From 48 countries, selected companies are using existing customer relationships, data and distribution to expand financial access for African SMEs
July 9, 2026/Renew Capital
Renew Capital has selected 15 companies from more than 500 applicants across 48 African countries to advance through its inaugural Renew Venture Lab: EmFi Series.
The size and breadth of the applicant pool point to a larger shift underway across Africa: some of the continent’s most promising embedded finance opportunities may come not from traditional fintechs, but from tech companies already serving small and medium-sized enterprises (SMEs).
Africa’s SMEs are the main creators of jobs, yet they face an estimated $330B annual credit gap. However, Africa is rapidly becoming a global center for technology innovation and currently boasts the world’s largest mobile money market. Meanwhile, SMEs are becoming more tech-enabled as smartphone adoption across sub-Saharan Africa is projected to rise from 54% in 2024 to 81% by 2030 and data costs plummet.
These trends open new opportunities to embed financial products in mobile applications to reach the world’s most capital-constrained private sectors, unlocking growth and job creation. As Africa’s startup ecosystems grow, technology companies powering digital payments, organizing smart distribution, optimizing logistics, improving healthcare, and digitizing agriculture value chains have the potential to reach millions of SMEs that banks are not serving and use their customer data to underwrite financial products.
All 500+ applicants were invited to exclusive expert sessions with founders from some of Africa’s fastest-growing companies and gained advice from some of the world’s leading embedded finance and Web3 companies. Forty-seven companies were selected for a pitch competition and given a startup package valued at more than $250,000. From this group, 15 were selected to advance to deeper technical training and investment consideration. The 15 companies represented Ethiopia, Ghana, Kenya, Morocco, Nigeria, Senegal, South Africa, Togo, Uganda and Zambia.
Matthew Davis, Co-CEO of Renew Capital, said: “The next generation of Africa’s small business banks won’t be banks. They’ll be startups that already understand how SMEs operate, have their data and have earned their trust. These 15 companies are building from that advantage. That’s why we’re paying attention.”
THE TOP 15 COMPANIES