Five fintech startups to get $20,000 each from LABS by ARM accelerator programme

Five Nigerian fintech startups have been selected to participate in LABS by ARM accelerator programme worth $100,000 in partnership with Ventures Platform.

The accelerator programme is to support and fund compelling fintech startups solving key problems in innovative ways around the financial industry.

“We believe that companies building great technology and solving real life problems are great companies to support,” Henrietta Bankole-Olusina, ARM Financial Advisors managing director, said at the commencement of the prograame on February 10.

“That’s why we designed this 12-week programme to help these early stage companies grow their business as much as possible,” Bankole-Olusina added.

Bankole-Olusina said each of the selected five startups will get $20,000 seed funding, office space, Amazon Web Services (AWS) credit of up to $10,000 (ten thousand Dollars), access to the ARM network, capabilities and support the companies with carefully selected mentors.

The startups listed were Truesaver, Owoafara, Rise, Quantis Finance and Kwaba.

LABS by ARM head of program and Ventures Platform partner, Kayode Oyewole, disclosed that one hundred and
ninety-one (191) submissions from different were received.

The number was reduced to 33 and further reduced to 11 companies after a tedious third round of evaluations.

These 11 companies were invited to the ARM headquarters in Ikoyi, Lagos for a chat with seasoned professionals, and technology entrepreneurs before five of the companies were selected and have now been invited into the Accelerator programme.