Visa, a global leader in digital payments, has announced the preselected startups from across Africa to participate in the second cohort of its Africa Fintech Accelerator program.
As part of Visa’s mission to accelerate financial innovation on the continent, the biannual program offers 12 weeks of one-to-one mentoring and customized training, providing Series A startups with exclusive opportunities to access funding, development, and resources.
The startups in cohort 2 operate in 28 African countries, marking a 55% increase from cohort 1, where representatives operated in 18 countries. 65% of them have female leadership, compared to 43% in the inaugural edition.
The selected startups offer a range of solutions, such as neo-banking, merchant payments, credit scoring, risk and identity management, integrated finance, social commerce, escrow services, etc. They aim to address the challenges and opportunities in the African fintech landscape, such as financial inclusion, access to credit, cross-border payments, and digital transformation.
Aida Diarra, Vice President and General Manager of Sub-Saharan Africa at Visa, stated: “At Visa, we believe in innovation while fostering access and inclusion in the financial ecosystem. Today, we are proud to say that our second cohort of Accelerator participants represents over 50% of African countries, compared to one-third in our first cohort.”
“Additionally, women hold leadership positions in the majority of these cutting-edge startups. We have a strong and diverse selection of innovators who are seeking to shape the future of commerce and finance, and Visa is pleased to assist them in taking the next step to where they need to be.” asserted Aida
The Accelerator program, launched in June 2023, reflects Visa’s ongoing efforts to help drive the digital economy in Africa, including committing to invest $1 billion on the continent by 2027 to help revolutionize the payment ecosystem.
The 12-week virtual acceleration program will culminate in an in-person demo day, where startups will have the opportunity to showcase their innovations to key ecosystem players, financial partners, angel investors, and venture capitalists, enabling them to take small steps towards unlocking their full potential.
The program builds on the success of the first cohort, which graduated in February 2024 during an investor week in Nairobi, with over 250 participants including banking and fintech partners, investors, and venture capital firms.
Startups from the first cohort have reported positive outcomes from the program, such as increased user growth, product enhancements, funding opportunities, and strategic partnerships with Visa and other industry players.
Brian Dempsey, founder and CEO of Power, a Kenyan startup that enables partner employees to access short and long-term loans, investment opportunities, and insurance products, commented: “The Visa Accelerator program has been incredibly valuable for Power as a company.
Each week, I was able to involve several team members in discussions that were critical for our growing business, such as HR, finance, governance, market strategies, and more. The quality of mentors and speakers has been top-notch, and the accelerator team has always been available when needed!”
The Sub-Saharan African startups preselected for the second cohort of the Visa Fintech Accelerator program for Africa are:
- Chapa – Ethiopia – Merchant Solutions
- CheckUps Medical Hub – Kenya – Embedded Finance (Health)
- Beem – Tanzania – Social Commerce
- AzamPay – Tanzania – B2B Marketplace
- Bizao – Ivory Coast – Merchant Payments Solution
- Hub2 – Ivory Coast – Enabler Infrastructure
- Iwomi Technologies – Cameroon – Money Movement
- Proboutik – Cameroon – Merchant Payments Solution
- Vaultpay – Democratic Republic of Congo – Merchant Payments Solution
- Cleva – Nigeria – Money Movement
- Aku – Nigeria – Neo-banking
- Curacel – Nigeria – Insurance Management
- E-doc Online – Nigeria – Open Banking
- Raenest – Nigeria – Money Movement
- Bridgecard – Nigeria – Enabler Infrastructure
- Truzo – South Africa – Escrow Services
This second cohort reflects Visa’s commitment to fostering innovation and entrepreneurship across Africa, particularly through supporting female leadership in the fintech sector.