Six Nigerian fintech startups have each received NGN3 million (US$8,300) in equity-free funding after taking part in the ARM Labs corporate acceleration programme.
Startups were provided with co-working space and hands-on mentoring, as well as access to data and a network of experts. Aside from the cash provided by asset management firm ARM, participants also had the chance to partner with the company and leverage its resources for growth.
The six startup taking part, and provided with the equity-free funding, were cooperative digitisation service Asuqu, investment app PayDay Investor, P2P lending platform FINT, ordering platform Ogaranya, micro-investing service Trove, and insurtech solution Tsaron.
ARM Labs focuses on mobile technology, applications and services empowering individuals and changing how they access and consume financial services. It seeks early-stage companies solving key problems around financial services in an innovative way, in areas such as AI, blockchain, financial inclusion, big data, wealth management, reconciliation, automated financial planning, process automation, trading and beyond.