Nigeria-based Touch and Pay Technologies Limited (TAP) and Ugandan fintech, Numida join other African startups as they announced participation in the winter batch of the 2022 Y Combinator accelerator program.
Touch and Pay Tech Ltd is an IT service agency that digitizes and processes cash-based microtransactions across Africa’s informal sector by leveraging the use of Near Field Communication (NFC) technology to help communicate ideas, products, and services and provide end-to-end business solutions.
With clientele in the health, education, identity management, entertainment, transportation, and agency services sector, TAP sets out to build a unique mobile payment and services platform that captures offline and online transactions in a seamless way.
TAP helps businesses solve problems such as product aggregation to payment settlement. Its success is driven by continuous innovation, flexibility, and responsiveness to customer requirements.
TAP is dedicated to quality and innovation by making payment easy all across the world. “Our mission is to make Africa a truly cashless ecosystem by mopping up cash across several sectors with technology. While providing revenue assurance and generating data to make informed economic decisions and influence business continuity.”
While Numida, a fintech startup based out of Uganda, offers digital microfinance to small African businesses in the form of credit to help grow their businesses. Through its platform, traditionally overlooked MSBs can access unsecured working capital loans between $100 to $5000, cutting the hassles of paper works and collaterals, and disbursed via mobile money. Numida is able to verify the businesses remotely and grow loan limits befittingly, helping African micro and small businesses and communities associated with the platform attain their full potential.
The platform is committed to systematically digitalizing the way financial services are handled and delivered in Africa.
” We’re excited to announce that we’re part of the y combinator W22 batch! Every day we get to support hardworking micro-businesses with the working capital they need to grow,” the startup tweeted.
Starting with Uganda, Numida envisions not only providing tools, but also educating and empowering entrepreneurs to become successful.
Numida claims it is positioned to offer other financial and non-financial services such as savings, insurance, payments, logistics, customer acquisition, and financial and HR management. It projects to enable at least 1 million small businesses in the continent to achieve their dreams within 10 years.
Numida, in a seed funding round, raised a total of $2.3 million in April 2021 which was backed by MFS Africa, Kepple Africa Ventures, Beyond Capital Fund, Equilibria Capital, The Draper Richards Kaplan Foundation, and Segal Family Foundation.
Y Combinator is a Silicon Valley accelerator firm that has helped African startups with funding to successfully scale their businesses. Y Combinator recently increased its investment sum in startups from $125,000 to $500,000, while still investing $125,000 for a 7% equity stake and an additional $375,000 on an uncapped SAFE with Most Favored Nation (MFN) terms.
African startups that have benefitted from previous YC accelerator programs include Flutterwave, Paystack, Cowrywise, 54Gene, ShipBlue, and others.