VaultPay, an innovative fintech startup based in the DRC (Democratic Republic of Congo), has reached a historic milestone by becoming the first Congolese-led company to be selected for Y Combinator’s 2023 summer class.
Of a total of 202 startups selected across the world for Y Combinator’s 2023 summer cohort, only three are African. VaultPay, from the Democratic Republic of Congo, is one of them.
This achievement not only underscores the innovation and ambition of VaultPay, but it also highlights the rise of the Congolese tech ecosystem on the global stage.
The startup was co-founded by Ntambwa Basambombo and Christel Ilaka, who call themselves “technology industry veterans”. Having previously worked for giants such as AirBnb and Google, information highlighted on their website. Their merger created VaultPay, which is working to create a payments infrastructure for Central Africa. Their inclusion among the three African startups selected by Y Combinator for the 2023 summer cohort is a positive sign for the DRC, which has long struggled with financial inclusion challenges.
read also MTN’s Fintech Unit Seeks More Investors
In addition to being a Congolese startup, VaultPay is one of three African projects chosen by Y Combinator for this cycle, one Rwandan and the other Nigerian. Being on this short list can only inspire the next generation of entrepreneurs in the DRC. Their selection demonstrates a recognition of the value and potential that VaultPay brings to the table, especially in an area as vital as financial inclusion in Central Africa.
However, with this good news for Congo comes a broader shift in Y Combinator’s investment strategy in Africa. With only six startups supported on the continent this year in both cohorts (Winter 2023 and Summer 2023), Y Combinator’s investment in Africa has dropped by 81% on an annual scale. By 2022, the Mountain View, Calif., accelerator had invested in 32 African startups across its winter and summer cohorts.
This reframing can be seen as a deeper reflection on the startups Y Combinator chooses to support, but that doesn’t take away from the importance of VaultPay’s selection. As the first Congolese startup to reach this level, VaultPay sends positive signals to the Congolese tech ecosystem, demonstrating that innovation and ambition can lead to international recognition.
read also Digital Payment Service PayShap Closes in on a Million Transactions
Eyes are now on the future as VaultPay continues to build its infrastructure, symbolizing the hope and innovation of an entire nation.
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