Renew Capital has selected 15 startups from more than 500 applicants across 48 African countries to advance to the next stage of its inaugural Renew Venture Lab: EmFi Series, a program focused on accelerating embedded finance innovation across the continent.
The selected startups will receive advanced technical training and be considered for investment after emerging from a highly competitive application process that highlighted growing interest in embedded finance solutions for Africa’s small and medium-sized enterprises (SMEs).
Africa’s SMEs remain the backbone of the continent’s economies but continue to face an estimated $330 billion annual credit gap. At the same time, rising smartphone adoption, expanding mobile money usage, and lower internet costs are creating opportunities for digital platforms to integrate financial services directly into their existing products.
Rather than building standalone banking platforms, companies operating in sectors such as agriculture, logistics, healthcare, payments and digital commerce are increasingly using customer data and existing relationships to offer financial products tailored to underserved businesses.
“The next generation of Africa’s small business banks won’t be banks. They’ll be startups that already understand how SMEs operate, have their data and have earned their trust,” said Matthew Davis, Co-CEO of Renew Capital. “These 15 companies are building from that advantage. That’s why we’re paying attention.”
Before selecting the final cohort, Renew Capital invited all applicants to participate in expert-led sessions featuring founders of some of Africa’s fastest-growing startups and specialists in embedded finance and Web3 technologies. Forty-seven companies were later shortlisted for a pitch competition and received startup support packages valued at more than $250,000, with the final 15 progressing to the next phase.
The selected companies come from Ethiopia, Ghana, Kenya, Morocco, Nigeria, Senegal, South Africa, Togo, Uganda and Zambia.
The 15 selected startups
- AgroCenta (Ghana)
- Boost Technology (Ghana)
- Dots for Africa (Senegal)
- Fanaka (Zambia)
- Kutana (Ghana)
- MajibuAfrica (Uganda)
- Marakisoft (Ethiopia)
- Oze (Ghana)
- Regxta (Nigeria)
- Rigo (Nigeria)
- Shiprazor (South Africa)
- Solimi (Togo)
- Tradevu (Nigeria)
- Z Systems (Morocco)
- Zendawa (Kenya)
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Also Read: Renew Capital Launches Venture Lab to Back African Startups Building the Future of Finance