Dealflow | April 23, 2018

Digital Financial Services Lab backs four African mobile fintech startups.

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, April 23 – Fintech accelerator Digital Financial Services invests from a $4.8 million, three-year grant from the Gates Foundation to foster financial inclusion in developing countries. The lab is investing $200,000 each in Cherehani Africa, which uses a mobile app to offer credit and teach financial literacy to women-run small businesses in Kenya; NALA, a Venmo-like mobile payments platform for Tanzanians; and Nobuntu, a retirement savings platform for South Africans. The fourth company, a digital lender based in Kenya, was not named.

  • More than money… The funded startups, chosen from among nine companies, also get six months of mentorship and access to a global network of top experts.
  • DFS Lab… It has supported 12 startups, including insurance tech company Pula.