Intelworld, a technology startup that specializes in creating digital commerce and digital financial services has made it to the innotribe start-up challenge 2015. The startup is 1 of 60 (14 from Africa) startups selected to pitch products at the regional show cases to be held in Cape Town, New York, London and Singapore.
Innotribe is SWIFT’s fintech innovation initiative that brings together highly qualified financial services experts, angel investors, venture capitalists, and global fintech and financial decision makers.
If the startup performs well, they shall secure a place in the finals and show case their products at Sibos in Singapore. The startup has written on their blog that their qualification to the competition validates their business model of bringing financial inclusion to the bottom 2.5 billion people excluded from finance and commerce into the global digital economy;
“Being chosen by innotribe validates our business model of being the glue that will bring the bottom 2.5 billion people excluded from finance and commerce into the global digital economy.”
The company uses mobile devices accessible by 70% of the adults in emerging markets instead of cash which it argues is a very inefficient way to transact for both the business receiving cash and the consumer paying with cash.
The startup has 3 products which inclue;
- IP2 is a product for Enterprises. By deploying this solution, businesses are able to quickly and easily start accepting mobile payments. The solution integrates with their line of business (LOB) applications and they can start to transact from several channels including phones, smartphones and Point of Sale and from many payment providers. This product is ideal for banks, telcos, retailers, insurance companies or any other businesses that would like transact with their customers via mobile channels.
- Unified Payments is a product for developers. It’s very difficult for smaller businesses and innovators to navigate the landscape of getting contracts with payment providers as well as design for multiple devices. By utilizing this product, the startup hopes to help developers abstract away this complexity and concentrate on delivering the value of the their solution.
- AgencyIQ is a product for small retailers. This product enables smaller retailers to make extra revenue by transacting digital goods like Airtime, data, bill payments etc.By utilizing features like NFC and finger print readers on the point of sale, users are also able to make purchases from retail points using funds in their mobile wallets (or banks)
The company has two clients on board. ALTX which offers an electronic marketplace where securities and derivatives are traded and Xente, a solution that enables customers to send money internationally using mobile phone.