Startups at this year’s Lab by Asset & Resource Management Holding Company Limited (ARM) have pitched to secure investment and partnerships.
Labs by ARM is a 12-week Accelerator programme by ARM in partnership with Ventures Platform designed to fund and support compelling fintech startups solving critical problems in the financial services industry.
The program aims to find and support startups unlocking industry verticals and new markets, thereby changing how users access and consume financial services.
The Demo Day event for this third edition held recently with investors, corporates, tech leaders, and senior executives of the ARM Group in attendance, and had commenced in March 2021, with the objective of helping 5 early and growth-stage startups commercialise and distribute their innovations.
The teams participated in deep-dive sessions and were supported to create unique strategies for solving peculiar challenges. In addition, programme mentors and advisors, who are thought leaders in their various fields, provided support in business growth, product-market fit, distribution and software engineering.
These sessions helped the startups navigate specific challenges and, more importantly, become better positioned for growth.
Within the four months, the startups recorded impressive growth.
For instance, a startup providing affordable home financing options for Africans doubled its users and raised over $300k in funding; one of the startups solving for more convenient cross-border payments has processed $20,000 in transactions within a month of operation.
Also, another startup whose solution is making it easier for online shoppers to log in and checkout on digital platforms, recorded 600 merchants and 1200 customers since its launch in the program.
According to a statement, the five startups that pitched at the Demo Day event were Bongalow, Founded by Kelechi Nwokocha, Abdulrahman Atta and Samuel Haruna, Bongalow; Breeze, a payment system that was founded by Chimenem Nnwoka; HouseAfrica, founded by Ndifreke Ikokpu and Nnamdi Uba; Pass which was founded by Eze Samuel, and Plumter that provides instant, multi-currency accounts for easy local and diaspora banking.
Speaking on the program, Director of Programs at Ventures Platform Foundation, Mohamed Felata, said: “The Labs by ARM programme is the leading fintech accelerator in Nigeria. It works because of the special collaboration between ARM and ARM Ventures Platform.
“ARM not just funds the programme but gives the startups access to the market. In this cohort, we have seen startups introduce and develop leading solutions that range from cross-border payments to mortgage financing.”
Also, Jumoke Ogundare CEO, ARM, congratulated all participants for their advancement in the programme, and wished them the best of luck. She specially thanked Ventures Platform for a successful partnership, and Mr. Tomi Davies of Techno Vision for his continued mentorship of the fintech companies even after the investment stage. The CEO also expressed her gratitude to the Advisory Board of ARM Digital Financial Services for charting the right path for ARM’s digital growth.
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