China’s Transsion and Wapi Capital start African fintech fund
China-based mobile phone manufacturer, Transsion, is partnering with Africa-Asia payment gateway, Wapi Capital, to find and fund young African fintech start-ups, Tech Crunch reports.
From September 2019, Transsion’s seed fund incubator, Future Hub, will provide equity-based investments of up to $100,000 and work with Wapi Capital to select the right recipients.
Wapi Capital, the venture fund of Kenyan fintech Wapi Pay, will contribute in industry knowledge rather than in money, vetting start-up’s viability, scale and deal flow from all 54 African countries.
Transsion and Wapi Capital in conversation
According to Transsion Future Hub senior investor, Laura Li, the Hub will also be investing in adtech, e-commerce, logistics and media and entertainment start-ups.
Currently the Hub works with African companies including focused browser company Phoenix, content aggregator Scoop and music streaming service Boomplay.
Both companies have their own lofty ambitions too. Whilst Wapi Capital is looking to raise $10 million over the next three years, Transsion is on the verge of being listed on China’s new Nasdaq-style STAR Market tech exchange with an IPO in the wings.
