All 10 startups chosen for SBC AfriTech 2018 market ready – accelerator head

The 10 startups that have been selected by Startupbootcamp (SBC) AfriTech for its 2018 cohort all have “market-ready” solutions, with SBC’s sponsors ready to work with them “starting from today” — the accelerator’s CEO Philip Kiracofe said yesterday.

Kiracofe was speaking at the announcement of the 10 startups selected to join the Cape Town-based accelerator’s second cohort, which was made yesterday, at the end of a two-day selection process held at PwC’s offices in Cape Town.

The sponsors of the accelerator — which recently underwent a name change to Startupbootcamp AfriTech to better reflect its focus on African tech — include among others big names like RCS, BNP Paribas, Nedbank and Old Mutual.

During the announcement Kiracofe assured startups that the coming three months are going to be “absolutely exhilarating”.

SBC AfriTech’s second cohort is made up of startups from South Africa, Ivory Coast, Ghana, Kenya and Nigeria

“We are going to be here side-by-side, shoulder-to-shoulder, pushing you, cajoling you, encouraging you, nurturing you, mentoring you and helping you achieve 12 to 18 months’ worth of growth in a three-month span,” he said.

The 10 were part of 22 startups that were shortlisted after more than 1000 applicants from 73 countries applied to join the accelerator’s three-month programme earlier this year.

The final 10 were selected based on a number of criteria, which included among others: teams skills, leadership, and commitment — as well as their respective product’s scalability. In addition, judges also looked at market timing, growth and competitive advantage.

The 10 are:

Akiba Digital (South Africa): A financial savings platform that also acts as a personal savings coach that leverages artificial intelligence (AI), machine learning and gamification to democratise wealth in Africa.

Bankly Technologies (Nigeria): A goal-based savings product that digitises cash and enables in-country, peer-to-peer transfer services through the use of vouchers.

Brandbook Analytics (South Africa): A mobile application providing users free gift-card coupons for completed purchases with the ability to harvest vast amounts of consumer data and improved forecasting and analytics.

CredPal (Nigeria): An innovative solution that uses deep data which provides individuals with instant access to credit at the point of checkout for various online and offline merchants.

Digitech Group (Ivory Coast): A startup that provides incumbent insurance companies with a cloud-based digital platform to sell insurance products through mobile and web.

Inclusive Financial Technologies (Ghana): This startup’s API helps digital financial services reach the most remote customers across Africa by enabling them to on-board, verify and monitor them via digital channels.

Kudimoney Bank (Nigeria): A no-charge, full-service, online-only bank making banking services more affordable and more accessible by offering an interest-earning spending account with zero charges, a savings account with above-average interest rates and access to low interest instant loans.

Lüla (South Africa): A platform that connects stakeholders to improve mobility by providing transport that is convenient, accessible and safe and enabling operators, cities and passengers to a better understanding of transport.

MPost (Kenya): A patented solution that provides legally recognised physical addresses for the estimated 95% of the African population that does not have a postal address.

Prospa (South Africa): A micro-savings solution for low-income earning South Africans which allows users to purchase savings vouchers that entitle the user to a set amount of savings which are deposited into a mobi-savings account.

Each of the 10 startups will be provided with €15 000, office space, access to over a 100 mentors and a network of industry partners, investors and venture capital firms.

In return, the 10 will each have to give up an eight percent equity stake in return for taking part in the programme.

SBC AfriTech’s programme kicks off on 13 August and will culminate in a Demo Day on 8 November.

The programme launched last year as Startupbootcamp‘s first Africa-based accelerator. Over 40o startups applied to join the inaugural cohort which was comprised of Brownie Points, Dusu Pay, Fo-Sho, Got Bot, Just Now, Khoyn, MOBicure, Strider, Virtual Drive, and Yethu.

Read more: SBC head smiling as Startupbootcamp Cape Town applications top 1000
Read more: Startupbootcamp announces 10 finalists joining its first Africa-based accelerator

Featured image: SBC AfriTech 2018 cohort (Supplied by The Loudhailer)