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Ugandan fintech XENO Corporation secures UGX7.6 billion to scale up financial inclusion

XENO Corporation founder and Chief Executive Officer Aéko Ongodia

XENO Corporation founder and Chief Executive Officer Aéko Ongodia

XENO Corporation, a Ugandan fintech company, has secured funding worth $2 million about UGX 7,619,952,100 (seven billion six hundred nineteen million nine hundred fifty-two thousand one hundred) to scale up financial inclusion across the country.

The funding has been provided by Beyond Capital Ventures, an impact venture capital firm.

“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, in a statement on Tuesday, June 21, 2022.

“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,” she added.

XENO founder and Chief Executive Officer Aéko Ongodia welcomed the partnership.

“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 Ongodia.

XENO Corporation democratizes access to professional investment management through its proprietary goal-based investment platform that allows users to save with or without access to the internet.

XENO Corporation utilizes a goal-based investment approach to help users come up with a plan to save and invest current earnings to smartly accomplish a specific financial goal in future. The innovative platform allows users to save with or without access to the internet, increasing financial access in traditionally underserved areas.

Beyond Capital Ventures is a women-led emerging markets impact venture capital firm, offering a diversified, dynamic, and de-risked portfolio. The firm invests in the next wave of innovations that address the growing needs of 1 billion+ consumers in India and East Africa.

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