Leap2: Final event of the Second Innovation Challenge in Kenya

Posted on Mar 5, 2018 12:00 AM by Close The Gap

On Friday 23rd February the final event of the Second Leap2 Innovation Challenge in Kenya took place. This final event was centered on the closure of the crowdfunding campaign.

We are proud to announce that 7 of the 10 innovations reached their target amount. These 7 innovations will receive matching funding from Close the Gap in order for them to further develop their innovative ideas.

During this final event, a pitch competition was organized. The winner of this pitch was TozzaPluss, an innovation that centers around an online payment platform with biometric ID features for blue collar workers as an alternative to cash payments.

The second winner was Marks Rate, which is an opportunity for small and medium enterprises to obtain immediate financing at favorable rate to earn a higher interest rate against the current investment options available. They obtained the highest crowdfunded amount of KES 1,019,991 (more than 8,200 euros) and were matched with 2000€.

"The energy coming from these fintech innovation teams is amazing. Their proposed solutions definitely match local needs and will help move paper processes to digital and also creating auditability and transparency of financial processes. I saw some great peer-to-peer networking, discussing partnerships between solutions offered. And one of the winners even started to discuss about a partnership with Mastercard." says Inge Knapen, Operations Director at Close the Gap and member of the Leap2 jury in Nairobi.

Click here for more information about this second innovation challenge and the Leap 2 program.