Herconomy is developing a women-focused bank and fintech services aimed at reshaping the financial landscape for Nigerian and African women. The company was selected for Google for Startups' Black Founders Fund, receiving program support to accelerate its mission. As part of the award, Herconomy will receive up to $100,000 in equity-free cash plus up to $200,000 in cloud credits, ad support, and 1:1 mentoring from Google. The team says it will use the funding and support to expand to new markets, create jobs, and supercharge economic opportunities for women. The selection comes amid a pullback in African tech investment in 2023, with organizers noting such early-stage support is critical to sustaining growth. Herconomy was named among 25 African startups (from a 40-startup Europe and Africa cohort) and gains access to Google’s people, products, and global community. Herconomy operates a community-focused platform offering financial services, capacity building, employment opportunities, and networking aimed at empowering women. The platform has attracted more than 15,000 members, about 20% of whom are paying customers. Its annual grant program has distributed roughly $71,600 to 42 recipients since inception. The company has historically raised much of its funding through its own efforts and from grants and gifts in kind provided by individuals and businesses. Herconomy plans to use its new funding to implement a savings feature that will allow members to earn high interest rates. The startup intends to continue expanding its community and financial offerings to support member livelihoods.

Total raised

$1M

Funding rounds

2

Latest round

Seed

Latest activity

Dec 2021