HAVAC, a South African venture capital firm, has announced a $500,000 pre-Series A funding round in FinAccess, a Kenyan software solutions provider that digitises farming cooperatives and community banks, also known in the region as Savings & Credit Cooperative Organisations (SACCOs).
FinAccess will receive a $20 million investment from HAVAC’s Universum Core African Fund, which focuses on funding early-stage, post-revenue seed, and later-stage growth Series A start-ups born in Africa that use technology to solve real-world local, regional, and international challenges while making an impact in the markets they serve.
FinAccess, which was founded in 2017, has two main products. FinCore, a micro-banking system designed to power back-office operations, is the first. The second Grobox is a data visibility solution for dairy cooperatives that tracks milk production to assist co-ops in making informed decisions and increasing credit access.
Mango Engine, a digital platform that powers new ways of saving and lending for co-ops and other social savings groups, is the startup’s third product.
Speaking about the funding round, FinAccess CEO Barclay Paul Okari stated that financial inclusion for underserved Africans is central to the company’s business model.
“Ultimately, digitization frees up credit and other critical financial services, allowing farmers to increase their productivity and efficiency.” “We are thrilled to be working with HAVAC to bring our software solutions to even more African communities,” he added.
“FinAccess is 100% aligned with [HAVAC’s] investment thesis to make an impact by supporting early-stage, high-potential companies that solve real-world challenges through technology,” says HAVAC Partner Rob Heath. We look forward to assisting them in their ongoing growth journey throughout Kenya and beyond.”
FinAccess will use the HAVAC investment to expand its product offerings in Kenya and other East African markets. The startup is currently running live pilots in Uganda, with Zambia, Rwanda, and Tanzania to follow in the coming months.
