Koncart is a new platform that aims to empower Fintech startups with tools to help them focus on their core business of creating their fintech solutions with ease without worrying about recurrent fintech processes.
The platform has powerful tools such as Transactions ledgers API, virtual wallet API and Business Intelligence analytics dashboard that enable business owners to create and manage virtual wallets and manage transactions with an analytics dashboard with in depth analysis to their transactions.
According to Tony Mutai, CEO and Co-Founder of Koncart, ‘’Koncart is a platform that reduces the time to market, reduces development risks, increase efficiency and data security for financial driven solutions. With this platform, you have the ability to build a financial planner, an Ecommerce Platform, Microlending Solutions, Membership Apps for Saccos, Budgeting App, In App Transactions Tracking . The possibilities of the ideas that Koncart can enable are endless.’’
The platform is easy to use and is designed to integrate with with any fintech concept with ease without compromising on the security of the system. The platform also has a set of tools fintech startups can use to save time and money by quickly prototyping and bootstrapping their ideas.
According to data provided by the World Bank, 2 billion people worldwide don’t have access to formal financial services. Seventy three percent (73%) of which come from African countries and part of Asia. Approximately 80 per cent of the population (1.2 billion) lack access to formal financial services while 200 million formal and informal small and medium enterprises in developing economies are either unserved or underserved in regards to their financing needs.
In Africa, mobile penetration stands at 60% while smartphone penetration is expected to reach 57% by 2020. This is largely attributed to the increase in availability and affordability of mobile devices. More people have access to mobile devices compared to formal financial services. To entrepreneurs and fintech startups, this provides an immense opportunity to increase financial inclusion and provide financial services to the majority of the unbanked population in developing countries.
Research by KPMG and CB Insights found that 2015 was a record year for investment in Fintech startups, with US$19.1 billion invested globally. Since 2015, African Fintech startups have attracted $92, 679, 000 of funding raised in the tech sector which represents the growth and interest in Fintech in the continent. Despite the growth and advancement within the Fintech space, Fintech startups face a couple of challenges such as shortage of skilled software developers/engineers, high overhead costs and scaling among others. As a result,these challenges increase the time to market, cost of development and hinders the startups from developing products that are competitive in the global finance sector.
Though there are over 300 active fintech startups in Africa with South Africa, Nigeria and Kenya leading the pack, Africa still has the largest unserved market in regards to access to basic financial services despite the increased interest within the Fintech space, Koncart aims to provide a solid foundation for financial institutions and technopreneurs to grow and development their fintech innovation.
“Koncart empowers financial institutions and technopreneurs to capitalize on this opportunity by providing them with tools that enables them to develop their innovation cost effectively and with ease.’’concluded- Gesora Mwasi, CMO/Co-Founder of Koncart.