FinTech incubator, Digital Financial Services Lab (DFS Lab) — that’s funded by Bill and Melinda Gates Foundation — announced the winners of its first bootcamp for entrepreneurs and start-ups.
Digital Financial Services Lab (DFS Lab) brought together 20 of the most promising entrepreneurs who are working to include the least served communities in the growth of digital economies throughout the developing world.
Participants from 10 countries were invited to present their solutions to DFS Lab’s board of experts at a 7 day bootcamp in Dar es Salaam, Tanzania.
This was a chance to benefit from hands-on advice, mentorship and strategic counsel from industry stalwarts, as well as the opportunity to be awarded a share of over $2 million of total investment and a further six months of intensive mentorship.
The funding awarded was split between four stand-out ventures – Yooz (India), Credit Fix (Pakistan), SERV’D (India) and Malako (Uganda) – which were praised for their innovative approach to building new financial services for emerging markets.
“Digital financial services have the power to transform developing country economies, profitably and at scale”, says the Director of DFS Lab, Dr Jake Kendall.
“We are searching for breakthrough ideas with the potential to bring low income households from the cash economy into the digital financial realm and give them tools to improve their lives”.
The DFS Lab team was very impressed with the innovative ideas and prototypes that were developed during the week-long bootcamp. Dr Kendall continues,
“The entrepreneurs were a very diverse and talented group from all over the world. Their different skills, perspectives and levels of experience produced valuable insights and led to dynamic, highly productive collaborations. We are very proud to be able to play a part in helping them reach their full potential.”