UGANDA – XENO, an investment platform, has raised US$2 million in seed funding, led by Beyond Capital Ventures.
XENO is an investment platform that assists millions of people across Africa in planning, saving, and investing for any financial goal with as little as US$3 via online, app, or USSD with or without internet connectivity
After the completion of the investment, Beyond Capital Ventures’ General Partner Eva Yazhari will join XENO’s Board of Directors as an Observer.
“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,” said Aéko Ongodia, CEO of XENO.
“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.”
Founded in 2017 by Aéko Ongodia, a former portfolio manager of a US$1.3 billion fund, XENO democratises access to professional investment management through its patented goal-based investment platform, which allows users to save with or without internet connectivity.
The combination of XENO’s user-friendly technology, free goal-based investment planning, and inexpensive management fees lays the groundwork for consumers who previously lacked access to professional asset and wealth management.
Notably, XENO can provide users with financial education, clear investing guidance, and a method to save for financial goals that would otherwise be impossible to reach.
“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.
“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.”
Since its inception, XENO has gained great traction. XENO has already assisted 20,000 people in planning, saving, and investing, and it intends to expand across the African continent.
The experience of Chief Executive Officer Aéko Ongodia also drew investors in. With a sixteen-year career that encompassed stints at Stanbic Bank, the Bank of Uganda (BOU), and the Ugandan National Social Security Fund (NSSF), Ongodia has substantial experience and competence in investment management.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals, and insights from Africa’s business, economy, and more. SUBSCRIBE HERE
