Ugandan fintech Xeno raises $150k from Nordic Impact Funds

Ugandan fintech Xeno has raised $150 000 from Nordic Impact Funds in a pre-seed funding round.

The startup, which was founded in 2017 by Aeko Ongodia (pictured above), has an online platform that assists clients to plan, save, and invest their money in a diversified investment portfolio.

The startup said in a blog post last Friday (17 April) that the latest funding has boosted total fundraising to $430 000 raised since the company’s inception.

The startup said it recently partnered with MTN Uganda to make investment advice and management available to anyone looking to invest as little for as little as 10,000 Ugandan shillings ($3.70).

Uganda’s Xeno has now raised a total of $430k since inception

The firm invests client funds through four unit trust funds, it said.

A Facebook post in January last year by Ugandan business consultancy Teesa Advisory Services, noted that Ongodia has a PhD in Mathematics from New York and served previously as a fixed income portfolio manager at the state’s National Social Security Fund.

At the time, the business consultancy said Xeno had over 1200 customers, 65% of whom are women and is already managing billions of Ugandan shillings in assets.

Featured image: Xeno CEO and founder Aeko Ongodia (Facebook)