• Wednesday, September 27, 2023
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ARM drives Labs Innovation Program to support fintech startups

Local investors outperform foreign peers in Africa’s startup funding

The ARM Group in partnership with Greentec Capital Partners has announced the commencement of the ARM Labs Innovation program, targeted at discovering fintech stratups and building them to limelight.

Formerly known as LABS by ARM Accelerator Program and recently changed to ARM Labs Innovation Program, the program is designed to support ARM’s mission to fund compelling Nigerian fintech startups in the incubation stage. These startups should be poised to solve key problems in innovative ways within the financial industry and introduce ideas that transform how users access and consume financial services, ARM said.

Through this program, ARM will support the selected startups to commercialise and grow the distribution of products and services.

During this 7-week Innovation program, each FinTech startup will be engaged intensively in a series of activities including advisory and mentorship sessions amongst others, all aimed at exponentially advancing the growth of their companies within the short time frame.

Read also: Nigeria banks show resilience despite fintech threat

The ARM Group will make an investment of $50,000 (fifty thousand dollars) for 6 percent equity to each of the five selected startups and provide them with office workspace as an additional benefit to assist with their business operations.

Established in 1994, ARM is a leading Nigerian diversified and integrated asset management group firm that offers wealth creation solutions and opportunities through a unique blend of traditional asset management and alternative investment services to retail, high net worth and institutional investors.

ARM currently manages total assets of approximately N1.6 trillion (as of December 2021).

GreenTec Capital Partners is a long-term investor founded in 2015 that invests in African start-ups and SMEs with a focus on combining social and environmental impact with financial success. GreenTec uses venture building, process optimization and a diverse team of international experts to help start-ups and SMEs implement and adapt the latest technologies to their models so they can extend their value chains and have more impact locally.”