Ndovu, a Kenyan wealth-tech startup has officially launched in the country to provide easy accessibility to the global financial markets as it raised undisclosed pre-seed funding from 4DX Ventures, Plug and Play Tech Center, Future Africa, and Oui Capital.
The received funding will help the startup realize its goal of allowing easy access to the financial market.
The startup which is founded by Radhika Bhachu, Ro Nyangeri, and Gianpaolo De Biase aims to simplify the complex and expensive investment options in the country which allows only a few persons access the market.
What they are saying
Speaking on the development, Radhika Bhachu, Ndovu’s CEO, said “Our idea was born out of our passion to improve financial lives across Africa. Our vision is to provide every African, regardless of income level or financial knowledge, with the right tools to grow their wealth. We believe educating our people on how to make their money work for them will bring us one step closer to reducing poverty on the continent.”
Explaining how it works, Ro Nyangeri, Ndovu’s CCO noted that by using Ndovu, which is regulated by the Capital Markets Authority (CMA), users can invest as little as KSh5,000 ($50) in local and global investments.
She said, “If you were to save $100 per month for 10 years in a bank account paying 2% per annum, you would earn $13,200. On the other hand, if you invest $100 per month for 10 years using Ndovu, into the S&P 500 fund, you could earn approximately $23,500,”
Also speaking on the development, Gianpaolo De Biase, Ndovu’s CTO noted that the startup enters a wealth-tech industry that is still in its infancy in Africa as traditional players in the region are yet to adopt the innovations that would enable them to serve a diverse portfolio of clients.
He said, “At Ndovu, we are playing a key role in financial inclusion by opening up the previously-gated financial markets to all. We are also demystifying investments by breaking down financial jargon with an easy-to-use platform”
Walter Baddo, Co-founder and General Partner, 4DX Ventures, said, “The opportunity to create frictionless and low cost investment products for all Africans remains an important mission that we believe in. The Ndovu team is building an innovative product that addresses the core investment needs of an increasingly mobile first African population. We are excited to partner with them in this next chapter.”
What you should know about Ndovu
- Ndovu was founded in 2020 with a vision to provide every African, regardless of income level or financial knowledge, with the right tools to grow their wealth
- The startup said it provides smart, simple, and affordable investment solutions by investing money in a globally diversified portfolio to help build wealth.