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Transsion Holdings, Wapi Capital partner to fund African FinTech businesses
Transsion Holdings the makers of Techno, infinix and Itel has partnered with Wapi Capital, an African fintech company that is investing and creating solutions in financial services, to find and fund fintech startups under the program Transsion Future Hub.
Being the largest mobile phone manufacturers and distributors in Africa, Transsion holdings will use the program to seek and pinpoint innovative African fintech businesses from all around the continent to provide funding as well as access to new markets.
On the other hand, Wapi Capital who is an alumni of Nairobi Garage will take the lead in the identification of early stage fintech businesses for the purposes of partnership, funding, mentorship and other support to these businesses.
The move by the two parties has been advised by Africa’s growing information technology sector that has been growing at an average of 10-20 percent in various countries and now accounts for up to five percent of the GDP.
According to a 2019 report by Institute of Chartered Accountants in England and Wales (ICAEW) latest report, East Africa’s growth has been reinforced by the development of Kenya’s fintech. This has provided it with the opportunity to leapfrog other traditional drivers such as agriculture, which has recently been affected by the delayed onset of the long rains season in Kenya.
Transsion is the largest mobile phone manufacturers and distributors in Africa with over 124Million phones sold in 2018 and 4th largest globally.
Some of the companies that Transsion and the future hub have incubated so far include; Boomplay and music platform that provides more than 2 million songs and music videos for 40 million African users, Pheonix Broswer a platform tailor made for Africa and has had a great performance and usability, popular among 30 million users and Scooper, who are also our members at Nairobi Garage is a platform with news, we-media, e-books and UGCs.
The new MOU comes barely a month after Wapi Capital through its Wapi Pay platform partnered with Singapore’s FOMO pay to provide payment solutions between Africa and Asia. In April, Wapi Pay also partnered with Flutterwave a Global payment technology. The partnership provided all Flutterwave merchants in Africa the ability to accept and make payments from over 1 billion WeChat customers in China and South East Asia in real time.
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