Cameroon - Startup under 3 years old

Describe your project or startup in a few words

Futa revolutionizes financial access for African employees by leveraging their payroll data and payment history to generate a robust credit score, bridging the gap between individuals and financial institutions for fast and fair access to financing.

01.01 Describe your startup in more detail

Futa empowers African employees with access to essential financial services through innovative credit scoring methods and frictionless financing. Leveraging payroll data and payment history, our platform connects individuals with the financing they need to thrive while streamlining payroll for SMEs, fostering employee loyalty, and productivity. For our lending partners, We mitigate default risk by seamlessly integrating loan deductions into payroll processing, ensuring timely repayment before salary disbursement, and creating a more efficient and secure financial landscape for all stakeholders.

01.02 What is the main problem you are trying to solve?

484 million employees in Africa and 70% of them don't have access to formal credit. This gap arises from traditional lenders' inability to assess creditworthiness due to a lack of data, as many individuals rely on cash-in-hand income and payments, hindering their ability to build traditional credit histories.

01.03 Tell us the major benefits and/or advantages of using the product/service that your startup provides (at least 3).

1. Our platform offers a revolutionary approach to financial empowerment, ensuring seamless access to affordable loans for employees while providing near zero default risks to lending partners. 2. Leveraging advanced credit scoring and automatic debt collection processes, we tailor loans based on unique credit scores derived from payroll data and employee behavior, offering personalized financial products almost effortlessly. 3. With an in-house payment processor and a gamified reward system, we foster engagement and provide a comprehensive range of services, including instant transfers and prepaid options, giving employees a holistic view of their finances. 4. Meanwhile, our user-friendly salary disbursement platform saves employers time and effort, making payroll processing quick and efficient, while also enabling them to offer quick loans to employees at zero cost and without impacting cash flow.

01.04 Please describe who exactly your startup’s product/service is aimed at serving. Who are the targeted beneficiaries?

Futa primarily targets businesses and employees in the Francophone African region, particularly those who face challenges accessing traditional financial services. Our customer segments include: Businesses: Small and medium-sized enterprises (SMEs), startups, and larger corporations seeking efficient payroll and financial management solutions. Employees: Workers in various industries and sectors, including those in the informal economy, who require convenient and accessible financial services such as salary disbursements, transfers, and access to micro-loans. Institutional Lenders: Banks, microfinance institutions, and other formal lenders seeking efficient credit scoring solutions and streamlined loan repayment processes.

01.05 When was your company established?

2022-11-29

01.06 Are you already selling your product/service?

Yes

01.07 How many other owners are there within your startup?

1

01.08 Among the other owners, how many are female?

0

01.09 Please describe the profile of the other owners within your startup (skills, experience, etc.)

Daniel Dang is our Co-founder & CTO, a Telecom Engineer by training with 10 years of experience as a Backend Engineer & DevOps for a Spanish Fintech Venture Studio (Uniq Ventures), a French SaaS unicorn (Pennylane) and the leader of smart financing in South Europe (SeQura). Together, we share a longstanding friendship of six years, having previously built a prepaid services platform in Spain: Dimbaya which operated in 9 African countries and grew to $1M in ARR Recurring Revenue (ARR).

01.10 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link(s) here:

https://getfuta.com/ https://www.linkedin.com/company/futaapp/ https://www.facebook.com/Futamobile/ https://play.google.com/store/apps/details?id=com.futamobile.futa

01.11 Which industry best describes your project?

g) Financial services

02.01.01 My startup contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification for my startup

Futa makes a significant contribution to the “No Poverty” goal by offering innovative financial solutions that improve access to financial services for African employees. Using payroll data and payment history, we generate robust credit scores that enable individuals to obtain financing quickly and equitably, even those excluded from traditional financial systems. This financial inclusion reduces economic inequality and helps lift families out of poverty by providing them with the resources they need to invest in education, health, and economic opportunities. What's more, our microcredit approach with affordable interest rates enables entrepreneurs to launch and grow their small businesses, creating jobs and stimulating local economic growth. In short, our startup plays a crucial role in reducing poverty by facilitating access.

