XENO Corporation has raised a $2 million seed funding led by Beyond Capital Ventures.
Based in Uganda, XENO was founded in 2017 by Chief Executive Officer Aéko Ongodia. It is a goal-based investment platform that helps millions in Africa to plan, save, and invest for any financial goal from as little as $3 via web, app, or USSD – with or without access to the internet. Beyond Capital Ventures General Partner Eva Yazhari will join XENO’s Board of Directors as an Observer.
XENO democratizes access to professional investment management through its proprietary goal-based investment platform that allows users to save with or without access to the internet.
Over 428 million working individuals in Sub-Saharan Africa generate $1.7 trillion annually. However, most do not save at all or have savings that are not invested. Often, the value of their savings is eroded by charges and inflation.
XENO provides a low barrier to entry for customers by providing free goal-based investment planning and charges a low management fee for assets under management. XENO gains additional revenue by increasing customers’ assets under management, ensuring the company’s interests are aligned with its customers.
Since its launch, XENO has already helped 20,000 people to plan, save and invest, and plans to scale across the African continent.
“We are excited to begin a partnership with XENO as the company is well-positioned to scale. Aéko Ongodia has extensive experience managing portfolios in Sub-Saharan Africa and has proven success in growing customer assets under management,” said Eva Yazhari, General Partner of Beyond Capital Ventures.
“The XENO team is providing an important solution to an undervalued market segment and is dedicated to helping customers achieve their financial goals. We believe the company is perfectly positioned to make those goals a reality.”
“Eva Yazhari and her team clearly understood the problem we set out to solve: to enable the average person to build financial resilience by helping them to conveniently invest their savings to meet future financial goals, whatever they may be. In Beyond Capital Ventures, we found a team that was methodical in its evaluation, thoughtful in approaching the opportunity, and demonstrated an unmatched depth in understanding our journey and vision of the future,” said Aéko Ongodia, CEO of XENO.