Regxta, a pioneering digital platform that enhances financial inclusion for unbanked individuals and micro-businesses, has triumphed at the fourth edition of the Pitch2Win startup competition. The victory earned them $10,000 in equity-free funding and an all-expenses-paid trip to IVS2024, Japan’s premier startup conference in Kyoto.
Founded in 2021 by Rukayat Bello, Afis Bello, and Moses Obika, Regxta is dedicated to providing quick and easy access to financial services for those in rural and peri-urban communities across Africa. “Our mission is to bridge the financial inclusion gap in underserved areas,” said Rukayat Bello, Co-founder of Regxta.
On June 12, during the final event, Bello delivered an impassioned and articulate pitch that captivated the panel of judges, which included industry leaders such as Tosin Faniro-Dada, Partner at Breega; Yuzuru Honda, President and Global CEO of Freakout Holdings; Lynda Saint-Nwafor, Chief Enterprise Officer at MTN Nigeria; Hiro Mashita, Director at SGgrow; and Ireayo Oladunjoye, Managing Director of Endeavor.
Her response to a question from Tosin Faniro-Dada about Regxta’s competitive edge was particularly noteworthy.
“Traditional microfinance banks are bogged down by bureaucracy, often taking weeks to disburse funds. At Regxta, our customers receive money within five minutes, without the need for lengthy queues,” Rukayat explained, drawing applause and cheers from the audience.
Financial inclusion remains a critical issue in Africa. According to the World Bank, approximately 66% of sub-Saharan Africa’s population lacks access to formal banking services. This gap presents a significant barrier to economic development, as access to financial services is essential for entrepreneurship, investment, and day-to-day financial transactions. Regxta addresses this challenge by leveraging technology to provide financial services swiftly and efficiently, bypassing the traditional barriers that have long hindered access.
The fintech sector in Africa is booming, with investments surging year over year. In 2023 alone, African fintech startups attracted over $1.5 billion in funding, highlighting the immense potential and investor interest. Regxta’s victory at Pitch2Win underscores the growing recognition of innovative solutions that tackle financial exclusion, a pressing issue affecting millions across the continent.
Since its inception in 2016, TechCircle’s Pitch2Win has been a beacon for innovative startups in Nigeria. The competition has consistently highlighted promising talent and provided a platform for startups to gain visibility and support. Past winners include notable startups such as Farmcrowdy (2017), which revolutionized agriculture investment in Nigeria, and Paystack (2018), which streamlined online payment processes and was later acquired by Stripe.
Read Also: Trukrtech, a startup from Ghana wins ₦1m as champion of Pitch2Win competition 2019
Dr. Odiong Akpan, Program Director of Pitch2Win, remarked, “This year’s evaluation and selection process was exceptionally rigorous. The quality of entries was impressive, making the selection of finalists a challenging task.”
Pitch2Win also recognised Preggify as the sponsors’ choice, awarding them an all-expenses-paid trip to IVS2024. Founded by Ifunanya Igweze and Temitayo Daniel in 2022, Preggify offers 24-hour doctor-led care for pregnant women.
Other finalists:
The competition also featured innovative startups such as 10mg Pharma, Apisentry Solutions, Beezop, Edusko, Fullgap, Mida Africa, Pave HQ, Sendstack, and Sync!, each bringing unique solutions to various industry challenges.
Founded by Oo Nwoye, TechCircle has been instrumental in fostering innovation and entrepreneurship in Africa. The organisation provides advisory, consultancy, and support services to African startups, corporate organizations, government agencies, and foreign investors. Beyond events like Pitch2Win, TechCircle has created valuable networks and opportunities for emerging businesses, cementing its role as a cornerstone in spotlighting innovative Nigerian startups and advancing the African technology ecosystem.
Since its inception in 2016, TechCircle’s commitment to nurturing startups is evident in its extensive network and track record of successful programs. The organisation has facilitated innovation management services and executed ecosystem programs for prominent entities such as ARM Labs, Facebook, the Federal Ministry of Humanitarian Affairs, Google, Microsoft, NCDMB NOGTECH, Startups Nigeria, and the UK Nigeria Tech Hub.
This year, TechCircle’s Pitch2Win competition saw 1,113 applications, with 15 finalists selected to compete. The winner(s) walked away with significant financial support and the opportunity to attend one of the world’s most influential startup conferences.
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