Wapi Pay subsidiary Wapi Capital has allied itself with smartphone maker Transsion’s Future Hub unit for a vehicle that will invest about $100,000 per deal.
Wapi Capital, Kenya-based financial technology provider Wapi Pay’s investment vehicle, has launched an investment fund in partnership with Future Hub, an incubator backed by China-headquartered mobile device producer Transsion, TechCrunch has reported.
The vehicle will seek out early-stage fintech developers based in Africa and provide up to $100,000 in seed funding for each round in which it participates, Laura Li, a senior investor at Future Hub, told TechCrunch.
Founded earlier this year, Future Hub focuses on Africa-centred mobile internet, advertising, e-commerce, logistics and media technology startups developing new business models and products. It offers portfolio companies seed capital in addition to consulting and mentoring.
Wapi Capital will help with functions such as due diligence and deal flow but will not provide funding, Wapi Pay co-founder Eddie Ndichu said. The fund is expected to raise $1m over the course of 2019 and $10m in the following three years.