Beyond Capital Ventures picks interest in Uganda’s XENO fintech

June 22, 2022 in Finance, Financial Services, Investment by Editor

Accompanying Yazhari to Kampala to formalise the agreement, were Mathilde Beniflah Director of Investor Relations & Fund Operations and  Christophe de Montille Investment Associate. Yazhari will represent Beyond Capital on the XENO board. Ongodia (2nd left) said Beyond Capital Ventures understands their vision

Impact venture capital firm, Beyond Capital Ventures, is the lead investor in the $2 million seed round sought by Ugandan fintech firm, XENO Corporation. For its undisclosed investment, Beyond Capital Ventures gets a seat on the XENO Board of Directors as an Observer.

XENO is a goal-based investment platform that helps millions in Africa to plan, save, and invest for any financial goal from as little as $3 via web, app, or USSD – with or without access to the internet. It was founded by Aéko Ongodia in 2017 and since its launch, XENO has already helped 20,000 people to plan, save and invest, and plans to scale across the African continent.

Beyond Capital Ventures describes itself as a women-led impact venture capital firm, offering a diversified portfolio of companies in ‘need-to-have’ sectors across India and East Africa and led by conscious leaders.

Announcing their new investment, Eva Yazhari, the General Partner of Beyond Capital Ventures said, “We are excited to begin a partnership with XENO as the company is well-positioned to scale. Aéko Ongodia has extensive experience managing portfolios in Sub-Saharan Africa and has proven success in growing customer assets under management.”

Accompanying Yazhari to Kampala to formalise the agreement, were Mathilde Beniflah Director of Investor Relations & Fund Operations and  Christophe de Montille Investment Associate. Yazhari will represent Beyond Capital on the XENO board.

She said, “The XENO team is providing an important solution to an undervalued market segment, and is dedicated to helping customers achieve their financial goals. We believe the company is perfectly positioned to make those goals a reality.”

XENO democratizes access to professional investment management through its proprietary goal-based investment platform that allows users to save with or without access to the internet. Over 428 million working individuals in Sub-Saharan Africa generate $1.7 trillion annually. However, most do not save at all, or have savings that are not invested.

Often, the value of their savings is eroded by charges and inflation. XENO provides a low barrier-to-entry for customers by providing free goal-based investment planning and charges a low management fee for assets under management. XENO gains additional revenue by increasing customer’s assets under management, ensuring the company’s interests are aligned with their customers’.

Ongodia, who is also XENO CEO said, “Eva Yazhari and her team clearly understood the problem we set out to solve: to enable the average person to build financial resilience by helping them to conveniently invest their savings to meet future financial goals, whatever they may be. In Beyond Capital Ventures, we found a team that was methodical in its evaluation, thoughtful in approaching the opportunity, and demonstrated an unmatched depth in understanding our journey and vision of the future.”

Ongodia has significant experience and expertise in investment management with a sixteen-year career that included roles at Stanbic bank, Bank of Uganda (BOU) and the Ugandan National Social Security Fund (NSSF), and QuanEast Advisory. Ongodia holds a M.S. in Applied Mathematics and Statistics from Stony Brook University and a MSc in Mathematical Trading & Finance from Cass Business School.

While working at QuanEast Advisory in Kampala, Ongodia advised institutional investors on asset management before noticing a critical gap in the market for retail investors. He wanted to provide all individuals with access to quality investment advice which was available only to large institutions.