Safaricom Unveils 9 Startups For The Spark Accelerator Program

Safaricom, in collaboration with M-PESA Africa and Sumitomo Corporation, has announced the selection of nine startups for the Spark Accelerator Program, aimed at providing a platform for ambitious entrepreneurs to expand and build their businesses.

Last year, Safaricom initiated a collaboration with M-PESA Africa and Sumitomo Corporation, a Fortune 500 multinational trading and business investment entity. This partnership led to the establishment of the Spark Accelerator after receiving approval from Safaricom’s board and shareholders to reorganize the Spark Fund. Through the Spark Accelerator, a team of founders and specialists will be utilized to expedite product innovation across diverse industry sectors.

The selected startups emerged from a rigorous application process spanning various sectors, including Embedded Finance, Future Fintech, SME Productivity Tools, and Content. By providing a blend of training, mentorship, and go-to-market support, the Spark Accelerator is taking an ecosystem-based approach to provide the startups with access to markets, access to technology, product development support and access to capital.

“Leveraging technology to drive meaningful innovation is a strong premise under which the Spark Accelerator program was founded. By supporting and investing in these tech-enabled startups, we aim to drive significant societal change and economic growth. We are excited to work with visionary founders who represent the promise of tomorrow and to see the impact they will create in their respective sectors,” said Peter Ndegwa, CEO, Safaricom.

The first cohort of the Spark Accelerator will comprise two startups in the Embedded Finance category; Nobuk, which is simplifying financial reporting for African groups and collectives by streamlining payment collection and reconciliation, and Chumz, which is using mobile money, gamification, and behavioral psychology to build a community of savers.

Among the four SME Productivity Tools startups are Chpter, streamlining social platform sales and marketing through AI automation, Faidi HR, offering comprehensive cloud-based HR solutions, Churpy, automating CFO office tasks, and Twiva, connecting brands with markets via social media influencers.

HealthX Africa, a data-driven, primary health care provider offering hybrid digital and physical touchpoints, to provide a doctor for every Kenyan and BlackRhino VR that is enabling creators and brands alike, to tell immersive and interactive stories that are appealing to contemporary audiences, were shortlisted under the content category. VunaPay, a platform for Agricultural Cooperatives that facilitates instant payment to smallholder farmers for produce delivered to the cooperatives was shortlisted under the Future Fintech category.

“By leveraging our extensive global business know-how with excellent operations and customer base of Safaricom and M-PESA Africa, we are excited to expand digital financial services and contribute to the development of the Kenyan and African economies, human resource development and a more prosperous life through supporting and collaborating with advanced startups,” said Katsuya Kashiki, General Manager of Smart Communication Platform SBU, Sumitomo Corporation.

“In alignment with our commitment to accelerating innovation for African prosperity, we are excited to welcome these startups into the programme. Their unique solutions harness transformative opportunities to leverage technology to significantly improve the quality of lives of millions of Kenyans. We look forward to supporting the startups to optimize their offerings, scale their solutions and expand their impact,” said Nissi Madu, Managing Partner at iHUB/CcHUB.