02.02.01 My startup contributes to the Zero hunger goal

7 - Strongly Agree

02.02.02 Zero hunger - Justification for my startup

Our startup contributes to the “Zero Hunger” goal by facilitating access to finance for agricultural businesses in Africa. By specifically targeting this sector, we help farmers obtain the resources they need to improve their production. Our payroll-based credit scoring technology enables agricultural workers to access advantageous microloans. By providing financial support to these key players, we help to increase local food production and improve food security, thereby reducing food insecurity.

02.03.01 My startup contributes to the Good health and well-being goal

5

02.03.02 Good health and well-being - Justification for my startup

Futa contributes to the “Good Health and Well-Being” objective by facilitating access to financial services for African employees, which indirectly improves their quality of life and well-being. By providing micro-loans and salary management solutions, we help workers to better manage their finances, thereby reducing financial stress, an important factor in mental well-being. What's more, our support for agricultural enterprises, which are often suppliers of staple food products, helps to improve food security and, consequently, the overall health of local communities.

02.04.01 My startup contributes to the Quality education goal

5

02.04.02 Quality education - Justification for my startup

Our startup contributes to the goal of “Quality Education” by integrating financial literacy programs for the employees and communities we serve. By providing them with essential knowledge about financial management, we enable them to make informed financial decisions, which promotes their economic stability and overall well-being. In addition, we have ongoing training initiatives for our employees, to enhance their skills and promote their professional development, which is in line with our promotion of lifelong learning opportunities.

02.05.01 My startup contributes to the Gender equality goal

6

02.05.02 Gender equality - Justification for my startup

Futa contributes to gender equality and women's empowerment in many ways. We collaborate with organizations such as Fundher and Maono Women to support women entrepreneurs and offer training and mentoring opportunities specifically for women in the technology sector. In addition, we are committed to maintaining an inclusive and equitable working environment by promoting diversity within our team, with a recruitment policy that prioritizes gender equality. We also promote women's access to our financial services, offering them credit solutions tailored to their needs, helping them to achieve economic autonomy and improve their general well-being.

02.06.01 My startup contributes to the Clean water and sanitation goal

1 - Strongly Disagree

02.06.02 Clean water and sanitation - Justification for my startup

02.07.01 My startup contributes to the Affordable and clean energy goal

1 - Strongly Disagree

02.07.02 Affordable and clean energy - Justification for my startup

02.08.01 My startup contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification for my startup

Futa strongly contributes to the goal of "Decent Work and Economic Growth." We are committed to promoting sustained, inclusive, and sustainable economic growth by providing innovative solutions that create opportunities for full and productive employment. Through our platform, we empower employees to access financial services and opportunities that enable them to participate fully in the economy. By fostering entrepreneurship through our support for Micro and SMEs, facilitating access to credit, and promoting financial inclusion, we support the creation of decent work and economic opportunities for all members of society. Additionally, our efforts to streamline financial processes and enhance efficiency contribute to overall economic growth by reducing transaction costs and improving productivity.

02.09.01 My startup contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification for my startup

Our startup is fully aligned with the goal of "Industry, Innovation, and Infrastructure." We are dedicated to building resilient infrastructure that supports sustainable development and fosters innovation in the fintech industry. Through our innovative technologies and solutions, we aim to transform traditional financial systems, making them more inclusive, efficient, and accessible to all. By leveraging cutting-edge technologies such as artificial intelligence and Machine learning, we contribute to the advancement of digital infrastructure and promote inclusive and sustainable industrialization. Our commitment to innovation drives us to constantly explore new possibilities and push the boundaries of what is possible, ensuring that our infrastructure remains adaptable and resilient in the face of emerging challenges.

02.10.01 My startup contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification for my startup

Futa is deeply committed to reducing inequalities within and among countries. We believe that access to financial services is a fundamental right that should be available to everyone, regardless of their socio-economic background or geographic location. Through our innovative fintech solutions, we aim to democratize access to financial resources, empowering individuals and businesses to overcome barriers and achieve their full potential. By providing inclusive financial services and promoting economic empowerment, we strive to narrow the gap between the privileged and the marginalized, fostering greater equality and social cohesion in our communities and beyond.

