Global payment card giant Visa is injecting fresh funding into four startups that graduated from the first batch of its Visa Africa Fintech Accelerator program.
The investments highlight Visa’s dedication to driving digital innovation within Africa, according to a Wednesday (Nov. 6) news release emailed to PYMNTS. In doing so, the payments giant aims to foster the development of FinTechs in Africa while supporting more financial inclusion and access.
The amount of money invested in each startup was not disclosed.
The startups are Ghana-based Oze, which offers embedded financial services to small- to medium-sized businesses (SMBs); Kenya-based Workpay, an HR tech firm; Nigeria-based OkHi, which digitally verifies addresses; and ORDA, a cloud-based restaurant software company digitizing over 1,500 restaurants across Nigeria, Kenya and South Africa, per the release.
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, according to the release. 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.
“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,” Godfrey Sullivan, senior vice president of products, partnerships and digital solutions for Visa CEMEA, said in the 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.”
Visa welcomed its second cohort to the program in January, building on the success of the inaugural accelerator program launched in June 2023, the company said at the time.
“This unique experience will offer entrepreneurs an opportunity for mentorship and fast-tracked growth, while also providing them access to a wider network of invaluable partners and investors,” Leila Serhan, senior vice president and group country manager for North Africa, Levant and Pakistan (NALP) at Visa, said Jan. 29.
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 Dec. 2 in Cape Town, South Africa, according to the Wednesday press release.
