Kenyan Wealth-Tech Startup Ndovu Launched in Nairobi

Wealth-tech startup Ndovu has officially been launched in Nairobi, Kenya by its co-founders  Radhika Bhachu, Ro Nyangeri, and Gianpaolo De Biase. 

Ms Bhachu, Ndovu’s CEO, is an investment specialist with 11 years of experience. She previously worked in the UK for BlackRock, the world’s largest asset manager. Ro Nyangeri, Ndovu’s CCO, is the former Head of Strategy at the Nairobi Securities Exchange. Gianpaolo De Biase, Ndovu’s CTO,  is a serial entrepreneur who has built and scaled digital products in different markets around the globe.

Ndovu, which is available on both the Google Play and Apple App stores, provides users with easy access to global financial markets. It was founded upon the realization that current investment options in Kenya lock out the vast majority due to complexities in market access and high management fees.

It takes off in a Kenyan market where the aggregate value of wealth under management by different collective investment schemes stood at KSh117 billion ($81.02 billion) in June 2021, having grown from Ksh56 billion ($493 million) in September 2017, as per data from the Capital Markets Authority (CMA).

“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,” Radhika said.

By using Ndovu, which is regulated by the Capital Markets Authority (CMA), users can invest as little as Ksh5,000 ($50) in local and global investments. 

“If you were to save $100 per month for 10 years in a bank account paying 2% per annum, you would earn $13,200. On the other hand, if you invest $100 per month for 10 years using Ndovu, into the S&P 500 fund, you could earn approximately $23,500,” said Ro. 

Ndovu enters a wealth-tech industry that is still in its infancy in Africa. Traditional players in the region are yet to adopt the innovations that would enable them to serve a diverse portfolio of clients.

“At Ndovu, we are playing a key role in financial inclusion by opening up the previously-gated financial markets to all. We are also demystifying investments by breaking down financial jargon with an easy-to-use platform” said De Biase.

It is its innovation that has seen Ndovu secure investor confidence through undisclosed pre-seed funding from 4DX Ventures, Plug and Play Tech Center, Future Africa, and Oui Capital. Ndovu has current active users and plans to onboard over 1,000,000 users by expanding into other countries within the next three years.

“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, 4DX Ventures.

The startup has won several awards, including a  development grant from Zilliqa, the blockchain project that pioneered sharding, a technology that splits platform infrastructure into several interconnected networks to support more transactions.

Ndovu also won first-place in the She Loves Tech competition (2021), and led the pack at Princeton in Africa’s New Venture Competition (2020). This is in addition to being selected for the highly-competitive Google for Startups Accelerator in 2021, the same year it received recognition from the Co-Creation Hub for the work that it is doing to empower women. 

Read: TLcom Secures Ksh17 Billion Pan-African Tech Fund

>>> Kenyan Tech Startup Wowzi Raises Ksh361Mn To Help African Creators Monetize Their Social Media Profiles

Latest

SasaPay To “Pay SMEs To Get Paid” Via New Cash-Back Model

SasaPay has introduced a new cash-back model designed to...

Gor Mahia Fan Who Correctly Predicted 15 Out of 17 Games Wins Millions

The 30-year-old, also an avid follower of English Premier League giants Manchester United, came close to the grand prize of Ksh334,783,843 SportPesa Jackpot.

In Race for African Leadership Award, Ruto Faces Tough Opposition

Among the contenders of the prestigious African of the Year award is Kenya’s President William Ruto, who will be battling it out with President Hakainde Hichilema of Zambia and Prof. Benedict Okey Oramah, President of Afrexim Bank.

Transforming Financial Inclusion: The Impact of M-Pesa in Kenya and Beyond 

Discover the profound impact of M-Pesa on financial inclusion in Kenya and beyond. Explore how this innovative mobile service revolutionizes transactions and shapes the future of finance globally.

Follow Us

Newsletter

Don't miss

Safaricom To Power Tusker OktobaFest Beer Festival

Safaricom’s involvement in OktobaFest as a technology and payments partner will focus on fostering seamless in-festival connectivity, empowering the youth and Gen Z community through Safaricom Hook, and powering digital payments through M-PESA.

Music Producers Launch Organization To Streamline Recording Industry

Recording Industry of Kenya (RIKE) was launched on 9th October 2023. Registered in 2022 as a not-for-profit organization, RIKE aims to promote the collective interests of producers of sound recordings in the country.

Nairobi’s Hero Bar Listed Among World’s 50 Best Bars

World Best Bars: Hero Bar in Nairobi continues to climb the list, moving up six places to No.62 and Johannesburg’s Sin + Tax comes in at No.94. Dubai new entry Ergo is at No.69 and Melbourne’s Byrdi has re-entered the list at No.61.

Kenyan DJs Face Off In Smirnoff Battle Of The Beats Season 3

The Smirnoff Battle of the Beats Season 3, a DJ competition, is poised to unleash an unprecedented musical frenzy countrywide.

The Highs And Lows Of Betty Kyallo, Sisters Show As Season 2 Ends

Kyallo Kulture has always been, above all, about sisterhood, and in Season 2 we have witnessed the charm of it - the ups that gave us wholesome moments as the sisters led by Betty Kyallo spent time together.

DStv Beats CNN, BBC To Become Most Admired Media Outlet In Africa

DStv, MultiChoice Group’s leading broadcast service, has been named...

MultiChoice Revises Subscription Fees For DStv, GOtv

MultiChoice has announced price adjustments on some of their...

Octopizzo: How I Make My Money

"I've been doing this for 12, 13 years. It reaches a point where you no longer need to prove that you can make a hit record," he stated.

New Spotify EQUAL Artist Qing Madi Talks Music and Dreams

Heavily influenced by her cultural background and the lyrical arrangements of Kendrick Lamar, the versatile Nigerian prodigy is shaping the future of music with her unique genre-bending fusion of Afrobeats, Pop, Soul and R&B.

Bob Collymore Immortalized in New Festival

The late Collymore was famous for his love for jazz and even initiated the Safaricom Jazz Festival, which saw several of the world's biggest Jazz artists perform in Nairobi.
FRANCIS MULI
FRANCIS MULIhttp://www.businesstoday.co.ke
Editor and writer, Francis Muli has a passion for human interest stories. He holds a BSc in Communication and Journalism from Moi University and has worked for various organisations including Kenya Television Service. Email:[email protected]

SasaPay To “Pay SMEs To Get Paid” Via New Cash-Back Model

SasaPay has introduced a new cash-back model designed to empower business owners to reduce costs and bolster profitability by receiving compensation for collecting payments...

Gor Mahia Fan Who Correctly Predicted 15 Out of 17 Games Wins Millions

The 30-year-old, also an avid follower of English Premier League giants Manchester United, came close to the grand prize of Ksh334,783,843 SportPesa Jackpot.

In Race for African Leadership Award, Ruto Faces Tough Opposition

Among the contenders of the prestigious African of the Year award is Kenya’s President William Ruto, who will be battling it out with President Hakainde Hichilema of Zambia and Prof. Benedict Okey Oramah, President of Afrexim Bank.

LEAVE A REPLY

Please enter your comment!
Please enter your name here