintech players across fraud management, cybersecurity, and credit risk, among others. Following a joint review by Visa and Emirates NBD representatives, the winning Fintech will receive a $25,000 prize and an opportunity to work with Emirates NBD, a leading bank in the region.

“The Visa Everywhere Initiative is a platform that empowers fintechs and entrepreneurs to showcase the most ground-breaking, impactful solutions in the world of payments and commerce,” said Andrew Uaboi, Vice President, and Head of Visa West Africa.

“Through their technology-driven, innovative solutions, fintechs have the potential to offer broad social benefits to the markets they operate in – particularly when it comes to providing financial services to those who have traditionally been underserved. At Visa, we believe access to the digital economy drives equitable, inclusive growth, and VEI is an important means of supporting the innovators playing a leading role in this space.”

Since its launch in 2015, VEI has helped startups representing more than 100 countries collectively raise more than $16 billion USD in funding, with a network that includes nearly 12,000 startups from across the globe.

Last year, VEI awarded more than $530,000 USD in prize money over the course of the competition, which saw over 4,000 startups participate from five regions. VEI 2022 saw Nigeria’s ThriveAgric take home the VEI Global grand prize of $100,000 USD. ThriveAgric also won the $20,000 USD Visa Direct prize. 

VEI is seeking innovative and ambitious entrepreneurs who are uplifting communities by solving payment and commerce challenges faced by businesses of all sizes and sectors, including:

Eligibility

Enablers of digital services and digital issuers

• Blockchain and cryptocurrency
• Crowdfunding
• Banking-as-a-Service
• BIN sponsors
• Issuer/processors
• Program managers

Digital issuance

• Blockchain and cryptocurrency
• Alternative lending
• Personal financial management
• Money transfer and remittance
• Digital banking (aka neo banks)
• Digital wallets, peer-to-peer (P2P) and transfers
• Employee benefits
• Payables
• Corporate cards (aka expense management)

Value-add for merchants and/or consumers in the finance space

• Data and analytics
• ID, authentication and security
• InsurTech
• Loyalty
• Merchant services and tools
• Process and payment infrastructure
• Retail technology
• Other

Small- and medium-sized business recovery

• Money movement (disbursements, Intra-account, P2P vendor and payments)
• Acceptance (e-commerce and mobile acceptance)
• Risk management (chargebacks, etc.)
• Brand management (Community building, etc.)
• Other

New categories for 2023:

• Sustainable fintechs
• Risk 
• Urban mobility 

This year’s prizes 

• VEI CEMEA Regionals 1^st place: $20,000 
• VEI CEMEA Regionals Audience Favorites: $10,000
• VEI CEMEA Regionals Risk Winner: $25,000

For more information about VEI, please visit the website.  

The recent shutdown of LazerPay prompted me to ask: Why do fintech companies fail?

Many of us saw this coming, and the forecast was correct, but we were waiting for a miracle. The fintech industry is rattled right now; startups are seeking funding from investors, swimming deeper in the competitive market (not necessarily niche market), and over-employing personnel instead of focusing on growth.

I hope this improves in the future, because what they do has inspired or given birth to other industries.

From my research, I found that a lot of tech startups are falling short due to the following challenges:

• Access to capital is crucial for any startup, and this can be a major challenge for fintech startups in Nigeria currently. Investors may be hesitant to invest in these startups due to the high risk associated with new technologies and uncertain regulatory environments.
• Many Nigerians may be hesitant to adopt new fintech services due to a lack of trust in these platforms and limited awareness of their benefits. Fintech startups may need to invest in building trust and educating consumers about their services to drive adoption.
• The regulatory environment for fintech in Nigeria can be complex and uncertain, with new rules and requirements emerging frequently. This can make it difficult for startups to keep up and comply with all the necessary regulations, which can slow down their growth.
• The lack of robust financial and technological infrastructure in Nigeria can also pose challenges for fintech startups. For example, limited internet connectivity, an inconsistent power supply, and outdated banking systems can hinder the growth and adoption of fintech services.

Solutions 

Here are some broad bits of advice for Nigerian fintech startups to consider:

• Focus on building a strong foundation instead of employing numerous staff as growth. Fintech companies should prioritize building a strong foundation in terms of governance, risk management, and compliance. This includes having robust internal controls, risk assessment frameworks, and compliance policies that are regularly reviewed and updated.

