Y Combinator selects 5 African startups for its S22 batch
Summary
Products like Invoice Factoring and Pivo Plus, which include insurance and corporate compliance offerings, are already in the testing phase.Chowdeck, an on-demand food delivery service and marketplace, was launched in October 2021 by Femi Aluko and Olumide Ojo, 2 engineers who held key engineering roles at Paystack, and Lanre Yusuf, ex-engineering lead at Crown Interactive.Chowdeck operates in Lagos, Africas most populous city with over 18 million people. With an extensive array of restaurants on its platform, Chowdeck is able to offer users a wide variety of local and international meals which are readily delivered to their customers in the nick of time.According to Chowdeck, a unique offering for restaurants on its platform is assured exposure and growth.Chowdeck prides itself as a startup birthed on the cusp of a massive change in consumer behaviour towards food ordering. The Kenyan fintech startup was founded a year ago by Phelix Juma and Sidney Rema, with a mission to enable small businesses in Africa to track customer debt, facilitate repayments and manage cash flow.The cofounder and CTO, Phelix Juma, described Patika as a solution to end the traditional methods of debt tracking and repayments monitoring. According to him, these inefficient and time-wasting methods cause as much as 60% of debts to be paid late, while losses in bad debts result in as much as $2,000 annually.We are automating previously manual processes like phone call-based repayment reminders, billing, payments and reconciliations with a vision to grow into a full-stack neobank for Africas small businesses, Juma wrote on LinkedInAccording to the Kenyan National Bureau of Statistics, SMEs in Kenya contribute 45.5% of Kenyas gross domestic product and employ 86% of the Kenyan population. Garage aims to solve this problem by building a wholesale marketplace that will power the $25 billion after-sales market in Africa.Moneco is a neobank targeting migrant communities in Europe.