Five Nigerian fintech startups have been selected for the second edition of the LABS by ARM accelerator, banking US$20,000 in funding and additional growth support.
Run by Asset and Resource Management (ARM) and Ventures Platform, LABS by ARM is designed to support the best early-stage companies solving problems in the financial industry.
The programme is designed to get post-MVP fintech startups to product-market fit and help them acquire more users, which will be achieved by offering them access to support, mentorship and networks.
Last year’s inaugural edition saw all six selected startups receive grant funding, but only micro-investing startup Trove secured equity investment. This year each selected startup receives US$20,000 in equity funding, with the chance of raising further investment once the programme has been concluded.
Lending startups Truesaver and Owoafara, investtech platforms Rise and Quantis, and property rental financing platform Kwaba were the selected companies.