• Fintech startups should be transparent with their stakeholders, including investors, regulators, and customers. They should communicate clearly and openly about their business model, risks, and financial performance, and provide regular updates to stakeholders.
• Fintech companies should prioritize cybersecurity and take steps to protect their systems and data from cyber threats. This includes implementing strong security protocols, conducting regular security audits, and providing training to employees on how to identify and respond to security threats.
• Fintech startups should consider diversifying their revenue streams to reduce reliance on any one product or service. This can help mitigate the risk of revenue shortfalls or losses in one particular area of the business.
• Should be prepared to learn from their failures and adapt their business strategies accordingly. This can involve conducting post-mortems on failed projects or initiatives, identifying areas for improvement, and implementing changes to prevent similar failures from occurring in the future.

Overall, these are the best practices that fintech companies in Nigeria can use to reduce the risks involved with doing business in the sector and increase their prospects of long-term success.

About article contributor:

Powered by AWS Startup Loft Accelerator, the equity-free program focuses on supporting early-stage startups with technology, product development, go-to-market advice and funding ready strategies.

The online 10-week program leverages the best of Amazon’s infrastructure and partner network to support pre-seed and seed stage FinTech startups developing their projects in Africa.

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• Up To 90% Off: Up to 90% off on HubSpot for eligible startup teams
• €15.000 Credits: Stripe Credits: €15.000 for all applicants!
• $3000 Credits: For annual Business Plan for up to 25 users with access to unlimited video recordings & more features for all teams!
• $50.000 Credits: $50.000 on the Mixpanel Growth Plan for all applicants!
• $1000 Credits: $1000 in credits for all-in-one Notion workspace for all applicants!
• 6 Months For Free: Get 6 months of Zendesk Suite for Customer Service and Sales CRM for free and 15% off first annual subscription!

Eligibility 

To be eligible for the AWS FinTech Africa Accelerator programme, the following criteria list be met: 

• All startups with FinTech specialization located in Africa can take part in the Accelerator
• There are 3 scenarios acceptable to take a part in the Accelerator:
  1. Startup will build the Project on AWS infrastructure using at least one of AWS services
  2. Project was built before on AWS and is live
  3. Project was built before on any other platform and will be migrated to AWS during the Acceleration program. In case of migration from on-premise, hosting or other cloud platforms, AWS has dedicated migration programs for the support that Participants can use

Organizational terms of participation are: 

• The condition for participation in the Accelerator is to submit a complete Application by filling in the Application Form correctly and confirming it by clicking the button “Submit” available in the “My applications” section on Participant’s Account. In case of a juvenile, the application can be submitted only by his/her statutory representative. Any consents described hereunder given by a statutory representative refer to the juvenile.
• Applications can be submitted only electronically (online) via Registration to the Accelerator at website. Startups will receive a confirmation of Participation in the Accelerator via email.
• Filling in the Application Form and attaching needed documents require providing personal details which include name, surname, e-mail address and other details.
• Submitting the Application for the participation in the Accelerator constitutes the acceptance of the Terms of Participation available on the website and the Participant’s commitment to follow them.

How to apply

Are you a fintech company that meets the above criteria? Then apply for the AWS FinTech Africa Accelerator, before the deadline on Thursday, April 27, 2023.

The white paper titled ‘The Future of Fintech: Rapid Growth Attracts Smart Capital’, was released at Mobile World Congress (MWC) Africa, one of the continent’s most influential connectivity events, of which Mastercard is a founding partner.

Some of the key findings from the paper include how the fintech sector accounted for 27% of the record-high number of deals closed and 61% of the US$2.7 billion deployed across Africa in 2021.

The space was further characterized by mega deals of more than US$100 million each.

The white paper went on to find how fintech innovation in Africa has been driven by the need to resolve multiple pain points, with a focus on increasing financial and digital inclusion.

South Africa, Nigeria and Kenya were also seen as among the countries leading the transition to digital payments, with infrastructure and policy frameworks that enable this growth firmly in place.

