Oystr Finance, a fintech startup building alternative data infrastructure for Africa’s underserved, has won SheVentures Tech Pitch, taking home the cash prize of ₦1 million.
Over 400 million people in Africa are currently underserved financially. Through its solution, Oystr Finance helps these underserved to access formal financial services such as credit, investment, insurance, mortgages, cashbacks. The startup currently serves 5 million customers and partners including Baxi, Tmoni and Periculum.
As the winner of the competition, Oystr Finance will receive a cash grant of ₦1 million and other benefits such as access to FCMB Women in Business Zero interest loan capped at ₦5 million per obligor, access to SheVentures women in Business network and resources, and heavily subsidized access to Hub One’s coworking space.
Supported by FCMB’s Hub One and Passion Incubator, the pitch was organized in commemoration of International Women’s Day 2022 and aimed at recognizing & rewarding women in the tech industry who are breaking biases.
“The competition is aimed at gender equality and breaking the bias which is the theme of international women’s day, specifically to build a world that is free of stereotype, discrimination, gender equality and free of bias,” Rolayo Akhigbe, Divisional Head Transaction Banking at FCMB said.
Out of over 200 startups from various sectors and stages of operations that applied, representatives of FCMB & Passion Incubator selected seven startups including, Oystr Finance, RoboRep, Diatron Health, Hutano by TNN Africa, Greengo, Deem Technologies and Gas360.
After a pitching round that lasted up to 60 minutes on the 25th of March, 2022, the judges — Ife Ojobanikan, Principal Investment Officer at Berrywood Capital; Mide Alonge, Manager at Endeavor; and Bisola Elelu, Senior Analyst at Ingressive — selected Oyster Finance as the winner.
Meanwhile, Deem Technologies and RoboRep took second and third place in the competition. They will receive ₦750,000 and ₦500,000 respectively to grow their businesses.
