Fintech startup Growth Factor wins Seedstars Accra

Fintech startup Growth Factor was yesterday announced as the winner of Seedstars Accra, beating eight other startup hopefuls.

The Ghana leg of the pitching competition took place at the Stanbic Business Incubator.

Growth Factor has developed Nvoicia an invoice factoring product that enables small businesses to gain access to collateral-free working capital through invoice discounting.

By winning Seedstars Accra, the startup has secured access to a three month investment readiness programme. In addition, Growth Factor will now represent Ghana at the Seedstars Africa summit which will be held in Johannesburg in December (see this story).

At the Africa summit, Growth Factor will get a chance to win a spot to attend the Seedstars Global Summit in Switzerland where the winning startup will take home a $500 000 investment prize.

Seedstars Accra winner Growth Factor was founded in March last year by Kelvin Tyron and Ndifreke Anwanakak

Runner up was agritech TechShelta which helps greenhouse farmers to improve their production efficiency and incomes through its web and mobile app, while third place went to Sumundi, which has developed software that helps shop owners track and manage sales and inventory.

According to a Crunchbase page the startup was founded in March last year. According to the startup’s LinkedIn page, the company was founded by CEO Kelvin Tyron and Ndifreke Anwanakak.

In September last year the Meltwater Entrepreneurial School of Technology (MEST) announced that it has invested $700 000 in seven startups that were formed from teams that took part in its 2018 cohort.

Growth Factor was one of the seven, receiving $100 000 in investment (see this story) and a place in MEST incubator in Ghana.

In June, Kenyan peer-to-peer micro lending marketplace Pezesha was crowned the winner of this year’s Seedstars Nairobi pitching competition (see this story).

Read more: Here are the nine Ghanaian startups who will pitch at Seedstars Accra
Read more: Seedstars announces Joburg as host city for its Africa summit
Read more: P2P micro lending marketplace Pezesha wins Seedstars Nairobi
Read more: All-woman panel to select Seedstars Nairobi winner from these 10 Kenyan startups

Featured image: The Growth Factor team at Seedstars Accra (Twitter)