Future Hub has unveiled a US$100,000 startup fund that will be shared among early-stage fin-tech startups from across Africa in exchange for Equity.
The Hub, which is a startup incubator and angel fund focusing Africa, is a subsidiary of Transsion Holdings.
Transsion Holdings is the Chinese phone manufacturer behind top brands like TECNO, Infinix, and itel.
Future Hub will be partnering with Kenya’s Wapi Capital on this venture.
Wapi Capital is the venture fund of Kenyan fintech startup Wapi Pay.
Wapi Pay facilitates digital payments between Africa and Asia via mobile money or bank accounts.
According to TechCrunch, the duo will in September start selecting the beneficiaries.
Wapi Capital is not contributing funds to this initiative, rather it will help in examining startups to see if they are scalable and viable.
TechCrunch reports that Future Hub is also planning on rolling out other funds since it eyes different sectors, including adtech, fintech, e-commerce, logistics, media, and entertainment.
The Hub is already having multinational brands like the browser-focused company Phoenix, content aggregator Scoop and music service Boomplay under its arm.