“It is encouraging to witness the growth of the fintech landscape across the region, creating multiple opportunities for start-ups, scale-ups, enablers and micro, small and medium enterprises (MSMEs) to bring more people into the digital fold. At Mastercard, we are helping to fuel fintech acceleration by offering access to our expertise, network and technology. We provide a portfolio of technology solutions, APIs, developer tools, partner network, startup programs and a community experience for every fintech company and payments developer, helping turn their bold ideas into reality,” said Ngozi Megwa, Senior Vice President, Digital Partners and Enablers, Eastern Europe, Middle East and Africa, Mastercard.

The growth in the number of fintech companies in Africa is reflective of global fintech funding which jumped to a new record of US$131.5 billion in 2021.

The number of fintech unicorns reached 235 with 34 alone born in Q4-2021. Fintech companies now represent more than 20% of total tech unicorn value, compared to 15% in the previous year.

The study showed that on the demand side, the role of MSMEs has been crucial to fintech’s growth. MSMEs use fintech and e-commerce solutions to scale, source, and reach.

The growth in alternative payment rails and emerging platforms are shaping the commercial landscape. Buoyed by demand, fintech has seen products based on multi-faceted innovation in emerging and mature economies.

Providing scalable financial services using the internet, blockchain, and algorithms, fintech companies have widened the reach of financial services traditionally offered by banks, including loans, payments, investments, or wealth management.

The white paper also explored the African fintech landscape with regards to the ecosystem, funding and regulation, with the following findings included in the study:

The fintech ecosystem in Africa is adopting new technologies to deliver financial services

• Governments, regulators, financial institutions, payment and technology companies, funders, and entrepreneurs are collaborating to be at the forefront of financial innovation, developing use cases such as mobile money and using fintech as a vehicle for financial inclusion.
• Recent years have seen a faster rate of digitization, driving the adoption of neobanks and digital payments. Cryptocurrency, nonfungible tokens (NFTs), and blockchain-backed technologies have come into the mainstream, often backed by dynamic regulation that supports the growth of more affordable financial services.

Africa fintech startups showed exponential growth in 2021

• In terms of funding, the study showed that Africa’s fintech startups recorded 894% year-on-year growth in funding in 2021, the second highest in the Middle East and Africa region.
• Nigeria emerged as a leading fintech hub across the Middle East and Africa as start-ups there accounted for a third of all funding deployed into fintech in 2021.
• The rapidly growing sector comprises sub-segments of particular interest, including digital payments, e-money, international remittances, peer to peer (P2P) lending, and equity crowdfunding

Regulators showed an increase in collaboration

• Regulators across various countries in Africa have adopted a collaborative approach to enable the introduction of new solutions by fintech companies. Africa has proactive regulators who foster innovation for financial, digital, and economic inclusion.
• 45% of the population in Africa does not have an official identity, making eKYC a seamless entry point for fintech.
• Nigeria is one of the first regulators in Africa to mandate open banking frameworks, along with financial services data protection rules.

Powered by Center for Financial Inclusion, the Inclusive Fintech 50 (IF50) is a global innovation competition designed to single out unique fintechs with the potential to drive financial inclusion.

The competition, which is themed “Making Digitization Count”, will stimulate the global recognition of fintech startups addressing limitations in financial services delivery for unserved and underserved customers.

Benefits

The Inclusive Fintech 50 asserts that winners who emerged from previous editions have collectively increased their funding by $620 million in the year following their win.

Winners also receive access to zero-cost tools such as Visa’s Practical Business Skills and Practical Money Skills.

The goal is to make early-stage fintechs more visible to investors and others who can help them grow and have a noticeable impact on the billions of financially underserved people.

The programme also supports the broader inclusive fintech ecosystem through actionable market-level insights generated from aggregated and anonymized applicant data.

Eligibility 

• Early-stage fintechs in advanced or emerging markets 
• These fintechs should offer solutions among credit, insurance, payments & remittances, savings & personal financial management, or infrastructure 
• They should be addressing special challenges of underserved customer segments

The IF50 has an Investors’ Network which is a global network of investors that provides members with visibility into promising early-stage inclusive fintechs. 

All eligible applicants to Inclusive Fintech 50 have the option to share basic information including contact details with the IF50 Investors’ Network.

How to apply

Do you meet all required eligibility criteria? Then apply to make your fintech solutions scale globally. Application deadline is on Monday, July 25, 2022.