Imvelo Ventures, a South Africa-based venture capital firm backed by financial services firm Capitec Bank, has formed a R1m ($66,000) early-stage funding initiative for financial technology startups, VentureBurn has reported.
The programme will select 10 businesses for its initial cohort once the deadline for applications passes at the end of this year. The first batch will be restricted to revenue-generating businesses.
Imvelo Ventures expects the accelerator to provide a springboard for fledgling fintech companies looking to achieve social impact in addition to monetisation.
Applicants should be able to demonstrate they have vision to scale up to drive growth and secure a position in the South African market.
Anton Bauman, director of Imvelo Ventures, said: “We invest in South African businesses developing unique fintech solutions for South African problems.”
In addition to Capitec, Imvelo Ventures is also backed by Empowerment Capital Investment Partners, a black-owned investment and economic empowerment advisory firm.