There hasn't been much funding for African regtech startups. There isn't much press either because sectors that aren't getting the attention of investors are typically quiet. Now, however, there's a new spur for not only regtechs but also govtechs operating in the continent.
Global Voice Group—a global provider of ICT and regulatory technologies for governments and regulatory bodies—announced this month that it's open to backing African tech startups with up to USD 300 K, with the average investment size between USD 30 K and USD 100 K.
Though GVG is on the lookout for African startups with obvious synergies with its core business, it has opened a special curtain for regtechs and govtechs to walk through and get funded—mostly likely making it the first ever funding initiative that significantly considers the potential of such early-stage firms in Africa.
GVG has its main offices in Spain and South Africa but operates in 7 other African countries. The company collects and analyzes Big Data from crucial economic sectors and turns them into actionable information with which governments and regulatory bodies make better decisions.
Since 2017, more than USD 5 Bn has been monitored on GVG's network. Plus, it's systems have processed up to 8 billion transactions in telecoms revenues alone and made 155 million mobile devices compliant. Between 2008 and 2018, the service has helped its beneficiary countries realize USD 4.6 Bn in cumulative revenue.
According to James Claude, the CEO of GVG, there has been some encouraging developments in the African regtech space, enough to back any startup from the sector.
In an exclusive interview with WeeTracker, he explains the market potential and the pipeline which the company is laying for African regtechs.