Nigeria’s fintech startup, Social Lender has just been shortlisted among the top 10 startups for the first first ever class of the Barclays Accelerator, in South Africa.
Social Lender is a lending platform, licensed to financial institutions, that determines credit worthiness based on social reputation on social media platforms.
The startup explained on its website that “is a social lending solution based on social reputation on Social Media platforms. Cash is offered to Social Media communities of financial institutions for pay back within a short period. Social Lender is patented and licensed to financial institutions by Bincom ICT Solutions”
The accelerator with branches in Tel Aviv, London, New York and in Q4 2016 opened an office in Cape Town is focused in tech solution around financial technology (fintech).
According to the programme overview on its website, the “an intensive 13-week programme designed to accelerate your start-up. As well as getting unprecedented access to our network and knowledge base, successful applicants will also gain invaluable insights from some of the smartest minds in the start-up and FinTech worlds”
In a press release by Techstars, the overwhelming interest raised by applicants far and wide would make the Techstars Cape Town the most competitive:
“It may be the most geographically diverse accelerator program ever for Techstars! Applicants from over 45 countries applied for the spots in the 3-month intensive program. The 10 companies who were selected join us from nine different countries (South Africa, Kenya, Ghana, Uganda, Nigeria, Tanzania, United States, Lebanon and the United Kingdom). The companies encompass a wide array of verticals within FinTech – including international payments, mobile medical insurance, land title registration via blockchain and financial inclusion. This diversity signifies the breadth and depth of the entrepreneurial talent that exists in this class.
By combining Barclays’ 300+ years of financial services experience with the mentorship-driven model and entrepreneurial network of Techstars, we offer a game-changing advantage to our startups.
We’re incredibly excited to announce and welcome the ten companies that will be joining and also want to take this opportunity to thank our mentors. Their time and support is essential for this accelerator. We couldn’t do it without you! 2016 is going to be an amazing year for both Techstars and Africa!”
Winners to emerge from the External Demo Day slated for 30th June 2016, will get “up to $120,000 investment from Techstars as well as other corporate partner perks”
Featured image: Social Lender