Renew Capital has selected 15 startups from more than 500 applicants across 48 African countries to advance to the next stage of its inaugural Renew Venture Lab: EmFi Series, a programme that aims to unlock new ways of expanding financial access for small and medium-sized enterprises (SMEs) across Africa.
The programme reflects a growing shift in Africa’s technology ecosystem, where businesses outside the traditional financial services sector are increasingly integrating financial products into their platforms. Rather than building standalone fintech companies, these businesses are using the customer relationships, data and distribution networks they have already established to provide lending, payments, insurance and other financial services to SMEs that have long struggled to access formal finance.
The opportunity comes at an important time. Africa’s SMEs remain the continent’s largest creators of jobs, yet they face an estimated US$330 billion annual credit gap. At the same time, smartphone adoption across sub-Saharan Africa is expected to increase from 54 percent in 2024 to 81 percent by 2030, while mobile money continues to transform how businesses transact. These developments are creating new opportunities for technology companies to embed financial services directly into the digital platforms businesses already use.
Renew Capital Co-Chief Executive Officer Matthew Davis believes this represents a significant shift in how financial services will evolve across the continent. “The next generation of Africa’s small business banks won’t be banks,” he said, noting that they will instead be startups that already understand how SMEs operate, have access to their data and have earned their trust. He added that the companies selected for the programme are building from that advantage, making them businesses worth watching.
Every applicant to the programme benefited from expert sessions led by founders of some of Africa’s fastest-growing companies as well as global leaders in embedded finance and Web3. Forty-seven startups later advanced to a pitch competition and received a startup support package worth more than US$250,000 before the final 15 companies were selected for advanced technical training and investment consideration.
Fifteen Startups Positioned to Expand Financial Inclusion
The selected companies come from Ethiopia, Ghana, Kenya, Morocco, Nigeria, Senegal, South Africa, Togo, Uganda and Zambia. While they operate in different industries, they share a common goal of helping businesses access financial services through technology platforms they already use.
AgroCenta (Ghana), founded by Francis Obirikorang together with Michael K. Ocansey in 2015, is tackling long-standing challenges facing Ghana’s agricultural sector. The company was established to improve the agricultural value chain by addressing two major problems affecting rural smallholder farmers: limited market access and limited access to finance. By connecting farmers directly to structured markets, AgroCenta helps them avoid exploitative middlemen while opening opportunities to access formal financing that can help them grow from subsistence farming into commercial agriculture.
Boost Technology (Ghana), founded by Mike Quinn, is building a business-to-business commerce platform that supports retail entrepreneurs across Africa’s convenience economy. The business began in early 2020 with the ambition of helping millions of retailers grow through digital commerce. When the Covid-19 pandemic accelerated digital adoption, Boost rapidly expanded into three major African markets. Today, its partnership-driven expansion model allows it to work with experienced local entrepreneurs while continuously adapting its platform to different markets across the continent.
Dots for Africa (Senegal), founded by Carlos Oba in 2021, is focused on ending the digital isolation of rural communities. The company has built digital infrastructure that connects villages to the wider digital economy, allowing communities to access financial services, digital employment opportunities and online marketplaces. From an initial vision, Dots for Africa has expanded to hundreds of connected villages across Senegal and Benin while extending into Zambia through a franchise model. Partnerships with global companies including Honda, Brother Industries, SoftBank and Transsion Holdings have strengthened its ability to deliver sustainable digital solutions to underserved communities.
Fanaka (Zambia), founded by Hillary Sang, is using financial technology to improve access to finance for underserved communities and micro, small and medium-sized enterprises. After establishing its operations in Zambia, the company expanded into Uganda, where it continues to provide financial education, asset financing and risk management solutions. Its approach is designed not only to improve financial inclusion for entrepreneurs but also to create sustainable economic opportunities for communities while generating value for investors and partners.
Kutana (Ghana), founded by Samuel Opoku, is simplifying international trade by bringing several financial services together on one platform. The company combines programmable escrow services, embedded trade insurance, real-time lending and cross-border payments within a single ecosystem. Businesses can securely create transactions, activate goods-in-transit insurance, protect payments through escrow and release funds only after agreed trading conditions have been met, helping reduce risks that often discourage cross-border trade.
MajibuAfrica (Uganda), founded by Janis Zicans, is expanding financial inclusion through flexible asset financing. Headquartered in Kampala and regulated by the Uganda Microfinance Regulatory Authority, the company provides “Buy Now, Pay Gradually” financing that allows households and businesses to acquire essential products including electronics, household appliances and vehicles through affordable repayment plans. The model enables more people and businesses to access productive assets without facing large upfront costs.
