Key Takeaways
- • Renew Capital selected 15 embedded finance startups from a pool of 500+ applicants across 48 African countries for its inaugural Renew Venture Lab: The EmFi Series program, with Ethiopian startup Marakisoft among the finalists.
- • The selection process narrowed 500+ applicants to 47 companies for pitch competition before arriving at 15 finalists representing 10 countries (Ethiopia, Ghana, Kenya, Morocco, Nigeria, Senegal, South Africa, Togo, Uganda, and Zambia), with Ghana and Nigeria accounting for the largest representation.
- • Renew Capital's investment thesis targets technology companies integrating financial products (credit, insurance, payments) directly into existing platforms serving African SMEs—a model predicated on existing customer data and operational trust rather than traditional banking infrastructure.
- • Co-Chief Executive Matthew Davis stated the firm believes "the next wave of small business banking in Africa will come not from banks but from technology companies that already hold SME customer data and have earned their operational trust."
- • The program reflects institutional appetite for embedded finance in Africa's emerging markets, with South Africa's embedded finance market alone valued at $2.63 billion in 2024.
Summary
Renew Capital, a pan-African early-stage venture capital firm, announced the inaugural cohort of its Renew Venture Lab: The EmFi Series on July 9, 2026, selecting 15 embedded finance startups for investment consideration and technical training. The competitive selection process drew over 500 applicants from 48 African countries, narrowed to 47 companies for pitch competition before a final 15 were chosen. Ethiopian startup Marakisoft, an enterprise software company founded by Alemayehu Seifu, made the final cohort alongside companies from Ghana, Kenya, Morocco, Nigeria, Senegal, South Africa, Togo, Uganda, and Zambia—with Ghana and Nigeria representing the largest proportion of selected firms.
The program targets the emerging embedded finance sector, a business model in which non-financial technology platforms integrate financial services such as credit, insurance, and payments directly into their existing customer interfaces rather than operating as standalone banking entities. Renew Capital's strategic thesis, articulated by Co-Chief Executive Matthew Davis, positions technology companies—rather than traditional banks—as the primary drivers of small business banking expansion across Africa. This reflects a recognition that established SME-focused tech platforms already possess customer data, operational relationships, and trust advantages that create a more efficient pathway to financial product distribution than building banking infrastructure from scratch.
The finalists represent the continent's next generation of embedded finance innovators serving Africa's underbanked SME segment. Renew Capital has simultaneously launched Renew Venture Lab Fund 2 (RVL2) to deploy capital across up to 50 tech startups across the continent, signaling material capital commitment to the sector. The program's geographic diversity and scale—drawing from nearly 50 countries—underscores growing institutional investor interest in Africa's fintech infrastructure despite macroeconomic headwinds. Context from regional markets illustrates the opportunity: South Africa's embedded finance market alone was valued at $2.63 billion in 2024, indicating substantial market depth in more mature African economies with corresponding growth potential in less saturated markets represented by the cohort.
The program targets the emerging embedded finance sector, a business model in which non-financial technology platforms integrate financial services such as credit, insurance, and payments directly into their existing customer interfaces rather than operating as standalone banking entities. Renew Capital's strategic thesis, articulated by Co-Chief Executive Matthew Davis, positions technology companies—rather than traditional banks—as the primary drivers of small business banking expansion across Africa. This reflects a recognition that established SME-focused tech platforms already possess customer data, operational relationships, and trust advantages that create a more efficient pathway to financial product distribution than building banking infrastructure from scratch.
The finalists represent the continent's next generation of embedded finance innovators serving Africa's underbanked SME segment. Renew Capital has simultaneously launched Renew Venture Lab Fund 2 (RVL2) to deploy capital across up to 50 tech startups across the continent, signaling material capital commitment to the sector. The program's geographic diversity and scale—drawing from nearly 50 countries—underscores growing institutional investor interest in Africa's fintech infrastructure despite macroeconomic headwinds. Context from regional markets illustrates the opportunity: South Africa's embedded finance market alone was valued at $2.63 billion in 2024, indicating substantial market depth in more mature African economies with corresponding growth potential in less saturated markets represented by the cohort.
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