Editor’s note: African-Startups is a sister publication of EU-Startups, bringing trusted coverage of startups, venture capital, and innovation across Africa.
Renew Capital, a pan-African investment firm based in Kigali, Rwanda, has selected 15 companies from more than 500 applicants across 48 African countries.
This selection is part of its inaugural Renew Venture Lab: EmFi Series, a programme focused on embedded finance opportunities targeting small and medium-sized enterprises (SMEs).
The selection process began with all applicants gaining access to exclusive expert sessions featuring founders from some of Africa’s fastest-growing companies, alongside advice from leading embedded finance and Web3 firms.
From this pool, 47 companies were chosen for a pitch competition and received a startup package valued at more than €230k ($250k). The final 15 were then selected to advance to deeper technical training and investment consideration, representing Ethiopia, Ghana, Kenya, Morocco, Nigeria, Senegal, South Africa, Togo, Uganda and Zambia.
Renew Capital is an investment firm operating in 13 African countries. The firm supports innovative founders who use technology to capitalise on opportunities across the continent.
The team consists of experts in investment, finance, legal matters, and market development, all with a strong background in helping businesses thrive in Africa.
Matthew Davis, Co-CEO of Renew Capital, said, “The next generation of Africa’s small business banks won’t be banks. They’ll be startups that already understand how SMEs operate, have their data and have earned their trust. These 15 companies are building from that advantage. That’s why we’re paying attention.”
The programme reflects a broader shift underway across the continent.
Africa’s small and medium-sized enterprises (SMEs) are the biggest source of job creation on the continent, but they struggle with a huge credit gap of about $330 billion each year.
Despite this challenge, Africa is becoming a hub for technology innovation and is home to the largest mobile money market in the world.
As more people in sub-Saharan Africa adopt smartphones (expected to rise from 54% in 2024 to 81% by 2030) and as data costs decrease, SMEs are leveraging technology more and more.
This shift creates opportunities to integrate financial services into mobile apps, making it easier for these businesses, which often lack access to traditional banking, to grow and create jobs.
The 15 selected companies are:
AgroCenta
Founded in 2015
HQ: Ghana
AgroCenta helps smallholder farmers in Ghana sell their produce directly to buyers instead of losing money to middlemen. The platform also connects farmers to digital financial services like credit, which most of them have never had access to. It was founded by Francis Obirikorang and Michael K. Ocansey, both former Esoko employees.
Boost Technology
Founded in 2020
HQ: Ghana
Boost Technology lets small convenience retailers across Africa order stock from distributors through WhatsApp instead of physically going to the market. The platform handles digital payments, tracks order history, and gives retailers access to working capital they would not get from a bank. The company operates across Ghana, Nigeria, South Africa, and other markets, and has partnered with Mastercard to embed supply chain finance into its platform.
Dots for Africa
Founded in 2021
HQ: Senegal
Dots for Africa builds connectivity infrastructure for rural villages that have been left out of the digital economy. The company installs its own hardware devices in communities and pairs them with a marketplace offering financial services, digital jobs, and everyday essentials. Founded by Carlos Oba, the network has grown to 300 connected villages across Benin, Senegal, and Zambia. Partners like Honda, SoftBank, and Transsion Holdings back the model, which runs on a franchising system designed to scale across different markets.
Fanaka
Founded in 2023
HQ: Zambia
Fanaka provides short-term working capital and insurance to market traders, small retailers, and other informal businesses that banks generally avoid. The company sends field agents to onboard customers in person, then uses its own platform to assess creditworthiness, disburse loans through mobile money, and track repayments. The company currently operates in Zambia and is expanding into Uganda.
Kutana Pay
Kutana makes cross-border trade safer by holding payments in escrow until both the buyer and seller are satisfied with the deal. The company’s secure escrow system keeps funds safe in a blockchain-verified vault, releasing them only after both parties agree that the agreed shipping and quality standards have been met. Kutana currently operate in over 38 countries, mainly in Africa, Europe, Asia, and North America.
MajibuAfrica
HQ: Uganda
MajibuAfrica offers asset financing for people who cannot afford to pay for things upfront. Customers can buy electronics, home appliances, motorcycles, and cars by paying a deposit and then covering the rest in monthly instalments over three to twelve months via mobile money. According to the company, the whole process runs through authorised retail partners and can be approved in as little as 60 minutes. The company targets individuals and small businesses who would not qualify for traditional bank loans.
