Startups score $35 000 in Fincluders Middle East, North Africa challenge

Three startups have been awarded cash prizes totaling $35,000 at the Fincluders Startup Challenge Amman, organised by seed investment company Oasis 500 and Sanad, a Middle-East and North Africa fund.

The competition saw 50 applicants from over 18 countries competing for the top positions and cash prizes. The Amman competition follows the first Fincluders challenge held in Berlin last year.

The top position of the Fincluders challenge and a cash prize of $20,000 went to AgroCenta, a startup which provides an online trading hub for farmers and their customers using real-time payments leveraged by mobile-money technologies. In addition to the trading hub, the startup also provides an on-demand logistics service.

“The Fincluders Startup Challenge has been an eye opener for us, helping startups accelerate by giving them the opportunity to network and meet potential investors and partners,” said Francis Obirikorang, co-founder and CEO of AgroCenta in a press release to Ventureburn.

Second place with a cash prize of $10,000 went to Liwwa, a marketplace lender to SMEs in Jordan.

Sanad confident that Fincluders finalists could contribute to growing access to finance

Democrance, a Jordan-based micro-insurance provider for those living in low-income populations, took third place, with a cash prize of $5,000.

BenBen, a startup providing access to blockchain “land transactions”, while not making it into the top three, received an honourable mention at Fincluders.

“We are both elated and humbled by the interest in the Fincluders Startup Challenge here in Amman. The finalists proved their skills and determination during the pitching round of the competition, and we are confident these fledgeling businesses can contribute to spreading access to finance in the region, which is also the main goal of our fund,” said Sanad board chair Daniela Beckmann.

Finalists were provided with flights and accommodation for the duration of the competition. The first day featured mentoring sessions conducted by range of industry experts, while the second day required finalists to present their products and services to a jury of industry experts.