FlexPay, a Kenyan fintech emerged as 2nd runners up in the Ecobank Fintech Challenge 2023. For its, exploits, the company was awarded a no strings prize money of $5,000.
“Exciting News! FlexPay Technologies secures the 2nd Runners-Up spot at the Ecobank Fintech Challenge 2023. 🏆Huge gratitude to our fantastic team, partners, customers, merchants, and investors for believing in us!” the company wrote on their X account.
The Kenyan company is a merchant-embedded saving-based purchase experience (Save Now, Buy Later) that offers a flexible payment option. The idea if to for customers to make purchases and pay for them over time, rather than paying the full amount upfront.
The “Lipia PolePole” also offers open goals and group savings features. This allows individuals to make their dream purchases through gradual saving. Only last year, the company was selected as part of the Google for Startups Black Founders Fund (BFF) for Africa.
Cameroonian Fintech Takes Top Spot
Koree, a Cameroonian fintech, emerged winner of the Ecobank challenge. In first runners-up position was Makuta from Wolf Technologies, a DRC fintech which was awarded $10,000.
The Ecobank Fintech challenge had eight fintechs making it to the final list. The finalists were drawn from a total of 1,490 entrants.
The eight finalists were Flexpay Technologies (Kenya), IPOXcap AI (South Africa), Kastelo (South Africa), Koree (Cameroon), Kori Tech (Senegal), SmartTeller Technologies (Nigeria), Rubyx (Belgium), Wolf Technologies (DRC).
The goal of the Ecobank Fintech Challenge is to showcase and collaborate with the most promising fintech start-ups. The fintechs are selected from across the African content continent. Through these initiatives, African fintechs can make commercial partnerships to grow and scale into successful pan-African and global businesses.