EPF Tech Fund’s latest investment in Acorn Fintech, a prominent player in the insurance sector, marks a significant move in South Africa’s technology investment landscape. Launched just last year, the multimillion-rand start-up fund is dedicated to supporting pre-seed-stage companies across the African continent, with a particular focus on identifying and supporting young, innovative entrepreneurs to drive economic development through technology.
Among the current beneficiaries of EPF Tech Fund are successful start-ups such as Agricode, Digital Pulse, What the Hack, MicroApps, Tech Swat, and Makwarela Campus 123. These ventures have already shown promise, and the fund’s backing has helped fuel their growth.
On Tuesday, Joanna Govender, CEO of EPF Tech Fund, announced the fund’s latest strategic investment in Acorn Fintech. Acorn Fintech is a forward-looking company that specializes in risk identification, evaluation, and mitigation across various market sectors, with a particular emphasis on insurance. The company has set its sights on revolutionizing the insurance and fintech industries by incorporating cutting-edge technology and adopting a customer-centric approach.
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Govender spoke highly of Acorn Fintech’s impressive suite of solutions, which seamlessly integrate insurance with financial services, providing individuals and businesses the means to manage their risk and finances effectively. She highlighted Acorn Fintech’s ability to leverage data analytics and artificial intelligence to deliver personalized experiences and valuable insights. Through these innovative technologies, Acorn Fintech aims to reshape traditional insurance models, making them more accessible, efficient, and tailored to individual needs.
The investment in Acorn Fintech comes at an opportune time, as African fintech is gaining traction as a top destination for investment, and the momentum is expected to rise further. According to a recent report by Boston Consulting Group and QED Investors, South Africa, along with Egypt, Kenya, and Nigeria, is leading the fintech growth in Africa. The report, titled “Global Fintech 2023: Reimagining the Future of Finance,” projects an impressive fintech revenue compound annual growth rate of 32% for Africa until 2030, making it the fastest-growing region.
For Govender and the EPF Tech Fund, Acorn Fintech’s mission aligned perfectly with their vision of reshaping the insurance and fintech landscape to be more inclusive. By joining forces with Acorn Fintech, they envision a future where insurance and fintech seamlessly converge, empowering individuals and businesses to navigate financial risks confidently and unlock new opportunities.
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As Africa’s fintech industry continues to flourish, EPF Tech Fund’s investment in Acorn Fintech exemplifies the ongoing commitment to support technological innovation that can drive positive change and economic growth across the continent.
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