15 African Startups Selected in Embedded Finance Accelerator
Renew Capital has announced the selection of 15 African startups for the Venture Lab accelerator, which focuses on embedded finance. Over 500 companies from 48 countries applied to join the inaugural cohort of the program.
Among the shortlisted organizations, three are from Nigeria: Regxta, Rigo and Tradevu; while Ghana has the largest representation, with four companies.
The others are from Ethiopia, Kenya, Morocco, Senegal, South Africa, Togo, Uganda and Zambia.
The accelerator targets embedded finance innovators, enabling them to scale their offerings and acquire new customers by embedding loans, payments, insurance, and working capital solutions within the products and platforms used by small and medium-sized enterprises.
Africa’s SME sector represents a $330 billion-a-year market, but conventional banks only meet a small proportion of the demand.
By leveraging their data and customer relationships, embedded finance enablers can serve as critical distribution channels for banks and other financial service providers.
The accelerator aims to provide resources, mentorship, and funding to selected startups to facilitate their growth and expansion. At the same time, it will enable the embedded offerings to reach a greater audience that would not otherwise have access to them.
