5 Nigerian fintech startups selected for Labs by ARM accelerator

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Five Nigerian fintech startups have been accepted into the third cohort of the Labs by ARM accelerator programme, designed to support the best post-MVP startups solving the most challenging problems in the financial industry and enterprise.

Run by Asset and Resource Management (ARM) and Ventures Platform, Labs by ARM is designed to get post-MVP fintech startups to product-market fit and help them acquire more users, which will be achieved by offering them access to support, mentorship and networks.

The third edition of the 12-week accelerator programme commenced this month, and will end with a demo day in June. Selected startups will be engaged in a series of activities aimed at exponentially advancing their companies’ growth and ensuring their investment-readiness. 

These startups will also receive up to US$50,000 in equity funding, business advisory services, access to ARM’s API and network, as well as free and discounted services, amongst other benefits.

The five selected startups are Pass, which is building the fastest one-clock login and checkout for digital commerce; Bongalow, which helps Africans everywhere to shop for affordable home financing solutions from the comfort of their homes; Plumter, which is providing instant, multicurrency accounts for easy local and diaspora banking; Breeze, a payment system that provides Nigerians with forex liquidity needed to trade and transact globally; and House Africa, a digital platform that helps financial institutions and individuals validate properties before investment or purchase. 

“I am very pleased with this cohort’s selection of startups and believe, given they adhere strictly to the programme, these are the solutions we can expect to transform the fintech and enterprise solution space in Nigeria and for its diaspora,” said Mohamed Felata, programmes director at Ventures Platform.

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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