WATCH: Ovamba's Marvin Cole at Finance Indaba 2017
The company was created to address the funding gap left by the formal banking sector and Micro-Finance Institutions in Africa
Ovamba once again reigned supreme in the Lending and Financing category at the African FinTech Awards 2017, hosted at the Finance Indaba Africa at the Sandton Convention Centre in October. The Cameroon-based also emerged victorious in 2016.
Ovamba was co-founded in 2013 in the USA by Viola Llewellyn and Marvin Cole. The company was created to address the funding gap left by the formal banking sector and Micro-Finance Institutions in Africa. To address this, Ovamba connects institutional investors with SMEs that require short term funding to import, purchase and sell inventory.
"We offer a revenue sharing arrangement in which the company actually acquires the underlying assets the business needs and also have them outsource to us their core back-office functions. That means we take on a lot of the pain points for a business that wants to grow in SME space in Africa and we then help them grow their business much faster," said CEO Marvin.
Some of the judges' comments included "great business model", "the service offering remains relevant and they have demonstrated value and innovation as well as good sustainability", and "good traction to date and use of technology for model".
The African FinTech Awards is the place for entrepreneurs, bankers, investors and advisors to extend their network and develop business. Don't miss out on the African FinTech Awards 2018, featuring pitches by Africa's best FinTech companies, networking possibilities and stand opportunities to witness the future of finance in Africa.
Relive Marvin's winning pitch below:
Finance Indaba Africa is the biggest finance conference on the African continent. Don't miss out on more than 120 learning sessions with expert speakers, top African CFOs and FDs, entrepreneurs and trail-blazing FinTech startups.