Asset and Resource Management Holding Company (ARM), and Ventures Platform Foundation have launched the third cohort of Labs by ARM, a FinTech-Focused Accelerator Program designed to support the best post-MVP startups solving the most challenging problems in the financial industry and enterprise.
The 12-week program will engage selected startups in a series of activities aimed at exponentially advancing the growth of their companies, and ensuring their investment-readiness. These startups will also receive $50,000 equity funding, business advisory services, access to ARM’s API and network, as well as free and discounted services, amongst other benefits.
Having completed two cohorts, Labs by ARM 3.0 seeks to plug into the identified infrastructural gaps within the FinTech and enterprise space. It seeks solutions in areas like cryptocurrency, credit facilities, and One-stop shop financial service offerings to financial and lifestyle needs as well as solutions helping the African diaspora access local services for themselves and their families.
This edition will also find and support enterprise software solutions such as Human resource support and engagement, retail investment, etc.
According to Mckinsey’s 2020 report on harnessing Nigeria’s fintech potential, the country’s youthful population, increasing smartphone penetration, and a focused regulatory drive to increase financial inclusion and cashless payments, are combining to create the perfect recipe for a thriving fintech sector.
However, the sector is still relatively young and has a significantly untapped market within the small and medium-sized enterprise (SME), affluent segments and, increasingly, in the mass-market segment.
Speaking on the launch of the program, the Executive Director of Ventures Platform Foundation, Mimshach Obioha, said, “The Fintech industry in Nigeria has a lot of potential. Over time, we have seen that they play a crucial role in driving financial inclusion and literacy, which are pillars of a digital economy.
“The success of developed countries can be linked to the nurturing and successes of Fintechs operating in those countries. We desire that these startups receive the support they need in order to grow into their full potential, make an exit, and also pave the way for other Fintechs in a digitized Nigerian economy.”
The CEO of ARM Ms. Jumoke Ogundare said, “We have successfully executed two editions of the program and are amazed by the quality of people that we have had the opportunity to work with. The financial services space in Nigeria is constantly expanding. We believe that companies building great technology and solving real-life problems are great companies to support.
“That’s why we are expanding our areas of focus for this cohort to include Enterprise Software Solutions, as well as FinTech startups. Over the next 12 weeks these startups will receive the support required to grow and scale. Our hope is that, by the end of the program, we will have investor-ready startups with fintech or enterprise software solutions ready to revolutionize the financial services industry in Nigeria but also for Nigerians in the diaspora.”
For more details about Labs by ARM 3.0, visit the program website at https://www.armlabs.com.ng/ . Applications close on 13 February 2021.
