Two fintech startups based in Kenya receive financing from US grant

The US-based Digital Financial Services Lab (DFS Lab) has announced that two Kenyan and one South African firm have been selected to receive financing from its Sh20mn (US$200,085) grant.

The company selected four financial services (fintech) startups in total – Cherehani Africa (based in Kenya), NALA (based in the US), Nobuntu (based in South Africa) and an unknown startup from Kenya.

Although not revealing the final startup, the company did state: “A fourth startup, still in ‘stealth mode’ aims to be the most compliant digital lender in Kenya.”

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Cherehani Africa, which targets women and girls running micro-enterprises with mobile technology and financial literary content, will receive an undisclosed seed capital from DFS Labs.

“We are excited to have the opportunity to invest in companies that are creating products that will improve, simplify, and enrich people’s lives,” stated Dr Jake Kendall, Director of DFS Lab.

“Our current set of portfolio companies are using technology to create solutions for low-income and unbanked populations, providing high-impact advancement.”

“We look forward to seeing these companies grow and encourage others to look at Africa and Asia for investment opportunities.”