Fintech startups in Nigeria are to benefit from a new accelerator program that will focus on investing in early-stage fintech and proptech companies in the country.
ARM Labs, a Lagos-based innovation program-focused firm, in conjunction with Techstars, a global investment business, is set to help fintech startups fast track their growth and drive innovation in the country.
To kickstart the program, the firm recently launched ARM Labs Techstars Accelerator programme in Lagos.
Global venture capital investment data shows Lagos is one of the fastest-growing ecosystems worldwide and the number one African startup city as of 2021.
Chief Executive Officer, ARM, Jumoke Ogundare, said: “Over the years, ARM has been on a mission to support African fintech startups that are solving key problems in innovative ways.
“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 receive applications from June to August. Up to 12 startups will be selected on an annual basis to participate in the program and benefit from up to $120,000 in funding, curated startup programming, and access to Techstars’ vast network of 7,000 plus mentors, 20,000 plus investors, alumni, and corporate partners. The program’s inaugural class will commence in December 2022 and culminate in a Demo Day in March 2023.