A local start-up called FundRoof has been awarded US$5 000 (more than N$90 000) by the World Bank during the Fintech Challenge in South Africa last week.
The Fintech Challenge is an ecosystem development initiative under the Southern African Innovation Bridge Portal, supported by the World Bank to crowd-source new and impactful ways to utilise the latest innovations in fintech.
The initiative is aimed at providing low-cost and appropriate savings and derisking products for the low- and middle-income market and lending solutions for small-medium enterprises.
FundRoof founder Samuel Akinin says the team is honoured to have won the prestigious award and to receive investment readiness support from the World Bank.
“It is testament to the hard work and dedication of our team at FundRoof.
“Being the only Namibian company among the winners makes this achievement even more special.
“Winning this award not only validates our innovative approach to addressing financial inclusion in the housing sector, but also recognises the impact we can create in empowering homebuyers, lenders and developers across the region,” he says.
FundRoof connects homebuyers, lenders, and developers on one integrated housing platform.
Its mission is to extend access to finance to homebuyers across the region, while empowering lenders and developers with leads and conversion tools.
Akinin says the financial support provided by the World Bank will play a crucial role in further strengthening their capabilities and expanding their reach.
“This investment readiness support will enable us to enhance our platform, develop new features and scale our operations effectively.
“It will also help us engage with potential investors, fostering growth opportunities and paving the way for future collaborations,” he says.
Akinin says the award reinforces their commitment to transforming the mortgage landscape in Africa and driving positive change in the housing sector.
“We would like to express our gratitude to the World Bank and all our supporters for their belief in our vision.
“This award is a significant milestone in our journey, and we are excited about the opportunities it brings FundRoof and the communities we serve,” he says.
According to the Southern African Innovation Bridge Portal media account, 10 of the 15 selected start-ups received US$5 000 each.
The initiative creates a digital platform for innovation, collaboration, co-creation, knowledge sharing, and matchmaking, it says.
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