The World Bank awarded 10 South African startups with $5000 each at a recent awards event. The objective of the Fintech Challenge was to provide underserved entrepreneurs with access to markets, business networks, and investment opportunities.
Training to Engage with Investors and Raise Capital
The training provided during the Fintech Challenge helped the start-ups improve their ability to engage with investors and increase their chances of raising capital.
All the entrepreneurs have businesses that have gained notable traction and are now ready to grow and engage with pre-seed investors.
World Bank’s Perspective
Marie Francoise Marie-Nellie, World Bank Country Director for Botswana, Eswatini, Lesotho, Namibia, and South Africa, expressed her views on the event.
She stated,“Of the 15 participating startups, 10 were awarded financing. These businesses are investment ready and now eager to engage further with interested investors.”
Switzerland’s Support for the Fintech Challenge
Marino Cuenat, from Switzerland’s State Secretariat for Economic Affairs, provided funding for the Fintech Challenge.
He expressed his enthusiasm for promoting fintech in partnership with the World Bank, acknowledging that South Africa’s financial services sector is well regarded.
He believes that there are many untapped opportunities to be explored.