Visa, a world leader in digital payments, has announced the 22 startups shortlisted from across Africa to participate in the second cohort of its Africa Fintech Accelerator program.
As part of Visa’s work to unlock financial innovation across the continent, the biannual program offers 12 weeks of 1:1 mentorship and personalized training, providing seed to series A startups with exclusive opportunities to access funding, development, and resources.
Cohort 2 startups operate across 28 African countries, a 55% increase from Cohort 1 where the representatives operated across 18 countries. 65% of them feature female leadership, rising from 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, embedded finance, social commerce, escrow services, and more.
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.
Leila Serhan, Vice President and Group Country Manager for North Africa, Levant and Pakistan, remarked: “At Visa, we believe in uplifting innovation while driving access and inclusion across the financial ecosystem.
Today, we are proud to say that our second cohort of Accelerator participants represents more than 50% of countries across Africa, up from a third during our first cohort.
Not only that–but women are in leadership roles across the majority of these cutting-edge startups.
We have a robust, diverse selection of innovators seeking to shape the future of commerce and finance – and Visa is happy to help them take the next step to where they need to be.”
The Accelerator program, launched in June 2023, is reflective of Visa’s ongoing efforts to help uplift the digital economy in Africa, including a pledge to invest $1 billion in the continent by 2027 to help revolutionize the payments ecosystem.
The 12-week virtual Accelerator program will conclude with an in-person Demo Day, where startups will have the opportunity to pitch their innovations to key ecosystem players, funding partners, angel investors, and venture capitalists, enabling them to take small steps towards unlocking their fuller potential.
The program builds on the success of the first cohort, which graduated in February 2024 with an investor week in Nairobi that saw the participation of more than 250 attendees including banking and fintech partners, investors and venture capital firms.
The first cohort startups have since reported positive outcomes from the program, such as increased user growth, product enhancements, funding opportunities, and strategic partnerships with Visa and other industry players.
Mohamed El-Feky, founder and CEO of Sympl – a Buy-Now, Pay-Later platform in Egypt – who participated in the first cohort, commented: “The Visa Accelerator Program for Africa has been a transformative journey for our startup.
The strategic mentorship, invaluable networking opportunities, and tailored support provided by the program have played a pivotal role in propelling our startup to new heights, proving that collaboration with industry leaders like Visa is instrumental for success in the African fintech landscape.”
The African startups shortlisted for the second cohort of the Visa Fintech Accelerator program for Africa are:
Flouci – Tunisia – Neo-banking
Gwala – Morocco – HR & Payroll Solutions
Sahl – Egypt – Merchant Enabler
Synapse Analytics – Egypt – Credit Scoring
Valify – Egypt – Risk & Identity
Chapa – Ethiopia – Merchant Solutions
CheckUps Medical Hub – Kenya – Embedded Finance (Health)
Sarafu– Tanzania – B2B Marketplace
Beem – Tanzania – Social Commerce
Bizao – Ivory Coast – Merchant Payments Solution
Hub2 – Ivory Coast – Enabler Infrastructure
Iwoni Technologies – Cameroon – Money Movement
Proboutik – Cameroon – Merchant Payments Solution
Vaultpay – Democratic Republic of Congo – Merchant Payments Solution
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
Lupiya – Zambia – Neo-banking
