The Demo Day event for the third edition of Labs by ARM was held on Wednesday, June 30, 2021 at 4 p.m. (WAT) on Zoom. The event, which brought together investors, companies, technology leaders, members of the press and senior executives from the ARM Group, was a way for this year’s cohort startups to showcase their progress and promote their investments and partnerships.
Labs by ARM is a 12-week acceleration program by Asset & Resource Management Holding Company Limited (ARM) in partnership with Ventures Platform designed to fund and support compelling fintech startups solving critical problems in the financial services industry. The program aims to find and support startups unlocking verticals and new markets, thereby changing the way users access and consume financial services.
The third edition of the program began in March 2021, with the objective of helping 5 startups in the start-up and growth phase to market and distribute their innovations.
The teams participated in in-depth sessions and were supported to create unique strategies to solve particular challenges. In addition, the program’s mentors and advisors, who are thought leaders in their various fields, have provided support for business growth, product-to-market fit, distribution and engineering. software. These sessions have helped startups address specific challenges and, more importantly, better position themselves for growth.
In four months, startups have recorded impressive growth. A startup offering affordable housing finance options for Africans doubled the number of users and raised more than $ 300,000 in funding; one of the startups that solve more convenient cross-border payments processed $ 20,000 in transactions in one month of operation. A startup, whose solution makes it easier for online shoppers to connect and pay on digital platforms, has registered 600 merchants and 1,200 customers since launching the program.
The five startups that pitched during the Demo Day event are:
Founded by Kelechi Nwokocha, Abdulrahman Atta and Samuel Haruna, Bongalow helps Africans around the world seek affordable housing finance solutions from the comfort of their homes. The marketplace gives lenders access to customers outside and in Africa, a digital mortgage solution.
Breeze is a payments system that provides Africans with the foreign exchange liquidity needed to trade and transact globally. Founded by Chimenem Nnwoka, the team is building this solution to connect Africans to the global financial system.
Founded by Ndifreke Ikokpu and Nnamdi Uba, House Africa is a digital platform that helps financial institutions and individuals validate properties prior to investment or purchase and allows prospects to interact virtually with project sitemaps.
Founded by Eze Samuel, the team is creating the fastest one-click login and payment for digital commerce. From ecommerce stores to social media providers, Pass strives to ensure customers have a smooth and lightning-fast checkout experience.
Plumter provides multi-currency instant accounts to facilitate local and diaspora banking. With a mission focused on cutting edge technology, the team led by Yinka Elujoba is committed to empowering the next generation of Africans to participate equally in the global economy.
Speaking on the program, Mohamed Felata, Program Director of the Ventures Platform Foundation, said: âThe Labs by ARM program is the main fintech accelerator in Nigeria. It works thanks to the special collaboration between ARM and ARM Ventures Platform. ARM not only funds the program, but also gives startups access to the market. In this cohort, we’ve seen startups introduce and develop cutting-edge solutions ranging from cross-border payments to mortgage financing. Thanks to digitization and fundamentally rethinking the industry’s current approach, we are not surprised to see Africa’s fintech sector flourishing right in front of us.
Jumoke Ogundare CEO ARM congratulated all participants on their advancement in the program and wished them good luck. She especially thanked Ventures Platform for a successful partnership, and Mr. Tomi Davies of Techno Vision for his continued mentoring of FinTech companies even after the investment phase. The CEO also expressed her gratitude to the ARM Digital Financial Services Advisory Board for setting the right course for ARM’s digital growth.
Founded in 1994, ARM is an asset management company that provides opportunities for wealth creation through a unique blend of traditional asset management and alternative investment services. ARM currently manages total assets of around 1.4 trillion naira (as of September 2020)
Ventures Platform creates inclusive and sustainable wealth in Africa by strengthening the capacity of African entrepreneurs and innovators to leverage technology to create sustainable solutions to the continent’s most pressing problems. They are one of the continent’s most active start-up investors.
Ventures Platform also works with large companies to drive in-house innovation and build lasting relationships with the startup ecosystem to drive business growth and meet innovation goals.