Three Kenyan fintech startups have advanced to the Semifinalist Round of the Milken-Motsepe Prize in FinTech, each receiving $100,000 in funding.
The startups include AZA Finance, a B2B fintech providing businesses with low-cost, efficient financial services such as payments, currency exchange, and treasury across major currencies; Chumz, a gamified savings platform that uses behavioural psychology to help individuals save at low cost; and Paycloud, a digital banking platform that addresses late payments in Africa with seamless payment processing, automated invoicing, payment splitting, and financial tools.
These startups are among the 10 from across three continents participating in the competition.
Responding to a global call for applications, this prize supports innovative solutions to expand access to tools necessary for financial inclusion across emerging and frontier markets.
The Semifinalists will participate in an Innovation Showcase at the Milken Institute’s Middle East and Africa Summit December 5-6, 2024, in Abu Dhabi, UAE.
During this event, the 10 teams will pitch their innovations to a panel of expert judges and investors, and three teams will be selected to move on to the final round of the prize. The judges will evaluate the pitches based on the teams’ ability to deliver solutions that improve financial inclusion for under-resourced groups in emerging and frontier markets.
The prize will ultimately award $2 million in total prizes, including a $1 million Grand Prize. Following the December showcase, the Grand Prize will be awarded at the Milken Institute’s Global Conference in Los Angeles, in May.
“By supporting these pioneering teams, we aim to foster financial inclusion and empower entrepreneurs who drive economic growth and opportunities in their communities,” said Emily Musil, senior director, Milken Institute. “Our prizes help identify, support, and celebrate talent to ignite the entrepreneurial spirit and empower visionaries to turn their ideas for a better future into reality.”
Over the next four months, the Semifinalist teams will test and scale their solutions, which will be evaluated for impact, scalability, and sustainability.
The other Milken-Motsepe Prize in FinTech semifinalists are, Chapa (Ethiopia), Farmpawa (Uganda), Flow Global and Verto (United Kingdom), Nyla Bank, Oze (Ghana) and Trade Lenda (Nigeria).
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