Namibian financial technology start-up FundRoof was recently awarded N$74,000 in investment readiness support by the World Bank.
The fintech start-up participated in the Southern African Innovation Bridge Portal, which aims to provide low-cost and appropriate savings and de-risking products for the low- and middle-income market, as well as lending solutions for SMEs.
“After an eight-week investment readiness program, which included masterclasses and mentoring, the region’s most innovative and impactful fintech companies unveiled their solutions to enable greater financial access for the poor,” said Marie Francoise Marie-Nellie, World Bank Country Director for Botswana, Eswatini, Lesotho, Namibia, and South Africa.
Marie-Nellie further explained that out of the 15 participating start-ups, only 10 were chosen to ultimately receive funds.
“The ten Southern African start-ups were each awarded US$5,000 (equivalent to about N$93,000) to prepare their businesses for investment at a recent awards event. The Fintech Challenge’s primary objective is to provide underserved entrepreneurs with access to markets, business networks, and investment opportunities,” Marie-Nellie said.
Moreover, the training helped the start-ups better engage with investors and enhance their chances of successfully raising capital. All the entrepreneurs have businesses that have gained notable traction and are now ready to grow and engage with pre-seed and seed investors.
Founded by Samuel Akinin and Carlos Campos, FundRoof Africa’s mortgage game-changer connects home buyers, lenders, and developers on one integrated housing platform.
The start-up’s mission is to extend access to finance for millions of homebuyers across the region while empowering lenders and developers with leads and conversion tools.
The Innovation Bridge Portal Entrepreneur Community is an initiative of the Department of Science and Innovation/Council for Scientific and Industrial Research (CSIR) in partnership with the Department of Small Business Development.
The initiative is establishing a digital platform for innovation, collaboration, co-creation, knowledge sharing, and matchmaking among ecosystem actors in South Africa, Botswana, Namibia, Eswatini, and Lesotho.
