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Firm To Invest $50,000 In SubSaharan African Startups




Visa has said that startups in the firstever Sub-Sahara Visa’s Everywhere Initiative will have the opportunity to compete for a chance to win up to $50,000, access to Visa’s products and services, expert mentorship and support from Visa and exposure to key Visa partners and clients. Andrew Torre, Regional President for CEMEA, Visa said, “in a highly dynamic industry, Visa’s Everywhere Initiative allows us to explore a host of ideas that solve business challenges, influence our product roadmaps, support our customers, and shape our culture of innovation.”

With just 17 per cent of people in Africa having access to formal financial services, almost a third of funding raised by African startups in 2017 was in the Fintech sector. Venture funding for African startups jumped by 51 per cent to R to $195 million in 2017. Geraldine Mitchley, Senior Director for Digital Solutions for Visa Sub Sahara Africa said “with over a hundred million dollars invested over the past ten years alone[1], the region’s Fintech industry is on the brink of a transformative breakthrough, and we believe the time is ripe to bring together its brightest minds and work on the next big idea in payments technology.