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Chinas Transsion and Kenyas Wapi Capital partner on Africa fund

Chinese mobile-phone and device makerTranssion is teaming up with Kenyas Wapi Capital to source and fund early-stage African fintech startups.
Headquartered in Shenzhen, Transsion is a top-seller of smartphones in Africa that recently confirmed its imminent IPO.
Wapi Capital is the venture fund of Kenyan fintech startup Wapi Paya Nairobi based company that facilitates digital payments between African and Asia via mobile money or bank accounts.
Investments for the new partnership will come from Transsions Future Hub, an incubator and seed fund for African startups opened by Transsion in 2019.
Starting September 2019, Transsion will work with Wapi Capital to select early-stage African fintech companies for equity-based investments of up to $100,000, Transsion Future Hub Senior Investor Laura Li told TechCrunch via email.
Wapi Capital wont contribute funds to Transsions Africa investments, but will help determine the viability and scale of the startups, including due diligence and deal flow, according to Wapi Pay co-founder Eddie Ndichu.
Wapi Pay and Transsion Future Hub will consider ventures from all 54 African countries and interested startups can reach out directly to either organization, Ndichu and Li confirmed.
The Wapi Capital fintech partnership is not Transsions sole VC focus in Africa. Though an exact fund size hasnt been disclosed, the Transsion Future Hub will also make startup investments on the continent in adtech, fintech, e-commerce, logistics, and media and entertainment, according to Li.
Transsion Future Hubs existing portfolio includes Africa focused browser company Phoenix, content aggregator Scoop, and music service Boomplay.

Boomplay, a Spotify-style music and video streaming service for African music and Africa, raises $20M
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