Plesion Capital has announced its formation as a social impact venture capital firm dedicated to partnering with mission-driven entrepreneurs and businesses to address global poverty. Plesion Capital’s approach is based on making pre-seed and seed investments in promising entrepreneurs whose goods and services improve people’s lives by reducing poverty and creating new chances for economic growth.
Plesion Capital has also announced its initial investment of $500,000 in Uganda-based XENO Corporation’s (“XENO”) $2 million seed round, led by Beyond Capital Ventures. XENO, led by founder and CEO Aéko Ongodia, is a fintech platform that assists millions of Africans in planning, saving, and investing for their financial goals, regardless of whether they have internet connection or not. For individuals with internet connection, XENO is available both on the web and as a mobile application.
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XENO may be accessible by mobile money and is already pre-installed on 14 million phones in Uganda. The free goal-based investment planning and minimal management fees offered by XENO lay the groundwork for consumers who previously lacked access to quality banking and investing services. XENO works to develop financial resilience and independence for Africans by encouraging and enabling investing strategies.
Most of the 428 million individuals working in Sub-Saharan Africa do not save or have their money invested, demonstrating the enormity of the market opportunity and the potential for XENO to have an outsized beneficial influence on the lives of millions. Those that do so see their money lose value over time due to inflation and other factors. XENO’s innovative business strategy and user-friendly technology are addressing these concerns as well as assisting in the resolution of other chronic issues such as old-age poverty and constant borrowing from others. XENO is expanding into critical markets such as Kenya and Nigeria, with a rising customer base and a 97% retention rate.
“Our investment in XENO aligns with our goal to impact individuals who are living below the poverty line,” said Ben Finlay, Plesion Capital’s Founder and Managing Partner. “Aéko is an outstanding leader who has built a practical and highly-scalable platform that has the potential to revolutionize consumer finance across Africa. We are pleased to partner with the company to offer our support as it advances its strategic priorities and grows its userbase.”
Plesion Capital is currently concentrating its efforts on African-based investment projects with the ability to address key socioeconomic concerns throughout the continent. Food insecurity, clean water access, and financial and physical infrastructure improvement are among the firm’s priority areas. Africa is at the crossroads of a rapidly expanding technological infrastructure and a critical need for scalable solutions to basic difficulties confronting poor and marginalised groups. Plesion Capital works with like-minded entrepreneurs who have solid business ideas and innovative products to ignite dramatic change that improves the lives of marginalised groups. Plesion Capital wants to grow into more worldwide markets in the future.
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A Look At What Plesion Capital Does
Plesion Capital is a social impact venture capital firm that partners with mission-driven entrepreneurs and businesses to address global poverty. Plesion Capital’s strategy is based on making pre-seed and seed investments in promising entrepreneurs whose goods and services improve people’s lives by reducing severe poverty and creating new chances for economic growth. Ben Finlay started Plesion Cash in July 2022 and is now deploying capital from its first fund. For more information, please visit: www.plesioncapital.com.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard