Transsion Holdings has announced that it has partnered with Wapi Capital to identify and fund fintech startups under the Transsion Future Hub program. The fund will select early-stage African Fintechs for equity-based investments of up to $ 100,000 (KSh. 10 million).
Under the partnership, African fintech businesses from all over the continent will be identified and will be provided funding. The identified businesses will also be helped to access new markets.
Wapi Capital will help identify early stage fintech businesses for the purposes of partnership, funding, mentorship and other support to these businesses.
Transsion Holdings is a Chinese phone manufacturer and it is the owners of phone brands such as Tecno, infinix and Itel. The company is the largest mobile phone manufacturers and distributors in Africa with over 124 Million phones sold in 2018.
Transsion Future Hub is a startup incubator and angel fund focusing Africa. They provide incubation services for African startups including market consulting, local resources, seed fund and traffic support. Some of the companies that Transsion Future Hub has supported so far include;
- Boomplay – Music platform that provides more than 2 million songs and music videos for 40 million African users
- Phoenix Broswer – A browser tailor made for Africa and has had a great performance and usability, popular among 30 million users
- Scooper – A platform with news, we-media, e-books and UGCs.
- The new partnership comes a month after Wapi Capital through its Wapi Pay platform partnered with Singapore’s FOMO pay to provide payment solutions between Africa and Asia. In April, Wapi Pay also partnered with Flutterwave a Global payment technology. Under the partnership Wapi Pay provides all Flutterwave merchants in Africa the ability to accept and make payments from over 1 billion WeChat customers in China and South East Asia in real time.