Kenyan wealth-tech startup Ndovu has launched operations after securing a pre-seed funding round back in October, aiming to provide users with easy access to global financial markets.
Founded in 2020 by Radhika Bhachu, Ro Nyangeri and Gianpaolo De Biase, and available on iOS and Android, Ndovu allows users to invest as little as KES5,000 (US$50) in local and global listed companies.
The startup, which last year took part in the Google for Startups accelerator programme, was founded upon the realisation that existing investment options locked out the vast majority of people due to complexities in market access and high management fees.
“Our idea was born out of our passion to improve financial lives across Africa. Our vision is to provide every African, regardless of income level or financial knowledge, with the right tools to grow their wealth. We believe educating our people on how to make their money work for them will bring us one step closer to reducing poverty on the continent,” Bhachu said.
Ndovu, which is regulated by Kenya’s Capital Markets Authority (CMA), plans to onboard over a million users by expanding into other countries within the next three years. With that in mind, it took on an undisclosed amount of pre-seed funding in October last year. 4DX Ventures, Plug and Play Tech Center, Future Africa and Oui Capital participated in the round.
“The opportunity to create frictionless and low cost investment products for all Africans remains an important mission that we believe in. The Ndovu team is building an innovative product that addresses the core investment needs of an increasingly mobile first African population. We are excited to partner with them in this next chapter,” said Walter Baddo, co-founder and general partner of 4DX Ventures.
