The start-up MyBucks, originating from South Africa but based in Luxembourg, has just won first place in the 'Financial Inclusion' category last Wednesday, 27 September at the latest European FinTech Awards in Brussels, for its innovative loan solution which is not dependent on a banking system.
The finance technology company MyBucks was congratulated in particular on its innovative method of granting loans in developing countries.
No need for a bank account any more
Founded in 2011 by the South African Dave van Niekerk, the young company located in 14 countries including 11 in Africa and two in Europe (Spain and Poland) and Australia, grants instant loans via an app that works independently of any banking system, in order to also enable the professional fulfilment of entrepreneurs with no bank account.
Assisting developing countries
MyBucks uses advanced expertise combined with cutting-edge technology for its digital and mobile banking services in order to serve all its customers, even those in the most remote regions of Africa, and thus increases the number of SME entrepreneurs and micro-entrepreneurs. The company assists small companies that would previously have been turned down by traditional banks. To date it has over 700,000 customers.
Eight Luxembourg start-ups shortlisted for the prize
MyBucks was picked among seven other Luxembourg start-ups in the FinTech Top 100: Alto.Fund (business management consultancy), Birdee (investment adviser) Digicash (banking application for smartphones), Governance.io (investment fund governance, FinTech Startup of the Year 2016), Scorechain (specialising in Bitcoin and Blockchain technologies), Seqvoia (manufacture and marketing of software for the investment fund industry) and SnapSwap (American company based in Luxembourg specialising in new payment services).
Initiated in 2016 with several editions held worldwide, each year at the end of August, the FinTech Awards present a prize to the actors in the FinTech Top 100 which stood out in one of the nine categories ('Alternative Finance', 'Blockchain', 'Challenger Banks', 'Financial Inclusion', 'Innovative Banking Software', 'InsurTech', 'Payments & Transfers', 'PFM Robo Advisory and Risk', 'Intelligence & Security'). In total, 27 finalists were selected for the second edition of this international award ceremony.
(Article written by the editorial team of the luxembourg.lu portal)