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Nigeria’s Chimoney selected for Google for Startups Accelerator: Canada Cohort 2023

Chimoney, a Toronto-based Startup that enables hyper-personalized global payouts and commerce using artificial intelligence (AI) and machine learning (ML), has been selected by Google as one of the 12 startups to participate in the 2023 Google for Startups Accelerator: Canada cohort.

Founded by Nigerian Software Engineer and Founder of AfricaHacks, Uchi Uchibeke, Chimoney is a Payment Infrastructure Startup providing global bulk disbursement with flexible cashout options and an API to unlock the utility of crypto and wallets.

Chimoney aims to provide a truly connected way to make value move between currencies, countries, asset types, and ledger types. The startup has connected to banks in 40 countries, thousands of unique gift card products globally, and mobile money and bill payments in 20 countries. Chimoney’s mission is to unlock economic opportunities for everyone, everywhere.

“We are thrilled to join the 2023 cohort of Google for Startups Accelerator: Canada to explore the use of AI and ML to bring hyper-personalized global payouts and commerce to everyone,” said Uchi Uchibeke, Founder and CEO of Chimoney, “we are looking forward to using this program to actualize our vision to connect anything to everything and anywhere to everywhere.”

Earlier this year, Chimoney announced the launch of its FDIC-insured Bank account and account services feature to seamlessly enable its corporate clients to fund their Chimoney-enabled bulk payouts to community members, employees, contractors, and brand ambassadors around the globe. And the Google for Startups program is another step to scale Chimoney’s impact globally.

The Google for Startups Accelerator supports the best and brightest Canadian startups across different sectors while leveraging AI and ML to solve complex problems and tackle the toughest challenges in their industry. Over the next three months, Chimoney will receive mentorship and technical project support from Google, deep dives, and workshops focused on areas like product design, customer acquisition, and leadership development. They will have access to Google experts and technology to help enhance their strategy and navigate their most pressing technical and business needs.

Google for Startups Accelerator Canada is a 10-week accelerator program for Seed to Series A Canadian technology startups. The programming for Google for Startups Accelerator Canada cohort launches in March 2023.

Chimoney builds a payment infrastructure that enables fast, secure, and effective global payouts for businesses and an API for unlocking utility in wallets. In July 2022 Chimoney was selected as one of the startups joining the United Nations World Food Programme (WFP) Innovation Accelerator. Chimoney was one of 2 Startups globally selected from 80 countries to join the Bootcamp and upcoming Sprint Programme to tackle hunger and poverty.

After being selected over 800+ applications to join the WFP Innovation Bootcamps, Chimoney was qualified as one of the startups pre-matched with the WFP country office in Nigeria because of its potential to solve problems at scale. Chimoney’s proprietary payment solution which is connected to over 1,000 Banks, Mobile Money providers in 20 countries, Airtime, and over 500 Gift cards globally, will be piloted for disbursement to offline beneficiaries using USSD technology.

Dolapo Fadare, Chimoney’s Business Development Lead, reprensented the team virtually at the WFP Headquarters in Munich, Germany at the WFP’s Sprint Programme: an intensive six-month acceleration program that helps innovators and start-ups reach proof-of-concept and develop prototypes ready for implementation.

During the Sprint Programme, Chimoney partnered with WFP’s country office in Nigeria and developed a novel cash disbursement that is fast, scalable, and inclusive to thousands of people allowing the World Food Programme to send cash to beneficiaries in the most straightforward method via USSD. With Chimoney’s solution, using only USSD, receivers can instantly redeem either as mobile money, cash, or bank deposit. In essence, this solution will serve as a tool to solve hunger and contribute to at least 6 Sustainable Development Goals (SDGs) as money is made available instantly in a choice-based approach.

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Chimoney’s FDIC-insured Bank account was launched in partnership with WireFX, a SaaS platform empowering financial technology companies to build innovative payment experiences, as its US provider of payment and account services. By providing connectivity to the US banking system, the WireFX platform will give Chimoney’s corporate clients the ability to seamlessly fund their Chimoney-enabled bulk payouts to community members, employees, contractors, and brand ambassadors around the globe.

“Our Partnership with WireFX aligns with Chimoney’s mission to unlock economic opportunities for everyone since WireFX combines the best of banking services and easy-to-integrate technology. We are pleased with the team at WireFX and are looking forward to collaborating with WireFX to issue FDIC-Insured Bank accounts to our corporate clients, simplify the process of moving money globally, and increase trust between Chimoney and our clients” said Uchi Uchibeke, Chimoney founder and CEO.

WireFX is focused on providing fintechs such as Chimoney a full suite of compliance, account, and global payment rails in an all-in-one platform. With a modular API-based platform, fintechs can easily customize WireFX to deliver the experience their clients demand in a few weeks – not years.

James Musoba
James Musoba
Studying Africa's startup and technology scene. I always look forward to discovering new exciting inventions and vibrant entrepreneurs.

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