A development investment bank, DLM Capital Group through its digital banking subsidiary “SOFRI” has announced the inaugural edition of its Fintech pitch competition – Pegasus Fintech Challenge to help in scaling tech start-ups in Nigeria.
While the Pegasus Fintech Challenge will be executed in partnership with top tech accelerator, African Fintech Foundry, DLM Capital said the initiative is a part of its commitment to accelerate seeding funding and investments in Nigeria’s Fintech environment.
Access to early-stage finance is one of the critical challenges of start-ups in Nigeria. Most of the funding raised by Nigerian start-ups has mostly been through private equity or joint venture as the inability to meet banks’ requirements for loans puts them at a disadvantage to access credit from the lenders.
But with the Pegasus Fintech Challenge which is open to all Fintechs operating in Nigeria, some of the players that will be able to distinguish themselves will have the opportunity to get funding, courtesy of DLM Group.
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“As Nigeria’s Fintech ecosystem rapidly expands and transforms, DLM Capital Group and Sofri are well-positioned to make impactful footprints in the industry. We encourage Nigerian fintech start-ups to apply to the Pegasus Fintech Challenge,” Chinwendu Ohakpougwu, the head of corporate communications and marketing at DLM Capital Group said.
Interested participants are invited to submit applications by sending details of their product as well as a demo to https://mypitch.dlm.group/ before June 18, 2021. Selected nominations will participate in a pitch event wherein the top 3 challengers will be selected and awarded.
According to DLM Group, the top three winners of the Fintech Challenge will get seed capital for business expansions. The seed capital is calculated on the official Central Bank of Nigeria naira equivalent value at the date of selection for the program.
Aimed at supporting early growth, proof-of-concept and/or enhancing the business operation of start-ups, the DLM Capital Pegasus Fintech Challenge will hold annually and identify and partner Fintechs that are ready to scale and provides them with support and access to finance and markets so they can grow to become true Pan Nigerian Fintech success stories.
VC and Incubation Head at Africa Fintech Foundry, Oluwaseyi Balogun commenting on the partnership stated that “Africa Fintech Foundry entrenches its lead in the Fintech ecosystem as it partners with DLM Capital Group on its fintech challenge to serve as a silver lining for start-up funding amidst local fundraising setback prevalent in the start-up ecosystem.”
DLM Capital Group is a developmental investment bank that provides innovative solutions to economic and social developmental challenges that impact the everyday lives of people.
Since its inception, the bank has concentrated on creating markets, products, and long-term financing solutions to key sectors of the Nigerian economy that would benefit end customers to improve their well-being.
The investment bank comprises subsidiaries in bespoke corporate finance advisory, trustee, asset management, and securities trading arms, to sovereign/sub-sovereign entities as well as private & non-private corporations. The bank thrives on funding sectors of the Nigerian economy using innovative financing techniques, in particular, securitization and other structured finance techniques.
