DFS Lab Announces Investment in African Fintech Startups

SEATTLE, June 20, 2017 /PRNewswire/ -- Digital Financial Services Lab (DFS Lab) today announced it would invest $250,000 in four separate fintech startups that are building products that help low-income consumers in developing markets. Inclusive (based in Ghana), Pula (based in Kenya), Pezesha, (based in Kenya), and Teller, (based in the United States), were each selected for financing after presenting their products at DFS Lab's Fintech BootCamp in Sri Lanka earlier this year. DFS Lab, which is funded by the Bill and Melinda Gates Foundation, seeks to identify promising entrepreneurs and invest in companies that focus on consumers in Sub-Saharan Africa and Asia.

"We are excited to have the opportunity to invest in companies that are focusing on consumers in emerging markets," said DFS Director Dr. Jake Kendall. "Expanding access to digital financial services - especially for unbanked populations - can transform people's lives by providing them with money management tools that most of us take for granted. The companies we are investing in are creating cutting edge solutions that enable the delivery of financial services to low income people around the world -- we look forward to working with them."

Earlier this year, finalists representing nine companies from six countries (Canada, Ghana, India, Nigeria, Kenya, and the United States) went through an intensive 1-week bootcamp program to refine their solutions and present them to DFS Lab's board of experts in Negombo, Sri Lanka. In addition to financing, the companies selected receive six months of intensive mentorship and integration into a global network of top experts who have agreed to advise them.

DFS Lab is investing in the following companies:

    --  Inclusive: Inclusive, based in Ghana, is an API that verifies financial
        identities across Africa -- even customers using non-smart phones.
        Financial institutions across Africa can plug Inclusive's API into their
        digital channels to achieve seamless user onboarding, eliminate
        redundant identity checks, access quality and secured data sources, and
        improve fraud detection and investigation all while providing the
        highest level of security. The most innovative aspect of Inclusive's
        approach is their goal to reach the lowest income populations, some of
        whom don't even have formal ID.
    --  Pula: Pula is an insurance intermediary that implements data driven
        agricultural insurance. Pula assists hundreds of thousands of
        small-scale farmers across 6 countries in Africa. Farmers are able to
        safeguard their crops and invest in their farms through financial tools
        that take advantage of the rising use of mobile technology.
    --  Pezesha: Pezesha, based in Kenya, is Africa's peer-to-business
        microlending marketplace, using analytics to match lenders with
        creditworthy low income micro businesses. The platform gives small
        business access to credit while generating strong returns to lenders.
    --  Teller: Teller, based in the United States, is an artificial
        intelligence banking assistant that allows customers to communicate with
        banks through their favorite messaging platforms without needing to
        download a new app. Teller's chatbot can answer hundreds of financial
        questions, as well as provide advice on saving, budgeting, improving
        one's credit score, investing, and retirement. It also helps banks to
        automate the simple, repetitive questions that they receive, providing
        timely customer service.

About Digital Financial Services Innovation Lab
Digital Financial Services Innovation Lab (DFS Lab) is an early-stage incubator that supports high potential entrepreneurs refine, grow and launch FinTech businesses in developing countries. Focused on empowering communities in sub-Saharan Africa and South Asia, DFS Lab delivers mentorship and strategic advice to early-stage start-ups pioneering transformative technologies that empower the poorest, profitably and at scale.

It gives entrepreneurs access to extensive networks and relevant, world class advice on how to build successful ventures that change the way low-income consumers interact with digital financial services. Funded by a $4.8 million three year grant from the Bill and Melinda Gates Foundation, the initiative is housed at Caribou Digital, a specialist in building inclusive digital economies.

For more information please visit http://dfslab.net or follow us on Twitter @theDFSLab.

DFS Lab Media Contact: jamie@cariboudigital.net

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SOURCE Digital Financial Services