After the application deadline for LABS by ARM 2.0, the 5 fintech startups that will participate in the second cohort of the LABS by ARM Accelerator programme have been announced.
The 5 fintech startups selected for LABS by ARM were chosen from a pool of 191 submissions that were eventually reduced to 33 and further reduced to 11 companies after a tedious third round of evaluations.
These 11 companies were invited to the ARM headquarters in Ikoyi, Lagos for a chat with seasoned professionals, and technology entrepreneurs. Finally, 5 of the companies were selected and have now been invited to the Accelerator programme. They are:
Truesaver provides access to zero-interest loans by leveraging rotational savings. The solution is a contact-based platform where contacts can save a set amount monthly over a period with lump-sum savings being given to each saver monthly in rotation.
Owoafara is building tools and platforms to curate, verify and match small and medium-sized businesses with financial institutions for loans as well as provide support for companies that do not qualify for financing to enable the businesses to grow their business and better prepare to access financing.
Rise helps Nigerians grow wealth by connecting customers with the best investment opportunities around the world, cheaply and seamlessly.
Kwaba is a property rental financing platform that is solving bulk rental payment problems for low to middle income earning Nigerians Kwaba makes the upfront rent payment for retail customers and these customers are able to pay their rent on a monthly basis
Quantis is leveraging technology to automate trading and investments in order to make financial markets and instruments more accessible to local investors.
During the 12-week Accelerator programme, LABS by ARM and Ventures Platform will work intensively with each Fintech startup in a series of activities aimed at exponentially advancing the growth of their companies within the short time frame.
LABS by ARM will also invest $20,000, offer office space, Amazon Web Services (AWS) credit of up to $10,000, access to the ARM network capabilities and support the companies with carefully selected mentors comprising seasoned business leaders from the fintech industry who will provide hands-on support to the companies.
LABS by ARM is an initiative of ARM in partnership with Ventures Platform to support and fund compelling fintech startups solving key problems in innovative ways around the financial industry, unlocking verticals and markets thereby changing how users access and consume financial services.