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Visa Injects Fresh Funds Into Four African Fintech Startups From Accelerator Program

Visa Injects Fresh Funds Into Four African Fintech Startups From Accelerator Program

Visa, a digital payments giant, has reportedly injected fresh funding into four standout African Fintech startups that graduated from its inaugural Visa Africa Fintech Accelerator program.

These investments highlight Visa’s dedication to driving digital innovation within Africa. While the specific investment amounts have not been disclosed, Visa confirmed that the funding aligns with its strategy to support fintech growth and expand financial access in Africa.

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Oze (Ghana): Oze equips small and medium enterprises (SMEs) with digital tools for record-keeping and embedded finance. It offers a loan management platform for financial institutions with machine learning-powered credit scoring, allowing MSMEs to access affordable capital and fueling their growth.

Workpay (Kenya): This HR tech company provides a cloud-based payroll and HR platform serving 35 African countries. Workpay streamlines payroll, time tracking, benefits administration, and even “employer of record” services, helping businesses manage the full employee lifecycle seamlessly.

OkHi (Nigeria): OkHi’s smart addressing system enables accurate address verification, helping businesses verify and locate customers more efficiently. This innovation aids delivery logistics and improves access to services, especially for financial institutions.

ORDA (Nigeria, Kenya, South Africa): ORDA is digitizing restaurant operations for over 1,500 establishments with cloud-based solutions for order processing, inventory management, and integrated financial services, helping restaurants streamline operations and scale.

Speaking on the funding into four African fintech startups, Godfrey Sullivan, senior vice president of products, partnerships, and digital solutions for Visa CEMEA, said via a release.

“Visa sees each investment as a unique opportunity to drive financial access and inclusion, and we are proud to support these startups as they realize their vision for a more connected Africa. These investments mark a substantial step for Visa. We are once again standing behind our commitment to innovation in Africa, helping to shape the future of digital payments alongside some of the brightest FinTech minds that the continent has to offer”.

The Visa Africa Fintech Accelerator aligns with Visa’s $1 billion investment pledge, announced in 2022, to expand its presence, deploy new technologies, and drive partnerships across Africa.

The accelerator program lasts for three months and supports seed to Series A startups by providing them with mentorship, training, and opportunities for funding and partnerships. It was first launched in 2023 and is part of Visa’s pledge to invest $1 billion in the continent by 2027 to bolster its digital transformation.

With the success of the accelerator program, Visa will welcome its second cohort to the program in January, building on the success of the inaugural accelerator program launched in June 2023. Graduates of the second cohort will be able to present their capabilities to venture capitalists, angel investors, ecosystem enablers, and business partners during a Demo Day in December.

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