Financial accelerator set to amplify groundbreaking insurance innovations of black entrepreneurs in the FinTech sector

The Sanlam Group, in partnership with Edge Growth and the Sanlam Foundation, has launched an Enterprise and Supplier Development (ESD) Accelerator Programme for high-potential FinTech startups. This initiative, designed to drive digital and inclusive transformation in South Africa's FinTech ecosystem, has seen several FinTech startups focused on financial inclusion and digital financial services make significant strides.

One such company is Vuso Technology, a 100% black-owned ERP solutions provider, which joined the programme in 2023. Through the Sanlam ESD Accelerator, Vuso Technology achieved advancements in product development, market access, and investor connections. These enhancements led to a substantial boost in operational efficiency and helped Vuso Technology secure a three-year private sector contract.

Vuso Technology has also focused on skills development to support local talent. As part of the programme, the company redefined its go-to-market strategy, revamped its branding, and received operational support, including a R25,000 grant. These efforts have allowed Vuso Technology to aim for a doubling of its team size from five to ten employees.

The Sanlam ESD Accelerator is targeted at FinTechs with scalable solutions tailored for the insurance industry. To be eligible, applicants must be post-revenue and ready to commit to the full 18-month programme. The programme offers strategic coaching, access to corporate market opportunities, potential grant funding, and a manageable eight-hour monthly commitment.

In addition to hands-on workshops, high-impact masterclasses by business growth experts, one-on-one coaching sessions with seasoned tech entrepreneurs, and access to advisory boards, the Sanlam ESD Accelerator also provides a gateway for startups to test and pitch solutions to large corporate buyers.

Previous cohorts of the programme have achieved an average revenue growth of over 40%. The Sanlam ESD Accelerator continues to play an instrumental role in empowering a new generation of innovators to lead in high-value, tech-driven sectors, ensuring digital and inclusive transformation in South Africa's FinTech ecosystem.

Applications for the Sanlam ESD Accelerator are currently open to black-owned FinTech companies. The programme provides comprehensive business support at no financial cost to participating entrepreneurs. If you're a FinTech startup looking to scale and make an impact in the insurance sector, consider applying for the Sanlam ESD Accelerator today.