Transsion Holdings, the manufacturers of Techno, infinix and Itel has partnered with Wapi Capital to find and fund fintech startups under the program Transsion Future Hub.
Transsion holdings which is unarguably the largest mobile phone manufacturers and distributors in Africa will use the program to seek and identify innovative African fintech startups from the continent to provide funding as well as access to new markets.
While Wapi Capital will not contribute to the fund, the Kenyan headquartered company will take the lead in the identification of early-stage fintech businesses from across Africa for the purposes of partnership, providing capital, mentorship and other support to these businesses.
Transsion is the largest mobile phone manufacturers and distributors in Africa with over 124Million phones sold in 2018 and 4th largest globally.
Some of the companies that Transsion and the future hub have incubated so far include; Boomplay and music platform that provides more than 2 million songs and music videos for 40 million African users, Pheonix Browser, a platform tailor-made for Africa and has had a great performance and usability, popular among 30 million users and Scooper, a platform with news, we-media, e-books and UGCs.
The search for innovative and scalable early-stage African fintech startup is expected to kick off sometime in September 2019. Transsion will work with Wapi Capital to select early-stage African fintech companies for equity-based investments of up to $100,000, Transsion Future Hub Senior Investor Laura Li said.
The new partnership comes less than a month after Wapi Capital through Wapi Pay platform collaborated with Singapore’s FOMO pay to provide payment solutions between Africa and Asia.