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    You are at:Home»Fintech»Kenyan fintech startup, Triply, selected for Y Combinator’s Winter 2024 Batch, sees opportunity in expanding tourism market

    Kenyan fintech startup, Triply, selected for Y Combinator’s Winter 2024 Batch, sees opportunity in expanding tourism market

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    By Tapiwa Matthew Mutisi on April 2, 2024 Fintech, Funding, News, Payments, Startups, Tech Accelerator, Tourism, Travel

    Kenyan fintech startup, Triply, has been selected to participate in the Y Combinator’s winter 2024 batch. The company, which offers payment solutions for travel businesses, is not the only African startup in the accelerator program; it joins Cleva, a cross-border payment service, and Miden, an API startup.

    In Africa, small businesses constitute 90% of the travel industry. However, due to inadequate payment infrastructures, they often experience difficulties in receiving payments, forcing them to resort to manual payment methods that decrease the efficiency of their booking systems.

    Triply, a startup established in 2021 by Peter Wachira and Collins Muthinja, provides a solution to this problem by helping travel businesses collect payments and automate their operations. Additionally, the company promotes these businesses on its marketplace, meeting the needs of the growing local travel market in Kenya, which is expected to reach a value of $749,000 by 2027.

    In recent years, the tourism industry has become a significant source of foreign income for Kenya, generating about $2.13 billion in 2022. The country is also anticipating an increase in the number of tourists, with 2.4 million visitors expected by 2026, up from 2.1 million in 2021. With an expanding middle class and rising disposable income, more Kenyans are exploring domestic tourism. As such, Triply has a significant market opportunity to explore and expand.

    Nigerian fintech startup Miden selected for Y Combinator’s Winter 2024 Cohort

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    Africa Business Financial service fintech Funding Investments Kenya Payments Startups Tech Accelerator Technology Tourism Triply Y Combinator
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    Tapiwa Matthew Mutisi
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    Tapiwa Matthew Mutisi has been covering blockchain technology, intelligent technologies, cryptocurrency, cybersecurity, telecommunications technology, sustainability, autonomous vehicles, and other topics for Innovation Village since 2017. In the years since, he has published over 4,000 articles — a mix of breaking news, reviews, helpful how-tos, industry analysis, and more. | Open DM on Twitter @TapiwaMutisi

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