EPF Tech Fund, a venture capital firm focusing on technology-driven startups, has announced its latest investment in Acorn Fintech, a South African company with a strong presence in the insurance sector. The multimillion-rand start-up fund, launched last year, aims to support and reward young, innovative entrepreneurs and drive economic development through technology across the country. EPF Tech Fund targets pre-seed-stage companies in Africa and has already invested in promising startups like Agricode, Digital Pulse, What the Hack, MicroApps, Tech Swat, and Makwarela Campus 123.
Joanna Govender, CEO of EPF Tech Fund, highlighted Acorn Fintech’s potential and announced the new investment. Acorn Fintech specializes in risk identification, evaluation, and mitigation across various market sectors, with a focus on the insurance industry. Govender praised Acorn Fintech for its cutting-edge technology and customer-centric approach, noting their comprehensive suite of solutions that integrate insurance into financial services. By leveraging data analytics and artificial intelligence, Acorn Fintech aims to provide personalized experiences and reshape traditional insurance models to make them more accessible, efficient, and tailored to individual needs.
The investment in Acorn Fintech aligns with the growing interest in African fintech as a promising investment sector. According to a report by Boston Consulting Group and QED Investors, South Africa, along with Egypt, Kenya, and Nigeria, is leading the continent’s fintech growth. The report predicts that Africa will experience significant fintech revenue growth, with a compound annual growth rate of 32% until 2030. EPF Tech Fund sees Acorn Fintech as an opportunity to reshape the insurance and fintech landscape, promoting inclusivity and enabling individuals and businesses to navigate financial risks with confidence while unlocking new opportunities.
With this partnership, EPF Tech Fund envisions a future where insurance and fintech seamlessly converge, offering innovative solutions that empower individuals and businesses in managing their financial risks and exploring new avenues for growth. The investment in Acorn Fintech marks another step forward in driving technological advancement and entrepreneurship in South Africa’s vibrant startup ecosystem.
