Franc for iOS and Android - Stokvel investment app wins the South African nomination for Seedstars World in Switzerland in April 2019
Franc, a mobile app that allows stokvel members to invest in money market and exchange-traded funds (ETFs), scooped the top award at the Seedstars World South Africa finals, held in Cape Town recently.
Now in its fifth year, Seedstars World is a global early-stage start-ups competition for emerging markets and fast-growing start-ups. Held in partnership with online payment gateway PayFast, the competition identifies the best seed-stage entrepreneurs and provides them with an opportunity to win up to $1 million, and network with investors and mentors from around the world.
The Johannesburg-based app aims to help SA's traditional stokvel (a savings or investment society) to go digital by providing free access to high-performing, low-cost investments on a mobile phone. The stokvel has long been SA's favourite way for a group of people to save and invest. The app allows members to invest in money market and ETFs for R5 a month. ETFs are listed investment products that track the performance of a group or shares, bonds or commodities. According to the National Stokvel Association of SA, there are over 11.4 million individual stokvel members, belonging to over 811 000 groups. Collectively, stokvels are said to contribute about R49 billion to the national economy annually.
As part of the prize, the start-up will participate in the Seedstars Summit, which takes place in Switzerland, in April 2019.
|Stokvel investment app wins Seedstars World SA | ITWeb
The Franc app wins the local leg of Seedstars World, standing a chance to win $1 million in funding at the finals.