Tech in Africa
Uganda startup Eversend provides users with cross border money transfers among other financial services. Branded as Africa’s first neobank, its platform aims to remove the need for having multiple apps on your phone by replacing them with a one-does-all solution. The oversubscribed Seedrs crowdfunding secured them over US$1.015 million in investment.
Eversend was founded in 2017 to handle digital currency exchange and other multi-currency wallets. They intend to offer loan services, merchant payments, group savings, and other future financial investments. The app is available on iOS and Android and has registered over boasts over 40,000 users. Driven by the frustration of making international money transfers, Eversend works to provide that elusive alternative that is cost-free yet convenient.
Eversend boasts of 40,000 registered users who grow at 30 percent every month. The startup acquired a Ugandan money lending license and has participated in incubation programmes such as:
- Westerwelle Young Founders Programme,
- Google Launchpad Africa accelerator,
- Ecobank Fintech Challenge
- CATAPULT: Inclusion Africa
In 2019, Eversend trounced 1700 other companies to clinch the Slush startup competition based in Helsinki, and even landed a feature on Forbes magazine.
Eversend aimed at using the Seedrs campaign to raise US$613,000 in exchange for 7.67% equity. As a sign of the strong confidence in their brand, product viability, and reputation, they managed to raise even more. The crowdfunding is part of their wider fundraising strategy and they plan to channel the resources into product development, regulatory compliance, and user acquisition. Part of the funding will remain in the books as working capital.
As one of the continent’s reading innovations working towards financial inclusion, Eversend allows intra-Africa money transfers across different currencies. Future plans involve expanding their footprint into Nigeria, West Africa (Francophone), and Europe.
