Fin tech accelerator driving advancements in insurance innovation amongst black-owned businesses
Vuso Technology, a 100% black-owned ERP solutions provider, has made significant strides in its journey towards becoming Oracle-certified. This milestone comes after the company joined the Sanlam Group ESD Accelerator in 2023, where it redefined its go-to-market strategy, revamped its branding, and received operational support, including a R25,000 grant.
The Sanlam ESD Accelerator is a key driver of inclusive innovation in South Africa's financial services landscape undergoing rapid digital transformation. The programme, launched by the Sanlam Group, Edge Growth, and the Sanlam Foundation, is targeted at 51% black-owned FinTechs operating in or adjacent to the insurance sector.
The programme offers a unique combination of strategic coaching, access to corporate market opportunities, and the potential for grant funding. Participants can expect hands-on workshops, high-impact masterclasses, one-on-one coaching sessions, and access to advisory boards. The programme requires a manageable eight-hour monthly commitment.
Vuso Technology's participation in the Sanlam ESD Accelerator led to a substantial boost in operational efficiency and helped the company secure a three-year private sector contract. The company plans to double its team size from five to ten employees, with a focus on skills development to support local talent.
The Sanlam ESD Accelerator has proven to be a successful platform for businesses, with previous cohorts achieving an average revenue growth of over 40%. It provides a rare gateway for startups to test and pitch solutions to large corporate buyers, playing a role in ensuring digital transformation is inclusive in South Africa's financial services landscape.
The programme is structured to provide comprehensive business support over 18 months at no financial cost to participating entrepreneurs. It is currently accepting applications from black-owned FinTech companies.
One example of a business that has experienced significant success through the program is iSolve Technologies, another 100% black-owned ERP solutions provider.
The Sanlam ESD Accelerator is not just a stepping stone for these companies; it is a testament to the potential of black-owned FinTech startups in South Africa's digital transformation journey.
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