South African VC firm, HAVAÍC, backs FinAccess with $500k Pre-series A Funding

South African VC firm, HAVAÍC, backs FinAccess with $500k Pre-series A Funding

Cape Town-based VCX company, HAVAÍC, just announced an investment of $500k in FinAccess, an East African-based software solutions provider that digitizes local community banks, or SACCOs (Savings & Credit Cooperative Organizations), and farming cooperatives (or “co-ops”) in the area.

The pre-series A funding round is intended to expand the company’s two core products, banking software solution Fincore and agricultural software solution Grobox, the venture capital firm said in a statement. The investment was made from the VC’s $20M HAVAÍC Universum Core African Fund, which closed in May.

CEO, Barclay Paul Okari launched FinAccess in 2017 to provide SACCOs and cooperatives with a wholly exclusive SaaS solution. The funding will be used by FinAccess to maintain its market dominance in Kenya and grow into new markets.

The whole back office and product functions of the banking industry are digitalized and automated by FinCore. A mobile app or USSD interface can be used by SACCO members to access financial services and conduct digital transactions.

Barclay Paul Okari

FinAccess is addressing significant issues for Africa’s underprivileged communities, according to Rob Heath, partner of HAVAÍC and director of FinAccess. Heath noted that he has been amazed by the team’s development and performance over the past several years, and there is a ton of room for expansion both within Kenya and outside of the country.

“FinAccess is solving critical problems for Africa’s underserved communities. The team’s growth and ability to perform over the last few years has been incredible to watch, and there is so much scope to continue growing across Kenya and beyond. FinAccess is 100% aligned with our investment thesis to make an impact by supporting early-stage, high-potential companies that solve real-world challenges through technology. We look forward to supporting their unfolding growth journey,” said Heath.

About HAVAÍC VCX Company

HAVAÍC is a financial counseling and investment organization company focused on funding and assisting post-seed, high-growth, early-stage, technology-driven African startups with international potential. To complement its portfolio firms’ offerings, HAVAÍC offers corporate advice and capital raising services to start-up, globally scalable companies.

Africa’s post-seed and pre-Series B startups can access funding and strategic support from HAVAÍC. The company’s portfolio companies offer technology-enabled solutions to nearly half a million clients in over 180 countries worldwide. The Fund enables institutional investors from both local and abroad to participate in VC investments alongside South African and foreign investors who would not otherwise be able to do so.

Last year, HAVAIC supported ShopEX—a Nigeria-based startup that mobilizes a combination of traditional and digital channels to market, sell, and distribute some of the world’s most successful brands, as it raised $885k funding round.

Nigerian Startup, ShopEX snaps $400,000 Pre-seed from HAVAIC

HAVAÍC is run and operated by partners with considerable local and international experience (raising money, M&A, and strategic analysis), providing individualized and tailored transactional competence and strategic assistance. We encourage each of the companies in our portfolio to keep its distinct culture and maintain its independence. Since we have a lot at stake in them, we are more dedicated and responsible.

The recent investment in FinAccess follows HAVAÍC’s recent investments in ShopEx and Talk360, joining the VC’s thriving portfolio of 18 early-stage, high-potential African technology companies.