Africa’s Fintech Startup, FinChatBot Wins Geeks on a Plane/500 Startups Pitching Contest

South African fintech startup, FinChatBot has won the Geeks on a Plane/500 Startups pitching contest in Cape Town, picking up the US$1,000 prize money at stake.

Hosted by Startup Grind Cape Town, the pitching contest was the culmination of Geeks on a Plane’s inaugural tour of Africa, which saw it visit four cities – Lagos, Accra, Johannesburg and Cape Town.

The pitching contest was open to startups in Cape Town and saw about 50 startups applying to take part. However, only three – FinChatBot, DroneClouds, and Mobenzi – made it to the finals.

After a four-hour long pitching battle, FinChatBot emerged winner, taking home the US$1,000 prize.

Launched in 2016, FinChatBot developed an AI-powered chatbot platform known as Holly, specifically for financial service and insurance providers.

Holly’s aim is to increase insurance companies conversion rate whilst also reducing call centre costs.

Holly, available 24/7 and can be integrated on any platform as it follows all marketing and design guidelines, ensures businesses are able to engage their customers in the way they enjoy the most; text.

The startup has gained traction as some of its clients are top insurance companies operating in South Africa.

“Winning this event has served as yet another form of validation of our concept and the direction we are taking with this innovative solution to disrupting the financial industry,” the startup stated in a post.

Following the contest, 500 Startups partner and representative of the Black Founders network, Monique Woodward explained the potential in African tech companies. She stated that US based VCs are missing out on a tremendous and underserved market.

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