Three South African financial-technology (fintech) startups, along with two other African finalists, emerged victorious at the SWIFT Innotribe regional showcase in Cape Town yesterday – they will go on to represent the continent at the international showcase in Singapore.
The showcase took place yesterday at the SWIFT African Regional Conference which focuses on Africa’s abundant potential in fintech and looks at the role innovation plays in the region.
YueDiligence, an actionable, light-touch due diligence tool for entrepreneurs, investors, and service providers to assess deal readiness, was selected as a finalist in the early stage startup category.
2Quins, a financial information tool that cuts the time and expense of meeting banks’ operational and regulatory reporting requirements, and ZAQ Finance, a service for debt reduction, savings, and low-cost credit products to help low-income Africans become more financially secure, were both selected in the growth stage startup category.
“London, Singapore, and New York are part of the top ten cities in FinTech for years now,” said Fabian Vandenreydt, head of Markets Management at Innotribe and the SWIFT Institute.
“We were delighted to bring the Innotribe Startup Challenge for the first time to Cape Town this year, drawing attention to the innovation happening on the ground in Africa. It was an exciting step, and we now wish the finalists the best of luck for the Finale at Sibos later this year.”
The Cape Town event was the second of four regional showcases for this year. The next regional startup challenge will be held in Singapore on the 28th of May, and in New York on the 18th of June.
The final international showcase, which will see all regional finalists competing and one winner being chosen, will take place on the 14th October.