Africa’s best fintech startups to win $30,000 in SWIFT’s innovation challenge

Three financial technology startups stand the chance of winning $10,000 cash prize each in Innotribe Startup Challenge for Africa (apply here) which seeks to provide a platform for the best startups to showcase their products during SWIFT‘s African Regional Conference (ARC) in Mauritius this May.

Apart from being able to showcase their products, the Innotribe Startup Challenge also offers young African financial technology startups the opportunity to receive expert coaching and mentoring.

“With a billion-plus population, an emerging middle class, fast economic growth and a high expansion of both internet access and mobile penetration, Africa is a hotbed of fintech activity with a lot of ideas, resources and talent still to uncover,” says Fabian Vandenreydt, Global Head of Securities, Innotribe, and the SWIFT Institute at SWIFT. “Through the Startup Challenge, we want to spotlight innovation playing a role in the future of the financial industry across the African continent and provide an opportunity for young fintech companies to use Innotribe’s network and alumni to help them develop to the best of their potential.”

Twelve companies will be selected to compete in the event, with three finalists selected to attend Sibos, SWIFT’s annual global financial services conference, which takes place from 26-29 September in Geneva. The finalists will share the stage with fintech experts and receive a $10,000 cash prize each.

Launched in 2011, the Startup Challenge has become one of the leading global startup competitions, connecting the financial services industry with more than 650 fintech startups around the world and reaching over 4,000 audience members through global showcases and networking events.

Last year, iwiafrica, a Uganda-based company powering payments and e-commerce solutions for businesses in emerging markets, was one of the African startups selected to participate in Sibos 2015 in Singapore. Allan Rwakatungu, CEO of iwiafrica, says: “Participating in the Innotribe Startup Challenge was one of the most awesome experiences in my life. The most valuable thing is to meet companies, not only startups participating in the programme but also large banks and vendors from all over the world, make connections and close collaboration deals.”

Another finalist from the 2015 Startup Challenge was South Africa-based YueDiligence, an interactive web-based tool that increases due diligence efficiency for entrepreneurs, investors and service providers through process automation. CEO, Keet Van Zyl, says: “The quality and robustness of Innotribe coaches not only helped us shape our pitch, but also made us rethink key elements of our business model. The diverse networks and game-changing fintech topics at Sibos improved our market access to accelerate growth”.

In 2015, Innotribe, SWIFT’s innovation arm, for the first time, partnered with ARC to bring the Startup Challenge to Africa, showcasing vibrant businesses and a genuine spirit of innovation. As a result, Innotribe has evolved its Startup Challenge to focus on emerging fintech ecosystems (Africa and Latin America in 2016), moving from a global competition to a local programme, supporting innovation where demographic trends, economic growth and regional integration projects are creating fertile ground for new technologies to emerge.

Typically attracting up to 500 delegates from more than 40 countries, ARC is a unique forum for networking, and debate, and the ideal platform for startups to showcase their new concepts and products to policy makers, industry leaders and the broader financial and corporate community from across Africa.