Plug And Play Backs Kenyan Wealth-Tech Startup NDOVU As It Lands Pre-seed Funding
Kenyan wealth-tech startup Ndovu has secured an undisclosed amount of funding as it officially launched in Nairobi, Kenya. The pre-seed funding came from 4DX Ventures, Plug and Play Tech Center, Future Africa, and Oui Capital.
“Our idea was born out of our passion to improve financial lives across Africa. Our vision is to provide every African, regardless of income level or financial knowledge, with the right tools to grow their wealth. We believe educating our people on how to make their money work for them will bring us one step closer to reducing poverty on the continent,” said CEO Radhika Bhachu.
Why The Investors Invested
The startup’s founding team greatly assisted it in the funding round. Ndovu’s CEO, Bhachu, is an investment specialist with 11 years of experience advising Fortune 500 companies around the world. She previously worked for BlackRock, the world’s largest asset management, in the United Kingdom. Ro Nyangeri, Ndovu’s CCO, was previously the Nairobi Securities Exchange’s Head of Strategy. Ndovu’s CTO, Gianpaolo De Biase, is a serial entrepreneur with experience building and scaling digital businesses in a variety of marketplaces around the world.
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The startup has also gained some traction assisting it in the latest round. The company has also received a number of accolades, including a development grant from Zilliqa, the blockchain initiative that pioneered sharding, a technology that divides platform infrastructure into numerous interconnected networks to facilitate more transactions. Ndovu also earned first place in the She Loves Tech competition (2021) and placed first in Africa’s New Venture Competition at Princeton University (2020). This comes on top of the company being chosen for the extremely competitive Google for Startups Accelerator in 2021, the same year it was recognized by the Co-Creation Hub for its work to empower women.
“The opportunity to create frictionless and low cost investment products for all Africans remains an important mission that we believe in. The Ndovu team is building an innovative product that addresses the core investment needs of an increasingly mobile first African population. We are excited to partner with them in this next chapter,” Walter Baddo, Co-founder and General Partner, 4DX Ventures, said.
A Look At What The Startup Does
Ndovu was founded in 2020 by Radhika Bhachu, Ro Nyangeri, and Gianpaolo De Biase.
Ndovu, which is available on both the Google Play and Apple App Stores, allows users to access global financial markets quickly and easily. It was created on the idea that Kenya’s present investment options exclude the great majority of Kenyans due to market access issues and excessive management costs.
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According to data from the Capital Markets Authority (CMA), the aggregate value of wealth under administration by several collective investment schemes in Kenya was KSh117 billion ($81.02 billion) in June 2021, up from KSh56 billion ($493 million) in September 2017.
Users can invest as little as KSh5,000 ($50) in local and global investments through Ndovu, which is licensed by the Capital Markets Authority (CMA).
“If you were to save $100 per month for 10 years in a bank account paying 2% per annum, you would earn $13,200. On the other hand, if you invest $100 per month for 10 years using Ndovu, into the S&P 500 fund, you could earn approximately $23,500,” said Ro.
Ndovu joins a wealth-tech industry in Africa that is still in its infancy. Traditional players in the region have yet to embrace the advances that will allow them to serve a diversified client base.
“At Ndovu, we are playing a key role in financial inclusion by opening up the previously-gated financial markets to all. We are also demystifying investments by breaking down financial jargon with an easy-to-use platform” said De Biase.
NDOVU wealth NDOVU wealth
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer