Transsion has teamed up with Wapi Capital to find and fund fintech startups under the program Transsion Future Hub.
Transsion Future Hub, which is a subsidiary of Transsion Holdings, recently launched to support and fund African entrepreneurs building scalable and innovative products that will solve several problems in Africa.
The partnership will see Wapi Capital take the lead in the identification of early-stage fintech (Financial Technology) businesses for the purposes of partnership, providing capital, mentorship and other support to these businesses.
Transsion, the makers of smartphone brands like Tecno, Infinix and iTel, are the largest mobile phones manufactures and distributors in Africa with over 124 Million phones sold in 2018 and 4th largest globally. Transsion Future Hub is seeking to pin point innovative fintech startups from all around the continent to provide for funding as well as access to new markets.
“Africa’s information technology sector that has been growing at an average of 10-20 per cent in various countries and now accounts to up to five per cent of the GDP. With this in mind, it is important that we equip the new age of fintech startups to be ready to keep the great momentum going,” said Vincent Li, Managing Partner, Transsion.
According to a 2019 report by Institute of Chartered Accountants in England and Wales (ICAEW), East Africa’s growth has been reinforced by the development of Kenya’s fintech – providing it with the opportunity to leapfrog other traditional drivers such as agriculture, which has recently been affected by the delayed onset of the long rains season in Kenya.
Transsion Future Hub has incubated Boomplay which provides more than 2 million songs and music videos for 40 million African users and is also behind the Africa-based browser Pheonix used by 30 million users. Scooper is a content aggregator with news, we-media, e-books and UGCs.
Wapi Capital is an Africa based fintech company that is investing and creating solutions in financial services using new technology. One of it’s invested subsidiaries WapiPay working out of Singapore powers the technology for payments between the 2 corridors of South East Asia and Africa through licensed Banks and Remittance companies.
“Africa’s future looks bright, and as technology develops and opens up the continent to even greater means of economic growth, it looks set to glow even brighter. This will be largely achieved through entrepreneurial startups who will take advantage of the technological advancements that are available. We hope that the Transsion Future Hub brings forth the next big idea,” said Wapi Capital Executive Director, Paul Ndichu.
Interested startups are urged to send a brief on their business to firstname.lastname@example.org for review. Successful applicants will be contacted and the process of the shortlist will begin.