Founders Factory Africa selects five African fintech startups for accelerator, $40k investment

Corporate-backed accelerator and incubator Founders Factory Africa has selected five African fintech startups for its six-month long acceleration programme and for investments of up to $40 000 each.

The five are Ugandan media and research firm Digest Africa, Nigerian school financing solution Schoolable, Kenyan lending marketplace LipaLater, Nigerian peer-to-peer leasing platform Eazyhire and Ghanaian retail solutions provider Kudigo.

Founders Factory Africa launched in Johannesburg last October, in partnership with Standard Bank, with the aim of scaling over 100 startups in Sub-Saharan Africa over the next five years.

Founders Factory Africa received over 500 applications for its six-month long acceleration programme

In an article on Tuesday (16 April), Digest Africa — citing a statement from Founders Factory Africa — received over 500 applications for its programme.

Founders Factory Africa CEO Roo Rogers said the five represent the best of African leadership and innovation.

“Our investment and focus on growing pan-African products and market solutions will enable these exceptional entrepreneurs to address the needs of millions of people and deliver scaled financial and impact returns across the continent.

“Together with our multi-national corporate investors, we are excited to support these businesses on their pathway to scale,” said Rogers.

Standard Bank executive and head of moonshots Darren Segal said the five startups are “just the start” of an “exciting” journey with Founders Factory Africa.

“We see huge potential to grow these businesses and create jobs. Through our partnership, there is also a unique opportunity to catalyse the startup culture and early-stage investment into these ventures in Africa,” added Segal

The accelerator’s programme includes support from a specialist team on product design, tech engineering, data science, and growth marketing. In addition, the five startups will also have access to global capital, talent and knowledge transfer through the accelerator’s network.

Read more: We’re no Rocket Internet says Founders Factory Africa head
Read more: Founders Factory to build 100 tech startups across Africa in next five years

Featured image: Founders Factory via Twitter