Beyond Capital Ventures Secures $2m Seed Round for Ugandan Fintech Startup Beyond Capital Ventures led a $2 million seed financing for XENO Corporation.
XENO is based in Uganda and was established in 2017 by the Chief Executive Officer Aéko Ongodia. It is a goal-based investment platform that helps millions in Africa to plan, save, and invest for any financial goal from as little as $3 via web, app, or USSD — with or without access to the internet. Beyond Capital Ventures General Partner Eva Yazhari will join XENO’s Board of Directors as an Observer. XENO democratizes professional investment management with its goal-based investment platform. This allows users to save without or with limited internet access. Sub-Saharan Africa’s 428 million workers generate $1.7 trillion each year. Most people do not save or invest their savings. Inflation and charges often erode the value of their savings. XENO has a low barrier for entry. It offers goal-based investing planning for free and charges a low fee for assets under its management. XENO gains additional revenue by increasing customers’ assets under management, ensuring the company’s interests are aligned with its customers. XENO launched in January and has assisted over 20,000 people save, plan and invest. The company plans to expand its reach across the African continent. “We are excited to begin a partnership with XENO as the company is well-positioned to scale. Aéko Ongodia has extensive experience managing portfolios in Sub-Saharan Africa and has proven success in growing customer assets under management,” said Eva Yazhari, General Partner of Beyond Capital Ventures. “The XENO team is providing an important solution to an undervalued market segment and is dedicated to helping customers achieve their financial goals. We believe the company is perfectly positioned to make those goals a reality.” “Eva Yazhari and her team clearly understood the problem we set out to solve: to enable the average person to build financial resilience by helping them to conveniently invest their savings to meet future financial goals, whatever they may be. In Beyond Capital Ventures, we found a team that was methodical in its evaluation, thoughtful in approaching the opportunity, and demonstrated an unmatched depth in understanding our journey and vision of the future,” said Aéko Ongodia, CEO of XENO.
