Umati Capital is one of the winners in the list of top innovations in the Citi Mobile Challenge across Europe, Middle East and Africa (EMEA). This global initiative, launched in February 2015, invited developers to build solutions based on Citi’s digital platform and present concepts at events in Jerusalem, London, Nairobi and Warsaw.
Umati Capital is among the four top solutions that will receive a cash award of $25,000 from Citi for their innovation. Others are Swave from the UK, Kytabu app from Kenya, and Trade It from US.
Teams from 18 countries presented 77 working prototypes to Citi executives and technology influencers at four Demo Days in April held in Jerusalem, London, Nairobi and Warsaw. Finalists competed for an opportunity to take their technologies into production with Citi’s support, plus a share of $100,000 in cash awards and a suite of services from Citi Mobile Challenge sponsors. Entries were evaluated on their impact, viability, user experience and functionality.
Umati Supply Chain Finance Solution was voted the most innovative solution for businesses. The Umati solution is a suite of mobile and web applications which allow corporations and their SME suppliers to access working capital advances against outstanding payments.
“We will continue to use ICT platforms to increase access to financial services. We believe that there is a credit gap that can only be addressed through the use of scalable technology platforms,’’ another co-founder Munyutu Waigi says of the award.
Umati Capital is a start-up financial services company that aims to revolutionise access to finance through the consistent and innovative use of technology. Launched in September 2012, Umati is a non-bank financial institution focused on the provision of credit and related payment technologies.
The firm is currently focused within agri-business supply chains, retailer value chains and fast moving consumer goods manufacturers. It leverages proprietary technology to provide branchless financial services to small scale suppliers, trading companies and industrial processors.
“Each award recipient demonstrated a maniacal focus on creating a truly distinctive client experience. Without that focus it will be difficult to be successful over the long-term,” said Jim Cowles, CEO of Citi for Europe, the Middle East and Africa on the awards.
“As banks continue to redefine themselves, they must work with the broader FinTech community to discover fresh ideas that can help create the client experience of tomorrow. That’s why we’re here and that is what will help determine our long-term success.”
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