Ghanaian fintech startup, KudiGO has been selected along with 4 other fintech startups in Africa to receive seed investment from Founders Factory Africa (FFA) and Standard Bank. Founders Factory Africa is a South African company that runs a corporate-backed accelerator and incubator across Africa.
Over 500 applications from leading fintech entrepreneurs in Africa were sent to Founders Factory Africa within the first few months it launched. Only five startups from 4 countries (Ghana, Kenya Nigeria, and Uganda) got selected after a rigorous screening.
KudiGO officially launched just last December. It has achieved a milestone of 1000 businesses using its platform in both Ghana and Nigeria. It also recently added digital payment processing (Mobile Money, Card-POS, QR, USSD) as part of its service offering in Ghana and Nigeria.
Kingsley Abrokwah from KudiGO said the company looks to achieve a 40% growth and a year-end target of 5,000 businesses on the platform. This seed investment is definitely going to help KudiGO reach their goals.
“Having successfully closed this initial investment round, we are focused on achieving our year-end target of 5,000 businesses on our platform, achieve a 40% business growth for these businesses by virtue of using our solutions, rolling out our credit referencing and micro-lending modules specifically targeted at users of our platform in partnership with our strategic partners and investors.”
FFA’s selected fintech startups for the seed investment
The five startups selected, including KudiGO are:
Kudigo: A Ghanaian startup that develops user-oriented retail solutions and big data for the consumer retail industry in West Africa. KudiGO also has “Storefront” a mobile-based business management suite. Storefront includes a retail management suite, accounting module, non-cash payment processing, and AI-powered data analytics.
Schoolable: A school financing solution from Nigeria. Schoolable takes money from parents and provides it to schools. It does this with the aim of providing credit to both parents and schools in the future.
EazyHire: Also from Nigeria, is a peer to peer leasing platform. EazyHire enables leasing solutions for the heavy machinery and building industries. It has a presence in Kenya as well.
LipaLater: A lending marketplace for individuals for high-end goods in Kenya. It provides individuals with credit through a digital platform and allows them to redeem the goods in store.
Digest Africa: From Uganda is Digest Africa, a single online platform through which investors can access verified and real-time news about tech startups in Africa.
The CEO of Founders Factory Africa, Roo Rogers, said:
“Digest Africa, LipaLater, KudiGo, Allpro, and EazyHire all represent the best of African leadership and innovation. Our investment and focus on growing pan-African products and market solutions will enable these exceptional entrepreneurs to address the needs of millions of people and deliver scaled financial and impact returns across the continent. Together with our multi-national corporate investors we are excited to support these businesses on their pathway to scale.”
With this seed investment, KudiGo will gain access to global capital and talent through Founders Factory Africa’s network. This encompasses investors, entrepreneurs, corporations and successful startups around the world.