Transsion Holdings & Wapi Capital Scout For Entrepreneurial Financial Technology Startups
The makers of Techno, infinix and Itel Transsion holdings and the largest mobile phone manufacturers and distributors in Africa has set on a journey to find and fund fintech startups under the program Transsion Future Hub, a subsidiary of Transsion Holdings. Transsion Future Hub is seeking to pin point innovative fintech startups from all around the continent to provide for funding as well as access to new markets.
The device manufacturer has therefore partnered with Wapi Capital, an Africa based fintech company that is investing and creating solutions in financial services using new technology.
The partnership will see Wapi Capital take the lead in the identification of early stage fintech (Financial Technology) businesses for the purposes of partnership, providing capital, mentorship and other support to these businesses.
Wapi Capital’s record in the Fintech sector is quite notable with one of its invested subsidiaries being WapiPay. The Africa-Asia payment gateway working out of Singapore powers the technology for payments between the 2 corridors of South East Asia and Africa through licensed Banks and Remittance companies.
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 – providing 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. Wapi Capital Executive Director, Paul Ndichu commented on the launch: “Africa’s future looks bright, and as technology develops and opens up the continent to even greater means of economic growth, it looks set to glow even brighter.”
Wapi Capital’s prospects of bringing forth the next big idea will be achieved by entrepreneurial startups taking advantage of the technological advancements available.