02.11.01 My startup contributes to the Sustainable cities and communities goal

1 - Strongly Disagree

02.11.02 Sustainable cities and communities - Justification for my startup

02.12.01 My startup contributes to the Responsible consumption and production goal

5

02.12.02 Responsible consumption and production - Justification for my startup

Futa is committed to promoting responsible consumption and production, we acknowledge that there is always room for improvement. We strive to integrate principles of sustainability and circular economy into our business practices by minimizing waste, optimizing resource use, and reducing environmental impact throughout our value chain. However, we recognize the importance of continuously evaluating and refining our efforts to ensure they align with the highest standards of responsible consumption and production. Through ongoing innovation and collaboration with stakeholders, we are dedicated to advancing towards more sustainable business operations and contributing to the achievement of this goal.

02.13.01 My startup contributes to the Climate action goal

1 - Strongly Disagree

02.13.02 Climate action - Justification for my startup

02.14.01 My startup contributes to the Life below water goal

1 - Strongly Disagree

02.14.02 Life below water - Justification for my startup

02.15.01 My startup contributes to the Life on land goal

1 - Strongly Disagree

02.15.02 Life on land - Justification for my startup

02.16.01 My startup contributes to the Peace Justice and Strong Institutions goal

1 - Strongly Disagree

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

02.17.01 My startup contributes to the Partnerships for the goal

7 - Strongly Agree

02.17.02 Partnerships for the goal - Justification for my startup

Futa strongly believes in the power of collaboration and partnerships to achieve the Sustainable Development Goals. We actively seek out opportunities to collaborate with other organizations, both within and outside our industry, to leverage collective expertise, resources, and networks for greater impact. By embracing a philosophy of co-creation, we work closely with financial institutions and local startups to develop innovative solutions that drive financial inclusion and empower communities. Through these strategic partnerships, we aim to address complex challenges more effectively, share best practices, and amplify our efforts towards sustainable development. By aligning our goals and efforts with those of our partners, we can maximize our collective impact and contribute significantly to the achievement of the Partnerships for the Goal objective.

06.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

7 - Strongly Agree

06.02 The product/service represents an entirely new type of product/service.

5

06.03 The product/service could be described as a new technology.

7 - Strongly Agree

06.04 The product/service is an improvement on an existing product or service.

4

06.05 The product/service could be described as an extension of a range of products or services.

2

06.06 The product/service responds to a demand or need that has not been satisfied by other products/services.

7 - Strongly Agree

06.07 The product/service is a new version of an old product/service.

2

06.08 Justification for my startup

Our solution stands out for its innovation in leveraging payroll data and payment history to create a robust credit scoring system. By harnessing these unique sources of information, we bridge the gap between individuals and financial institutions, enabling faster and fairer access to financing. This approach revolutionizes traditional lending practices by providing a more accurate assessment of creditworthiness, streamlining processes for both employers and employees, and ultimately democratizing financial access across Africa.

06.09 Competitive Analysis

Our platform stands out amidst competitors like existing alternatives, HRMS providers, digital lenders, and neo-banks due to unique features and insights. With high liquidity supported by financial institution financing, we ensure agility and scalability, while zero default risks are assured through automated debt collection, ensuring unparalleled financial stability. Specializing in tailored loans based on unique credit scores derived from a mix of payroll data and payment history, we offer personalized financial products almost on autopilot. Our in-house payment processor simplifies loan repayment, providing valuable behavioral data for risk management. We incentivize platform usage with complimentary transfers and a gamified reward system, fostering engagement beyond transactions. Lastly, our seamless payroll solutions empower employers to offer zero-cost quick loans, simplifying financial management and enriching benefits for all stakeholders.

11.05 Are you initiating actions within your community to promote the role of female entrepreneurs?

Yes, I am actively involved in promoting women entrepreneurs within our community. For example, I've participated in networking events for women entrepreneurs, and collaborated with organizations such Maono Women to offer resources and support to women starting their own businesses. I'm also part of SheWins Africa by IFC , FundHer by WETECH where we mutually support ourselves as female entrepreneurs with business resources and psychological support.