Business Insider Edition
Ndovu, a Wealth-tech startup that provides users with easy access to global financial markets, has officially launched in Kenya.
Co-founded in 2020 by Radhika Bhachu, Ro Nyangeri, and Gianpaolo De Biase, the startup set out with a vision to provide every African, regardless of income level or financial knowledge, with the right tools to grow their wealth.
“Our idea was born out of our passion for improving financial lives across Africa. Our vision is to provide every African, regardless of income level or financial knowledge, with the right tools to grow their wealth. We believe educating our people on how to make their money work for them will bring us one step closer to reducing poverty on the continent,” Radhika said.
She added that Ndovu was launched upon realising that current investment options in Kenya lock out the vast majority due to complexities in market access and high management fees.
Ndovu enters a wealth-tech industry that is still in its infancy in Africa. By using Ndovu, which is regulated by the Capital Markets Authority (CMA), users can invest as little as KSh5,000 ($50) in local and global investments.
“If you were to save $100 per month for 10 years in a bank account paying 2% per annum, you would earn $13,200. On the other hand, if you invest $100 per month for 10 years using Ndovu into the S&P 500 fund, you could earn approximately $23,500,” said Ro.
“At Ndovu, we are playing a key role in financial inclusion by opening up the previously-gated financial markets to all. We are also demystifying investments by breaking down financial jargon with an easy-to-use platform,” said De Biase.
Ndovu has secured an undisclosed pre-seed funding from 4DX Ventures, Plug and Play Tech Center, Future Africa, and Oui Capital. The wealth-tech startup currently has active users and plans to onboard over 1,000,000 users by expanding into other countries within the next three years.
Thanks for signing up for our daily insight on the African economy. We bring you daily editor picks from the best Business Insider news content so you can stay updated on the latest topics and conversations on the African market, leaders, careers and lifestyle. Also join us across all of our other channels – we love to be connected!
© 2022 africa.businessinsider.com
Backed by Future Africa, Ndovu, a wealth-tech startup, launches in Kenya – Business Insider Africa
Business Insider Edition