Sub Saharan Africa is a region of Africa with a number of lucrative business opportunities. In fact, there are so many that it would be hard to name all of them. It is a huge market, but there are also some major challenges in Top 5 Fintech Startups. There are many entrepreneurs and investors that are battling it out, and it is up to us to ensure that we do our best to help them succeed.
Pngme is a fintech API startup based in San Francisco. Its platform allows financial institutions to collect financial data. The company has already processed billions of data points from banks, credit agencies, and other financial institutions across Africa.
As a machine learning-as-a-service startup, Pngme’s proposition has garnered interest from both fintechs and traditional financial services. Pngme offers an elegant technology solution that provides insight into individual financial behavior.
Pngme’s offering has gained traction with credit agencies and tier-one banks in South Africa, as well as unnamed banks in Nigeria. Now, the company is on its way to expand into international markets. In addition to expanding its customer base, the startup will also hire new members to its sales and data science teams.
Pngme is a fintech startup based in San Francisco and Sub-Saharan Africa. The company aims to deliver a machine learning-as-a-service platform. It provides infrastructure for financial institutions to collect, aggregate, and share financial data at scale.
According to TechCrunch, Pngme’s platform unbundles the financial data of users and clubs it with other sources to produce actionable financial insights. In addition to offering tools for managing customer accounts, Pngme also allows users to monitor transactions and send alerts for missed payments. As such, the service is being used by credit agencies, banks, and fintech companies.
Recently, the firm closed a $15 million Series A round of funding led by Octopus Ventures and later by Lateral Capital and Raptor Group. Additional investors included Future Africa, Two Small Fish Ventures, and individual angel investors.
The new entrant on the block is Arbonics, a data-driven, science-inspired solution to one of the world’s most vexing problems. Using technology and human ingenuity, the company is on its way to making the planet a better place, in the name of the human race. Its products include an energy efficient lighting system and solar powered battery packs.
Its sub-saharan African presence is complemented by partnerships with the likes of Aruwa Capital Management, Two Small Fish Ventures, Raptor Group and Octopus Ventures. Among its other notable clients is the US government’s Power Africa program. Previously, Tosin slayed the finance and investment spheres with a stint as a summer associate and a stint as a special adviser on finance and investments for the Department of Defense’s Power Africa initiative.
Turaco is a micro-insurtech startup in Kenya. It provides affordable medical cover to low-income earners through partnerships. The company also provides life and asset insurance.
Turaco has partnered with various financial institutions and local companies to offer affordable insurance. They have 268,000 active customers. Customers can choose to have their policies renewed manually or automatically. In the last three days, Turaco has paid out almost 2,000 claims.
Turaco has made a significant impact on the insurance industry in Africa. Currently, the market penetration in the region is below three percent. According to Pantone, the company’s growth has been attributed to its unique value proposition and business model.
Duplo Sub Saharan Africa, a startup, has raised $4.3 million in seed funding to make payments simpler and more convenient for businesses in the region. The company plans to use the capital to introduce new products and expand its operations into other business verticals in Nigeria.
Duplo is a payments platform aimed at making B2B transactions easier for African companies, from retailers to suppliers. It is integrated directly with popular ERP platforms in Nigeria and provides accounts receivable and invoice generation. It also has an account-reconciliation arm that automates bill-approvals and makes invoices look more professional.
The company has a robust accounts receivable arm, so it has a lot of work to do to improve the quality of its accounts. Yele Oyekola, co-founder and CEO, says the company has seen an increase in business of over one thousand percent over the last three months lasenorita.