Visa, the world’s second-largest card payment processor, has made strategic investments in four African startups as part of its plan to invest $1 billion to drive financial inclusion in Africa, the company shared on Thursday.
These startups are part of Visa’s biannual Africa Fintech Accelerator program, which launched in June 2023. The program admitted 23 startups and provided mentorship, technology credits, and opportunities to connect with potential investors during Demo Day. Only four of the 23 startups in the first cohort were selected for strategic investment.
The selected startups are Oze, a Ghanaian business banking platform; Orda, a Nigerian restaurant technology startup; WorkPay, a Kenyan HR and payroll management firm; and OkHi, a startup that provides address verification services using AI.
“Our goal has been to uplift the brightest that are building solutions to unlock money movement, empower merchants and SMBs, and support financial inclusion in the continent,” the company said in a LinkedIn post about the programme.
Startups in the second cohort, like Raenest, Beem, E-Doc, and others will pitch to Visa and other investors during a Demo Day scheduled for December 2024.
Visa has also kicked off the third cohort of the accelerator programme with startups like Bumpa, Kredete, WeWire, Umba and 18 others participating.
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