In a bid to address the persistent challenge of financial exclusion in Mozambique, the local fintech startup Roscas has successfully secured investment from Renew Capital. The infusion of capital is expected to catalyze Roscas’ efforts in expanding its reach and impact in providing accessible financial solutions to underserved communities across the country.
Roscas, a pioneer in digitizing traditional savings groups, has been at the forefront of leveraging digital tools to cater to the unique needs of the informal sector. With a staggering 85% of individuals engaged in informal activities in sub-Saharan Africa, the demand for inclusive financial services has never been more urgent. The investment from Renew Capital Angels represents a significant milestone for Roscas, signaling a vote of confidence in the company’s vision and potential for growth. According to José Samo Gudo, CEO and co-founder of Roscas, the partnership with Renew Capital marks an exciting chapter in their journey towards fostering economic resilience and empowerment in Mozambique and beyond.
Renew Capital, an Africa-focused impact investment firm, views its investment in Roscas as a strategic move towards supporting innovative solutions that drive economic development. Licinio Chissano, investment and project manager at Renew Capital, emphasized the firm’s commitment to backing companies with high-growth potential while generating sustainable social impact.
The financial backing from Renew Capital will enable Roscas to further enhance its suite of financial products and expand its outreach efforts through various channels, including WhatsApp, USSD, and mobile applications. By leveraging these platforms, Roscas aims to ensure that its services are easily accessible to its target audience, thereby bridging the gap between the formal financial sector and the informal economy.
Renew Capital Angels, a global network of angel investors, foundations, and family offices, seeks to align financial returns with social impact. Through their investment in Roscas, they are not only supporting the growth of a promising startup but also contributing to the advancement of financial inclusion in Mozambique and the broader sub-Saharan African region.
