Safaricom, M-PESA Africa, and Sumitomo Corporation are currently accepting applications for the latest edition of the Spark Accelerator in Kenya. This program is designed to support early-stage fintech and content startups in accelerating their growth.
Originally launched by Safaricom in 2014 as the Spark Venture Fund, this initiative aims to invest in and support late-seed and early-growth stage companies with a presence in Kenya. Leveraging Safaricom’s assets, the fund enables these companies to scale their operations.
With an initial fund size of US$1 million, the Spark Venture Fund invested an average of US$175,000 in six Kenyan startups, including Sendy, Lynk, Ajua, Eneza, iProcure, and FarmDrive. A second fund was announced in 2020, and now, in collaboration with M-PESA Africa and Sumitomo Corporation, applications are open for a new edition of the accelerator.
The three-month accelerator program will provide selected startups with a comprehensive package of training, mentorship, funding, and go-to-market support. Focused on fintech and content startups in their early stages, the accelerator adopts an ecosystem-based approach. A team of experts, well-versed in market dynamics and emerging technologies, will drive continuous innovation to propel the growth and long-term success of the participating ventures.
“The Spark Accelerator program aligns with our vision of being a purpose-led technology company. Unlike our previous approach with Spark Fund, the accelerator goes beyond providing financial support. We’ve revamped the program to address challenges that often hinder early startups from achieving scale,” stated Peter Ndegwa, CEO of Safaricom.
“Sumitomo Corporation’s extensive business experience will contribute to the creation of innovative businesses and support the expansion of the startup ecosystem. Through this program, we aim to contribute to the development of the African economy, human resource development, and the realization of a more prosperous life for the people,” added Katsuya Kashiki, General Manager of the Smart Communications Platform Business Division at Sumitomo.
Participating startups will gain valuable benefits, including access and technical support to develop mini-apps integrated into Safaricom’s M-PESA Super App. This opportunity empowers startups to reach over four million customers using the app.
“M-PESA connects more than 60 million customers and five million businesses across eight countries, offering a unique opportunity for startups in Africa seeking rapid growth and scalability. Our partnership with Sumitomo and Safaricom for the Spark Accelerator aims to provide funding, technical expertise, resources, and mentorship to the next generation of the continent’s leading tech startups. In return, these startups will generate innovations that connect customers and businesses on M-PESA to more opportunities, delivering even greater value,” explained Sitoyo Lopokoiyit, MD of M-PESA Africa.
Furthermore, M-PESA Africa will provide startups with expertise, market research, insights, and additional capacity support to aid their expansion into other countries. This support extends beyond the three-month program, allowing participating startups to access the extensive network of over 60 million customers and 5 million businesses across M-PESA’s eight markets.
The culmination of the accelerator program will be marked by an investor demo day, where startups will have the opportunity to pitch for investment from Safaricom and partner venture capital firms. Serving as the implementing partner for the Spark Accelerator is iHub, a trailblazer in Kenya’s startup ecosystem and a subsidiary of Co-Creation Hub (CcHub).
Applications are open here until February 16.
