The Massachusetts Institute of Technology (MIT) Fintech Conference has named Kenyan startup Money254 as the grand prize winner of its 2022 Fintech Startup Pitch Competition.
Launched in April 2021, Money254 is a financial services comparison platform, making it easier for users to find, compare and apply for financial products that match both their needs and eligibility.
By combining independent financial product research with partnerships across leading institutions, Money254 users are able to search and apply for financial products such as personal loans, business loans, and savings accounts from a variety of leading banks, microfinance institutions, and digital apps – all from the comfort of their homes.
The MIT Fintech Conference is one of the world’s largest student-led conferences, bringing together over 1,000 participants from over 60 countries to explore innovation and disruption in financial technology. Money254 was chosen as one of eight startups to pitch at the event, ultimately being named the winner and taking home US$30,000 in prize money.
CEO and co-founder Lorcan O Cathain said the recognition was a boost to the startup’s aim to help improve transparency in the financial services sector.
“At Money254 we’re building a central place for Kenyans to learn about, manage and move their money between the financial institutions and products that make the most sense for them. We’re deeply humbled to receive this honour and excited for what the future holds for the company,” he said.
Money254 is backed by a host of international and local investors, including Enza Capital, Perivoli Innovations, Sherpa Capital and Ground Squirrel Ventures.