A new accelerator programme is being set up which will benefit fintech and proptech companies. The investment will be targeted at early-stage fintech and proptech companies. This accelerator program will be set up in Lagos and many startups will benefit from it.
Lagos is considered to be the number one city in Africa for startups. It can be called a hub for startups in Africa. It has the fastest growing ecosystem. The Global venture Capital investment data from 2021 testifies this fact.
ARM Labs is an innovation firm which is based in Lagos. The ARM Labs Techstars Accelerator was started in Lagos to bring about this new change and start the new programme.
Whereas, Techstars is a global investment business. To uplift the Nigerian Fintech Industry, ARM Labs have partnered up with Techstars which is acting as a catalyst to grow the fintech startup and bring about a new change in the country.
Chief Executive Officer of the ARM, Jumoke Ogundare has said: “Over the years, ARM has been on a mission to support African fintech startups that are solving key problems in innovative ways.”
He has further added, “Our partnership with Techstars is the logical next step in propelling the African continent to become the future global capital of fintech and transform how Africans access financial services.”
The ARM Labs Lagos Techstars Accelerator will start receiving new applications starting from June till August. On the yearly basis twelve startups will be chosen. They will be chosen to take part in the programme. The startups will get up to $120,000 in funds. The startup will benefit from Techstar’s huge network of more than seven thousand mentors. They will also benefit from more than twenty thousand investors, Corporate partners and alumni. The beginning of the Programme will commence from December 2022 and end in March 2023.
Through their strategic partnership, they aim to encourage the startups to contribute to the development in the Fintech Industry.