Future Hub, a subsidiary of Transsion, has unveiled a US$100,000 (about Shs370 million) startup fund that will be shared among early-stage fin-tech startups from across Africa in exchange for Equity.
Based in Nairobi, Future Hub is a startup incubator and angel fund focusing on Africa.
It is a unit under Transsion Holdings, the Chinese smartphone manufacturer behind such top brands as TECNO, Infinix, and itel.
Future Hub will be partnering with Kenya’s Wapi Capital, a 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 commence selecting financial tech companies that will benefit from the fund.
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 launching other funds since it eyes different sectors, including adtech, fintech, e-commerce, logistics, media, and entertainment.
Future Hub is already having multinational brands like the browser-focused company Phoenix, content aggregator Scoop and music service Boomplay under its arm.