Marakisoft (Ethiopia), founded by Alemayehu Seifu, has spent nearly two decades building locally developed enterprise resource planning software. Established in 2007, the company focuses exclusively on ERP systems designed and built in Ethiopia to help businesses improve operational efficiency. Beyond software development, Marakisoft has built a reputation for strong after-sales support, demonstrating the growing capability of African technology companies to develop enterprise software tailored to local business needs.
Oze (Ghana), founded by Meghan McCormick, is helping small businesses become investment-ready by giving them the digital tools they need to manage their operations. The platform combines bookkeeping, invoicing, inventory management, digital payments and online selling while also helping businesses access affordable loans. At the same time, Oze works with banks and microfinance institutions to improve lending decisions through better business data, reducing the risks traditionally associated with SME financing.
Regxta (Nigeria), founded by Rukayat Bello, was inspired by the challenges faced by the founder’s mother as a micro-business owner. The company has developed a digital platform that connects underserved entrepreneurs, refugees and displaced people to formal financial services. Through digital wallets, savings, insurance, pensions, healthcare services and credit-building tools, Regxta is helping communities that have traditionally remained outside the formal banking system build stronger financial futures while improving business management through better record keeping.
Rigo (Nigeria), founded by Olukayode Odeyinde, is addressing financial and operational challenges within Africa’s healthcare sector. Drawing on extensive experience in healthcare, the company has developed dedicated finance and technology businesses under the Rigo umbrella to support healthcare providers and health maintenance organisations. By improving financial management and administrative efficiency, Rigo aims to strengthen healthcare businesses while allowing them to focus more resources on patient care.
Shiprazor (South Africa), founded by Lesego Tladinyane, is modernising e-commerce logistics across Africa. The company connects online retailers with logistics providers through an integrated technology platform that includes warehouse management, order management, fleet management, shipping aggregation, returns management, customer notifications and address verification. By improving visibility across the supply chain, Shiprazor helps businesses reduce costs while delivering better customer experiences.
Solimi (Togo), founded by Gael Egbidi, is working to close the gap between digital money and traditional banking. Based in Lomé, the fintech company is developing accessible payment solutions that allow more people and businesses to participate in the formal financial system. By making digital financial services simpler and more widely available, Solimi is contributing to greater financial inclusion across West Africa.
Tradevu (Nigeria), founded by Nkiru Amadi-Emina, has built what it describes as a financial operating system for global trade. The platform supports importers, exporters, manufacturers and commodity suppliers by combining trade finance, multi-currency payments and transaction intelligence within one system. This enables businesses to secure working capital faster, simplify international payments and reduce the complexity often associated with cross-border trade.
Z Systems (Morocco), founded by Samer Choumar, is transforming traditional retail supply chains through technology rather than physical infrastructure. Headquartered in Casablanca, the company connects brands, wholesalers and retailers through a digital platform that improves transparency, coordination and efficiency without replacing existing market participants. Its asset-light approach reflects a growing trend towards digitising traditional commerce instead of rebuilding supply chains from the ground up.
Zendawa (Kenya), founded by Wilfred Njuguna, is using technology to improve access to healthcare. Based in Nakuru, the health-tech startup operates a digital marketplace where patients can order prescription and non-prescription medicines. Machine learning matches customers with nearby pharmacies that have the required products, while delivery partners complete last-mile fulfilment. The company combines healthcare expertise with technology to improve access to medicines and strengthen pharmaceutical distribution.
A Growing Opportunity for Embedded Finance
Although the selected companies operate across agriculture, healthcare, logistics, commerce, enterprise software and digital infrastructure, they all demonstrate how technology businesses can become gateways to financial services. Their existing customer relationships provide valuable business data that can support lending, insurance and payment solutions for SMEs that have historically been underserved by traditional financial institutions.
That is why Renew Capital believes embedded finance could become one of Africa’s most important growth opportunities. As Davis observed, these businesses have already earned the confidence of their customers and understand how they operate. By building financial services on top of those relationships, they have the potential to help close Africa’s financing gap, accelerate business growth and create more jobs across the continent.
Through the Renew Venture Lab: EmFi Series, the selected startups will now receive advanced technical support and investment consideration as they work towards scaling solutions that could reshape financial access for African businesses.
