Ugandan Investment Platform XENO Raises $2M Seed Funding Round
XENO, an investment platform with head office in Uganda that assists millions of people across Africa in planning, saving, and investing for any financial goal with as little as $3 via online, app, or USSD — with or without internet connectivity — has raised $2 million in seed funding, led by Beyond Capital Ventures.
After the completion of the investment, Beyond Capital Ventures’ General Partner Eva Yazhari will join XENO’s Board of Directors as an Observer.
“Eva Yazhari and her team clearly understood the problem we set out to solve: to enable the average person to build financial resilience by helping them to conveniently invest their savings to meet future financial goals, whatever they may be. In Beyond Capital Ventures, we found a team that was methodical in its evaluation, thoughtful in approaching the opportunity, and demonstrated an unmatched depth in understanding our journey and vision of the future,” said Aéko Ongodia, CEO of XENO.
Why The Investors Invested
Since its inception, XENO has gained great traction. XENO has already assisted 20,000 people in planning, saving, and investing, and it intends to expand across the African continent.
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The experience of Chief Executive Officer Aéko Ongodia also drew investors in. With a sixteen-year career that encompassed stints at Stanbic Bank, the Bank of Uganda (BOU), and the Ugandan National Social Security Fund (NSSF), Ongodia has substantial experience and competence in investment management. Ongodia has an M.S. in Applied Mathematics and Statistics from Stony Brook University as well as an MSc in Mathematical Trading and Finance from Cass Business School. Ongodia counselled institutional investors on asset management while working at QuanEast Advisory in Kampala before identifying a major vacuum in the market for retail investors. He wished to give all individuals access to high-quality investing advice that was previously only available to large institutions.
“We are excited to begin a partnership with XENO as the company is well-positioned to scale. Aéko Ongodia has extensive experience managing portfolios in Sub-Saharan Africa and has proven success in growing customer assets under management,” said Eva Yazhari, General Partner of Beyond Capital Ventures. “The XENO team is providing an important solution to an undervalued market segment, and is dedicated to helping customers achieve their financial goals. We believe the company is perfectly positioned to make those goals a reality.”
A Look At What XENO Does
Founded in 2017 by Aéko Ongodia, a former portfolio manager of a $1.3 billion fund, XENO democratises access to professional investment management through its patented goal-based investment platform, which allows users to save with or without internet connectivity.
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Sub-Saharan Africa’s 428 million working people create $1.7 trillion every year. However, the majority of people either do not save at all or have funds that are not invested. Charges and inflation frequently decrease the value of their savings. Customers have a low barrier to entry with XENO since it offers free goal-based investment planning and charges a minimal management fee for assets under managed. XENO generates additional revenue by increasing the assets under management of its clients, ensuring that the company’s interests are matched with those of their customers.
The combination of XENO’s user-friendly technology, free goal-based investment planning, and inexpensive management fees lays the groundwork for consumers who previously lacked access to professional asset and wealth management. Notably, XENO can provide users with financial education, clear investing guidance, and a method to save for financial goals that would otherwise be impossible to reach.
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. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh