Labs By ARM 3.0 Demo Day
Labs By ARM 3.0 Demo Day
The third edition of Labs by ARM's Demo Day will take place on Wednesday, 30th June 2021 at 4:00 PM (WAT) via Zoom. The event, which drew investors, corporate executives, technology leaders, members of the press, and senior executives from the ARM Group, provided an opportunity for startups in this year's cohort to showcase their progress and pitch for investment and partnership opportunities.
Labs by ARM is a 12-week Accelerator programme developed by Asset & Resource Management Holding Company Limited (ARM) in collaboration with Ventures Platform to fund and support compelling fintech startups addressing critical issues in the financial services industry. The program's objective is to identify and support startups that are disrupting established industries and creating new markets, thereby altering how users access and consume financial services.
The program's third edition began in March 2021 with the goal of assisting five early- and growth-stage startups in commercializing and distributing their innovations.
The teams participated in deep-dive sessions and were aided in developing novel strategies for overcoming peculiar obstacles. Additionally, mentors and advisors from the program, who are thought leaders in their respective fields, assisted with business growth, product-market fit, distribution, and software engineering. These sessions aided startups in navigating specific obstacles and, more importantly, positioning themselves for growth.
Within four months, the startups experienced phenomenal growth. A startup providing affordable home financing options for Africans doubled its user base and raised more than $300,000 in funding; one of the startups addressing the need for more convenient cross-border payments processed $20,000 in transactions in its first month. Since the program's inception, one startup has gained 600 merchants and 1200 customers by making it easier for online shoppers to log in and checkout on digital platforms.
The following five startups pitched at the Demo Day event:
Bongalow
Bongalow, founded by Kelechi Nwokocha, Abdulrahman Atta, and Samuel Haruna, enables Africans worldwide to shop online for affordable home financing solutions. The marketplace connects lenders with customers both in and outside of Africa, providing a digitally enabled mortgage solution.
Breeze
Breeze is a payment system that enables Africans to trade and transact globally. Chimenem Nnwoka founded the team, which is developing a solution to connect Africans to the global financial system.
HouseAfrica
House Africa is a digital platform founded by Ndifreke Ikokpu and Nnamdi Uba that assists financial institutions and individuals in validating properties prior to investment or purchase and enables prospects to interact virtually with project sitemaps.
Pass
Eze Samuel founded the team, which is focused on developing the fastest one-click login and checkout experience for digital commerce. Pass is working with e-commerce merchants and social media vendors to ensure that customers have a fast and seamless checkout experience.
Plumter
Plumter offers instant multicurrency accounts for convenient local and international banking. The team led by Yinka Elujoba is committed to enabling the next generation of Africans to participate equally in the global economy through the use of cutting-edge technology.
Mohamed Felata, Director of Programs at Ventures Platform Foundation, commented on the program, saying, "The Labs by ARM program is Nigeria's leading fintech accelerator." It is possible due to a unique collaboration between ARM and the ARM Ventures Platform. ARM not only funds the programme, but also provides market access to the startups. We've seen startups introduce and develop market-leading solutions ranging from cross-border payments to mortgage financing during this cohort. We are not surprised to see Africa's fintech sector flourishing right before our eyes as a result of digitalization and a fundamental rethinking of the industry's current approach.”
Jumoke Ogundare, ARM's CEO, congratulated all participants on their advancement and wished them luck. She expressed particular gratitude to Ventures Platform for a fruitful collaboration and to Mr. Tomi Davies of Techno Vision for his continued mentorship of fintech companies following the investment stage. Additionally, the CEO expressed gratitude to the Advisory Board of ARM Digital Financial Services for charting the course for ARM's digital expansion.
ARM
Founded in 1994, ARM is an asset management firm that specializes in wealth creation through a unique blend of traditional and alternative investment services. ARM currently manages approximately N1.4 trillion in total assets (as of September 2020)
Ventures Platform
Ventures Platform aims to create inclusive and sustainable wealth in Africa by empowering African entrepreneurs and innovators to leverage technology to develop long-term solutions to the continent's most pressing problems. They are one of the continent's most active early-stage investors.
In addition, Ventures Platform collaborates with large corporations to foster internal innovation and cultivate long-term relationships with the startup ecosystem, all of which contribute to business growth and innovation goals.
