Two African fintech startups, Kenya’s SuperFluid and South Africa’s Creditable, are part of the first cohort of the DBS Accelerator in Hong Kong, a three-month programme that offers startups access to mentoring and key decision makers at DBS as well as the possibility of funding.
The DBS Accelerator is a collaborative initiative between Hong Kong’s DBS Bank and startup incubator Nest, which last month announced the opening of an office in Nairobi, Kenya, which the company will use to roll out accelerator programmes and invest in startups across Africa.
Disrupt Africa reported earlier this month Nest had invited African startups to apply for the Infiniti Accelerator, a joint venture with Hong Kong-based Infiniti, but it has already facilitated two African startups joining one of its corporate accelerators in Hong Kong. SuperFluid and Creditable began the DBS Accelerator programme at the beginning of the month, and will take part in the concluding demo day on November 5.
Kenyan startup Super Fluid offers a financial management app and analytics platform for businesses to help mine consumer data to guide business strategy, drive revenue growth and shape new product offerings. Creditable, from South Africa, is a cloud-based microfinance solution that connects corporations with financial institutions. It also has a presence in Ghana and Kenya, and is set to launch in Germany.
“We are excited to see SuperFluid and Creditable take innovation born in Africa onto the world stage with the DBS Accelerator programme, inspiring other entrepreneurs on in Africa to continue building globally scalable ideas. Both African teams will now have a platform to access world class support, not just in Hong Kong and Nairobi, but in all our offices across the world,” Aaron Fu, managing partner for Africa at Nest, told Disrupt Africa.
The two African startups were chosen alongside eight others from nearly 140 applicants from around the world, and will now be guided through their business growth and development with the help of business mentoring from DBS Bank and Nest senior executives as well as other partners.
Participants will receive dedicated support from the transformation team within the DBS dedicated workspace, introductions and one-on-one working sessions with key decision makers within DBS, insights on how to build relationships with the DBS organisation as a service provider or partner, mentoring from relevant industry experts across business, fintech and technology, and the opportunity for extended backing from DBS and Nest.
“Through this programme, DBS has become one of Asia’s leading players in the evolution of the finance industry,” said Nest chief executive officer (CEO) Simon Squibb.
“This fintech accelerator will enable DBS to remain ahead of the game and, instead of being threatened by technology and ideas from nimble startups, embrace innovation to give them a competitive edge. At Nest, we are proud that Asia’s most prominent and successful corporates are now working side by side with companies that are likely to revolutionise the future.”