Standard Bank Invests in 2 African Tech Start-ups

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The Venture Scale programme at FFA provides African start-ups with £220 000 in tailored support services across product design, data science, engineering and business development, along with an additional financial cash investment of £30 000. The start-ups will also gain access to an exclusive partnership with Standard Bank to unlock access to distribution channels, customer acquisition, pilots, data, Intellectual Property and expertise.

The two start-ups that joined on 30 March 2020:

  • Truzo is a South African based web and app-based escrow platform enabling buyers and sellers anywhere to transact in a safe and secure way. FSCA (Financial Sector Conduct Authority) & PASA (Payment Association of South Africa) registered.
  • MVXchange from Nigeria is a tech-driven maritime logistics platform that matches vessel charter requests with available Offshore Support Vessels (OSVs) – the Uber for ships!

McCarthy says the businesses in the FFA portfolio are solving for everyday challenges experienced by consumers and small business owners across the continent; from last mile delivery logistics (Bwala), connecting farmers with access to markets (Foodlocker), enabling users outside South Africa to transact online safely across Africa (Truzo) and the digital networking of offshore support vessels (MVXchange).

Full Article on the STD Bank Website

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