Transsion, a Chinese mobile phone maker notable for the likes of Tecno, Infinix and Itel devices is partnering Kenya’s Wapi Capital—founder of Kenyan fintech startup Wapi Pay, is set to launch a $100,000 investment for early-stage fintech startups in Africa.
The investment will begin in September 2019 under the Transsion Holdings Future Hub. Transsion and Wapi will choose early-stage fintech startups across Africa to benefit from the investment. The selected startups will base at Transsion’s new tech hub ‘Future Hub’ in Nairobi, under the watch of Senior Investor Laura Li.
The Chinese mobile phone company will also partner Phoenix– its African-focused browser company: Scoop– its Google news alternative and, Boomplay– it’s music streaming service to develop. This strategic partnership will enable the company to develop more pan-African solutions whilst investing in other arms the tech ecosystem.
See also: Kenya Revenue Authority set to tax Income-generating Apps in Kenya
The $100,000 investment fund is open to startups focused on adtech, e-commerce, logistics, and media and entertainment from across Africa. Wapi Capital, will not be contributing to the funds but will be in charge of identifying African startups that will be funded via the startup’s diligence and deal flow. Transsion Holdings will leverage Future Hubs to create platforms for African startups to grow and develop content for its devices.
Transsion and Wapi are looking to develop first Africa – Asia access market via partnerships and platform integrations. These partnerships will give room for seamless, affordable and swift payments for the purchase of goods and services, salary payments and trade. This process will create a market for the Kenyan and African markets to Asia’s large market.
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