Vault Pay, a payments infrastructure firm which is based in DR Congo, has been chosen to participate in the Y Combinator Summer 2023 class.
As a result, the company became the third African startup to be accepted into the cohort.
Vault Pay, a payments infrastructure firm based in the Democratic Republic of the Congo, has been chosen as the third African startup to participate in the Y Combinator summer class of 2023.
In addition to the payments company, this year’s cohort also includes the food delivery startup ChowCentral from Nigeria and Eden Care from Rwanda.
According to a statement that was posted on the website of Y Combinator, Vault Pay, which is based in the Democratic Republic of the Congo, is developing fundamental payments infrastructure for Central Africa. Ntambwa Basambombo and Christel Ilaka established their company as a startup in the year 2023.
Instant payments, accessible banking services, and personalised solutions offered over the networks of telecoms are all things that the fledgling company offers thanks to its architecture. Vault Pay’s mission statement is that its creators want to “enable seamless integration and unprecedented opportunities by empowering telcos to directly distribute banking services.” Problems with the infrastructure of energy and the internet have made it difficult to participate in the financial system.
According to the International Monetary Fund (IMF), key inclusion measures such as account ownership at a financial institution, ownership of debit or credit cards, or borrowing from a financial institution are among the lowest in the region and in Africa as a whole.
Read also: Nigeria’s ChowCentral to participate in Y Combinator’s Summer 2023 batch
What Y Combinator says about Vault Pay
Y Combinator published a statement about Vault pay and it reads:
“Vaultpay, bridges the gap between banks and telcos, revolutionizing the distribution of financial services. Our mission is to enable seamless integration and unprecedented opportunities by empowering telcos to directly distribute banking services. Through our innovative infrastructure, we bring financial inclusion to underserved regions, offering instant payments, convenient banking services, and personalized solutions delivered through telcos’ networks. With secure data exchange, real-time transactions, and synchronized operations, we create a harmonious partnership between banks and telcos, amplifying the reach and impact of financial services.”
Vault Pay was also founded this year by Ntambwa Basambombo and Christel Ilaka. It is currently located in San Francisco.
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