Innotribe reveals the 10 startups competing in Startup Challenge for Africa

Startup Challenge

Working in close collaboration with Innotribe, over one hundred judges from across the financial, technology, and investment communities evaluated close to 100 applications received for the third edition of the Startup Challenge in Africa.

According to Innotribe, the applications came from 16 countries, with South Africa, Nigeria and Kenya dominating the list. The judges assessed the companies on their potential to provide an important innovation to the future of the financial industry, and ultimately narrowed the selection process to this year’s 10 participating startups:

Company One Line Description Country
FinChatBot FinChatBot aim to make financial services available to everybody, and even fun! South Africa
FINT FINT is a peer-to-peer lending platform that provides easy access to affordable loans Nigeria
Inclusiveft Inclusive is an identity verification API that helps businesses verify African identities via digital channels. Ghana
IroFit Technologies IroFit helps small businesses process in-store mobile/ card payments even when there’s no Internet connection. Nigeria
Mobbisurance Mobbisurance is a startup company that is focused on offering emerging farmers with affordable crop insurance South Africa
Ovamba Ovamba brings financial solutions to the worlds Illiterate population Cameroon
Releaf Releaf makes investing in Africa easier for foreign investors, by leveraging Big Data Analytics. Nigeria
Sokowatch Sokowatch is a last-mile ordering and distribution network for small African shops. Kenya
ThisIsMe ThisIsMe brings trust into transactions through proprietary, true identification technology. South Africa
Vugapay Vugapay provides a mobile wallet which can be topped up from Bitcoin, mobile money, debit and credit cards and bank accounts. Rwanda

These successful companies all focus on providing innovative solutions for the financial industry in Africa. They will pitch their new products in Abidjan on 17 May, during SWIFT’s African Regional Conference (ARC). The event attracts up to 500 high-level delegates from more than 40 countries and is a unique platform for discussion, debate, and high-level networking for the African financial community. It also represents a great opportunity for the local startups to meet face to face with potential investors, partners and customers.

As a part of the programme, each company selected will receive complimentary coaching sessions with seasoned entrepreneurs who will give them sound advice ahead of the formal pitches taking place on 17 May. These sessions will take place in Abidjan, in group and individually for more in-depth feedback.

“It is a pleasure for us to see the number of African startups applying to our programme growing year after year. Their calibre continues to impress, and there is no doubt they are going to play an important role in shaping the future of finance,” says Fabian Vandenreydt, Global Head of Securities Markets, Innotribe and the SWIFT Institute at SWIFT. “The Startup Challenge is an enriching experience for all participating companies. They benefit from expert mentoring and get that much needed exposure to financial institutions. We look forward to collaborating with another bunch of talented startups, and start this year’s journey in Abidjan!”

After the pitches, the audience will vote for the three best startups who will be invited to Sibos, SWIFT’s annual global financial services conference, taking place from 16-19 October in Toronto. The three finalists will have the opportunity to share the stage with FinTech experts, providing great insights on innovation happening in Africa to the financial industry at large. They will also receive a 10,000 USD cash prize each.

For more information about Innotribe and the Startup Challenge, please visit: www.innotribe.com.

Edited By: Darryl Linington
Contact: Darryl@techitout.co.za
Follow @TechITOutMedia on Twitter

Follow @DarrylLinington on Twitter

Editor of Tech IT Out. Former radio host of Cliffcentral.com. Former Editor of IT News Africa and ITF Gaming. All round techie, gamer and entrepreneur. For Editorial Enquiries Contact: Darryl@techitout.co.za or via +27788021400.