Britam held its 2024 BetaLab Demo Day last week, highlighting the achievements of the first cohort of startups from its BetaLab incubation program.
The event featured presentations from five of the six fintech startups selected in August for the 12-week pre-incubation program.
Top Performers at Britam BetaLab Demo Day
Chamazetu claimed the top position, with Zeraba and Adapo following in second and third places, respectively.
- Chamazetu: A digital platform transforming the management of chamas (investment groups).
- Zeraba: An application offering a deposit-free rental marketplace and streamlining real estate transactions.
- Adapo: An equity crowdfunding platform for small and medium enterprises and startups.
The winners received cash prizes of KES 50,000, KES 30,000, and KES 20,000. These prizes were described as tokens of appreciation rather than funding for expansion.
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Evah Kimani, Britam’s Director of Partnerships and Digital, said, “That winning today was not meant to help them go to the next level. It was really to say thank you for the time you have spent with us and the effort you put. But going forward, we want to have conversations with them on how we can support them as BetaLab.”
Other Startups That Participated
The Demo Day also featured Pesaflex, Amsha, and Medicod AI:
- Pesaflex: A platform offering cost-effective bank-to-bank transactions.
- Amsha: A savings platform tailored for young adults.
- Medicod AI: A platform leveraging artificial intelligence for medical coding and billing.
These startups, chosen in August, were recognized for addressing market needs in finance and insurance through fintech and insurtech solutions.
What is Britam BetaLab?
The Britam BetaLab program was launched in February 2024 as part of Britam’s initiative to support innovation in the financial and insurance sectors.
The program focuses on fostering fintech and insurtech startups that address challenges in financial and insurance services.
This initiative includes a 12-week pre-incubation program where selected early-stage startups receive comprehensive support to refine their business models, develop minimum viable products (MVPs), validate their markets, and enhance their pitching skills.
Key benefits of the program include:
- Mentorship and Training: Participants receive guidance from experienced professionals on business development and innovation.
- Networking Opportunities: Startups connect with potential investors, partners, and customers.
- Incubation for Top Performers: The top three startups qualify for further incubation within the program.
- Focus Areas: Solutions in savings, SME financing, real estate, healthcare, and digital payment systems.
BetaLab also collaborates with firms like Senior Talent to link startups with experienced business executives, enhancing their growth.
They underwent a 12-week mentorship program where they were taught how to pitch their ideas, how to write out their business plans, and speak to investors.
The Startups also got the opportunity to tap into Britam’s extensive ecosystem of partners.
How to Join Britam BetaLab
Startups can apply during open application periods announced on Britam’s website or social media channels. The process includes:
- Submitting an Application: Founders complete an online form detailing their mission, solution, and target market.
- Selection: Applications are reviewed, and shortlisted startups pitch their ideas to a panel.
- Program Entry: Selected startups join a 12-week pre-incubation program.
The program seeks startups offering innovative solutions to gaps in financial and insurance services. Successful applicants benefit from mentorship, training, and access to Britam’s extensive networks.
The 2024 BetaLab Demo Day emphasized Britam’s commitment to fostering innovation in fintech and insurtech, highlighting its role in nurturing startups with practical, scalable solutions.
