Fifteen African technology startups have been selected by investment firm Renew Capital to develop financial services for millions of small businesses that remain beyond the reach of traditional banks, highlighting a growing shift in how credit and banking services are being delivered across the continent.
The startups emerged from more than 500 applicants across 48 African countries in Renew Capital’s inaugural Venture Lab: Embedded Finance (EmFi) Series, an accelerator that targets companies already serving small and medium-sized enterprises (SMEs) through digital platforms.
The selected startups are expected to integrate financial products such as loans, payments, insurance and working capital directly into services that SMEs already use every day. The approach could help close Africa’s estimated $330 billion annual SME financing gap, one of the continent’s biggest barriers to business growth.
The investment programme reflects a broader trend in African technology, where investors are increasingly backing embedded finance, financial services built
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