Riby Finance, a Nigerian-based open banking platform for African small and medium enterprises (SMEs) is joining nineteen other tech start-ups at the finals of the 1776 Challenge Cup, in Washington, USA.
1776, a global company that scouts and funds high-growth start-ups around the world, announced the names of the 20 finalists on February 1, 2018.
The 1776 Challenge Cup is a competition that brings together global start-ups that provides solutions that are changing people’s lives and solving meaningful problems on a global stage.
The companies that made the list include Adrich (US); Airside Mobile, Inc (US); Babierge (US); Boogaloo Beds (US); Caribu (US); Cloudrino IO (India); CommuScore (South Africa); Empath Inc (Japan); Globish Academia Co (Thailand); Hargol FoodTech (Israel); Knack (US); Madorra (US); MU Ltd (Japan); myHappymind (UK); Novulis (Ecuador); ProvenMed International (Tunisia); RH Medical Design Company (US); Riby Finance (Nigeria); EasyInsurance (Pakistan); and WakeCap Technologies (UAE).
Riby Finance, CommuScore and EasyInsurance are the only three fintech firms that made the list. The successful start-ups were selected after a 75 city Challenge Cup pitch competition in 2017.
The Lagos Challenge held at Passiona Incubator and saw fourteen start-ups across Nigeria pitch for two minutes to a team of judges.
Riby competed against firms like Delivery Bros; DavtonLearn; Cornerstibles Nigeria; ArtshopNG; Doctorshub Nigeria; Hubrif; Ecofuture Nigeria; Voucher Pay Limited; Flowes; Legit Car; and Freshmarte Global Limited.
“We need to solve the problem of money for Africans across all economic classes,” said Salami Abolore, the founder of Riby. “We believe cooperatives, savings and trade groups are a big part of that solutions. This is what drives my team.”
The winner of the global competition will walk away with the prize money of $100,000.