Pinecone invests in Norwegian impact fintech Wakandi

Introduction

We are thrilled to announce our investment in Wakandi, a groundbreaking company that is revolutionizing access to financial services in Africa. In democratizing access to financial services, Wakandi is poised to make a significant positive impact on the lives of millions of people.

For too long, financial exclusion has been a significant barrier to progress and development across Africa. Traditional financial systems are often inaccessible, expensive, and unreliable, leaving large portions of the population without access to basic financial services such as savings, loans, and insurance. This exclusion perpetuates poverty and limits economic growth, as individuals and small businesses are unable to access the resources they need to thrive.

In Africa, more than 300 million people lack access to formal banking services. While traditional banks have tried expanding their market share, they are limited by the simple fact large parts of the population is not able or willing to open a bank account. Wakandi provides the opportunity for informal financial groups to manage their finances as easily as sending a text message.

“For more than a century, this society has solved their financial needs by forming cooperatives where they can save and borrow money. The informal sector in Kenya employs more than 15 million, which is about 80% of the working population, that they are exempt from access formal financial services, being left with only expensive alternatives”

Wakandi's digitization of local savings groups is a game-changer in the fight for financial inclusion. By leveraging blockchain technology and biometric authentication, Wakandi is able to offer secure, reliable, and affordable financial services to anyone with a smartphone, regardless of their income or location. This means that even those in remote and underserved communities can access the financial tools they need to build a better life for themselves and their families.

As investors, we are proud to support Wakandi's mission and vision. We believe that their groundbreaking technology has the potential to transform financial services across Africa and beyond, and we are excited to be a part of this journey.

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