Kenyan wealth-tech startup Ndovu raised an undisclosed amount in a pre-seed round from 4DX Ventures, Plug and Play Tech Center, Future Africa, and Oui Capital yesterday to provide seamless access to the global financial markets to the east African country.
The wealth-tech startup, Ndovu, was founded in 2020 by Radhika Bhachu, Ro Nyangeri, and Gianpaolo De Biase. Ndovu is an investment platform that provides easy access to financial markets with a vision to offer Africans of all income levels or financial knowledge the right tools to grow their wealth.
The startup said it provides innovative, simple, and affordable investment solutions by investing money in a globally diversified portfolio to help build wealth.
The funding will help Ndovu realize its goal of allowing easy access to the financial market, as it officially launched in Kenya. The Ndovu app is available on both Google Play and Apple App stores. The platform aims to simplify the country’s complex and expensive investment options, allowing only a few persons to access the market.
In a statement, Radhika Bhachu, the CEO of Ndovu, said, “Our idea was born out of our passion for improving 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.”
Ro Nyangeri, CCO of Ndovu, gave a breakdown of how the wealth-tech startup works, “By using Ndovu, regulated by the Capital Markets Authority (CMA), users can invest as little as $50 in local and global investments.” She explained.
“If you were to save $100 per month for ten 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 ten years using Ndovu into the S&P 500 fund, you could earn approximately $23 500,” she added.
Commenting on the round, Gianpaolo De Biase, Ndovu’s CTO, observed that the startup is launching in a wealth-tech industry that is still nascent in the continent, as traditional players in the region are yet to adopt the innovations that would enable them to serve a diverse portfolio of clients.
Gianpaolo said, “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.”
The Co-founder and General Partner of 4DX Ventures, Walter Baddo, on his part, said, “The opportunity to create frictionless and low-cost investment products for all Africans remains an important mission that we believe. 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.”