Marakisoft
Founded in 2007
HQ: Ethiopia
Marakisoft builds ERP and point-of-sale software designed particularly for Ethiopian businesses. The platform handles finance, HR, inventory, and sales in one place, built to work with local business practices rather than forcing companies onto foreign systems. Founded by Alemayehu Seifu, the company serves more than 5,000 clients across retail, manufacturing, construction, and distribution. It works with everything from small shops to large public institutions.
Oze
Founded in 2018
HQ: Ghana
Oze offers a free app for small businesses to track their sales, expenses, and inventory, helping them create a financial record for lenders. On the other side, it gives banks and microfinance institutions the software to actually process and manage those SME loans digitally. The company also offers an embedded lending product that lets platforms like marketplaces and payment providers plug credit directly into their own apps. Founded by Meghan McCormick, At present, the firm operates in Ghana and is working towards reaching 100 million profitable businesses across Africa.
Regxta
Founded in 2018
HQ: Nigeria
Regxta is a digital banking platform built for micro-businesses in Africa that have little to no access to traditional financial services. At present, the company offers savings accounts, loans, business incorporation support, and data reports that help owners understand how their businesses are actually performing. The idea is to give small operators the same basic financial tools that larger businesses take for granted. The company was founded by Rukayat Bello and is focused on reaching the estimated 600 million underserved people across the continent.
Rigo
HQ: Nigeria
Rigo works with healthcare businesses in Africa through two arms — Rigo Finance and RigoTech. Rigo Finance gives hospitals and clinics access to fast, collateral-free funding along with tools to track their finances and manage payments. Rigo Tech builds software for HMOs and hospitals that automates claims processing, validates policies in real time, and handles cost reconciliation. The company was founded by Olukayode Odeyinde after seeing firsthand how financial and administrative problems hold back healthcare providers across the continent.
Shiprazor
Founded in 2022
HQ: South Africa
Shiprazor is a shipping aggregator that combines various courier services into a single platform. It allows businesses, especially e-commerce sellers in Africa, to compare rates, book shipments, and track deliveries without having to deal with each carrier separately. Founded by Lesego Tladinyane, it caters to businesses that ship often but lack the volume to secure individual deals with carriers.
Solimi
Founded in 2022
HQ: Togo
Solimi is a FinTech company that offers physical (Gnim Visa Card) and virtual Visa cards (Solimi Virtual Card) that people can use to pay online, in stores, or withdraw cash both locally and internationally. Users can top up their cards through mobile money or bank transfers directly from the app, making it accessible to people without a traditional bank account. The company was founded by Gael Egbidi and is aimed at bringing basic card-based financial services to a market that still runs heavily on cash and mobile money.
Tradevu
HQ: Nigeria
Founded in 2023
Tradevu is a trade finance platform for importers, exporters, and manufacturers who move goods across borders. The company combines working capital financing, multi-currency payments, and transaction tracking into one system so businesses do not have to juggle separate tools for each part of the process. It is built for mid-sized companies in emerging markets that struggle with slow financing approvals, foreign exchange headaches, and complicated payment coordination. The company was founded by Nkiru Amadi-Emina and is based in Nigeria.
Z.systems
HQ: Casablanca
Z.systems is Africa’s first B2B2C tech franchise designed for traditional retailers similar to 7-Eleven but without the initial investment. The company connects brands directly to retailers through the Z marketplace, which allows for product availability, pricing control, and in-store visibility, addressing the challenges of traditional distribution. Additionally, the company attracts consumers to its retailers through dynamic promotions, gamified loyalty programs, and buy-now-pay-later features, creating a modern shopping experience in informal retail.
Founded by Samer Choumar, Meriem Benad, Youssef Ait-haddouch, and Reda Nebri, the company has onboarded over 20,000 retailers and delivered more than 900,000 orders so far.
Zendawa
Founded in 2022
HQ: Nakuru
Zendawa is an online platform that helps local pharmacies sell products and provide services digitally. The platform offers telepharmacy, allowing customers to consult and order remotely, along with tools for managing pharmacy operations more efficiently. Additionally, the company provides financial services like credit and payments through the same platform. Founded by Wilfred Njuguna, the company is based in Kenya.
