Launched out of beta in 2013, Ovamba Solutions‘ transactions have hit an approximately 105 million Euro with the majority of them coming via its mobile app, ‘Ovamba Plus’.
The fintech firm which lends growth capital to SMEs via a combination of capital, logistics and inventory management argues that some of its borrowers are seeing growth in excess of 700% in a single year. The firm is now working on expanding from Cameroon into West Africa and other emerging markets.
According to Marvin Cole, Co-Founder and CEO, “Our investors have been pushing us to increase terms and funding limits, which we are excited to do in additional markets. 2019 will see us tripling the number and quality of transactions across our platform. As long as we can match the capital to keep up with demand then we will be in a great place! Currently, we are completely over-subscribed.”
The app allows customers to not only apply for funding but to also gain control of their business operations, inventory levels and cashflow to grow their businesses.
Ovamba says in the recent months it has processed over 1000 transactions from SMEs in Cameroon alone as these firms raise capital to purchase inventory from global manufacturers to grow their revenues.
The most successful clients in Ovamba’s portfolio are in the FMCGs and light manufacturing and infrastructure sectors. Ovamba services them with eCommerce, logistics and flexible warehousing solutions to promote real business growth through business support.
“Global stakeholders have heard announcements saying that Africa is open for business but being open to digitization and trade in spite of current political sentiment is an entirely new opportunity”, said Viola Llewellyn, Co-founder and Global President.
Viola Llewellyn and Marvin Cole founded, Ovamba in 2013 to create funding solutions for businesses in Cameroon. 5 years later, the firm has seen over £105 million in transactions providing financial inclusion and giving businesses an opportunity for growth.
The firm says that in the next 5 years, it aims to increase collaboration with banks, build more technology products to serve its clients better. The firm also aims to increase capital access to its customers for high-value growth and impact.