Fintech startup Nala has been named winner of the Tanzanian leg of the Seedstars competition, securing a place at the global final and the chance to pitch for up to US$1 million in equity investment.
Seedstars has been on a tour of emerging markets, and has already picked African winners in Egypt, Tunisia, Zimbabwe, Morocco, Ghana, Rwanda, Libya, Uganda, Senegal, the Democratic Republic of Congo (DRC), Kenya, Mozambique, Guinea Bissau, Angola, Nigeria, Cameroon, Botswana, South Africa and The Gambia.
It held its Tanzanian event as part of the Seedstars Africa Summit taking place in Dar es Salaam this week, with startups pitching to a jury for a place in the global final in Switzerland next April.
The overall winner was Nala, a simplified mobile money application that allows users to make faster, smarter and safer transactions without an internet connection. The victory caps an impressive year for the startup, which in April secured US$50,000 in funding from DFS Lab and in September was named winner of the Ecobank Fintech Challenge.
Nala will now take part in the Seedstars Summit in Switzerland, where it will participate in a bootcamp and have the chance of pitching for up to US$1 million in equity investment and other prizes.