India-headquartered accelerator Startup Réseau has selected 12 startups for its first thematic startup bootcamp in East Africa, which focuses on fintech and provides access to technology credits and other types of support.
Startup Réseau launched its East Africa outpost in January, and its first programme is the East Africa Fintech Bootcamp, a three-week venture development programme with global mentors. All participating startups get US$150,000 worth technology credits and support from partners.
The cohort comprises 12 startups from Kenya, Uganda, Tanzania, Rwanda and Zambia. Kenya leads the way with five, namely insurtech platform MotiGuy, MSME digital tools provider SokoHela, credit management service PayLend, payments solution SafePay, and savings channel Chumz.
Uganda has three representatives in the shape of micro-credit platform Yassako, digital asset exchange gateway CoinPesa and micro-lending, payments and money management platform Pay24, while Tanzania has two – wealth management platform Dundiza and savings app Kikoba.
“We are truly excited by the quality of applications received. Fintech has been pivotal in making strides in financial inclusion in East Africa, the cradle of mobile money. These technologies have made financial services affordable and convenient. East Africa has always been hailed as the torchbearer to the fintech industry, driven by the same key disruptions as the global financial services world – use of alternate data, P2P transactions, and the rise of non traditional players offering financial services,” said Ajay Ramasubramaniam, founder and chief executive officer (CEO) of Startup Réseau.
“The East Africa Fintech Bootcamp will help further the regional fintech ecosystem by spurring a stronger local fintech entrepreneurship, innovation and job creation in the industry. Over the years we have partnered and executed a wide repertoire of fintech programmes, and look forward to bringing that expertise to founders in Africa.”
Startup Réseau has also announced the launch of Hindsight Ventures, its Africa-focused vertical. All its programmes in the region will run under this new brand.