FlexPay, a Kenyan fintech startup, emerged as the second runner-up in the Ecobank Fintech Challenge 2023, a pan-African competition that aims to showcase and collaborate with the most promising fintech startups on the continent.
FlexPay is a merchant-embedded savings-based purchase experience (Save Now, Buy Later) platform that offers a flexible payment option for customers to make purchases and pay for them over time, rather than paying the full amount upfront. The platform also offers open goals and group savings features, allowing individuals to make their dream purchases through gradual saving.
FlexPay was one of eight finalists selected from a total of 1,490 entrants in the Ecobank Fintech Challenge 2023. Other finalists included IPOXcap AI (South Africa), Kastelo (South Africa), Koree (Cameroon), Kori Tech (Senegal), SmartTeller Technologies (Nigeria), Rubyx (Belgium), and Wolf Technologies (DRC).
The winner of the Ecobank Fintech Challenge 2023 was Koree, a Cameroonian fintech startup that provides a mobile banking platform for micro-entrepreneurs and small businesses. Makuta from Wolf Technologies, a DRC fintech startup that provides a digital payment platform for merchants, was the first runner-up.
Success streak for Flexpay
FlexPay was selected as part of the Google for Startups Black Founders Fund (BFF) for Africa in 2022. The Ecobank Fintech Challenge is an annual competition that is open to fintech startups from across Africa. The competition is designed to identify and support the most promising fintech startups on the continent. The winners of the Ecobank Fintech Challenge receive prize money, mentorship, and the opportunity to collaborate with Ecobank.
FlexPay’s achievement in the Ecobank Fintech Challenge 2023 is a testament to the company’s innovative approach to providing financial services to consumers in Africa. The company’s Save Now, Buy Later platform offers a flexible and affordable way for customers to make purchases, while its open goals and group savings features enable customers to save for their dream purchases over time.
