When Aeko Ongodia started XENO Investment, he was not driven by ambition alone, rather by a problem he saw everywhere around him. In both Kenya and Uganda, people were earning money and spending alright but few had the right tools or knowledge for financial planning for their futures. Aeko’s vision would eventually align with the mandate of Boost Africa, an empowerment program that supports innovative entrepreneurs like him.
XENO is a fintech that operates in Kenya and Uganda, helping people save, plan and invest towards their financial goals. It offers goal based investment solutions through regulated trust funds, making investment accessible and simplified both for individuals and groups.
“When we started out, we were very modest in our operations,” Aeko recalls. “We had the passion, but very limited financial resources. With no collateral or even a revenue history, the banks didn’t want to touch us. Not even with a ten-foot pole.”
The early years were therefore tough for Aeko and his small team. They could see the vision of their startup but every step forward demanded resources that they did not have. They spent lots of time refining the product, networking and pitching their idea over and over again to potential investors until during one of those events, Aeko came across SeedStars Ventures. Seedstars is an equity fund backed by the European Investment Bank to financially uplift young entrepreneurs through the Boost Africa Program. This is the encounter that would change everything for the better.
Boost Africa is a joint initiative between the African Development Bank (AfDB) and the European Investment Bank (EIB), with support from the European Commission towards empowering both venture capital fund managers to attract funding from private investors; and African entrepreneurs to scale and grow their businesses sustainably.
Seedstars saw the vision that Aeko always saw. A future where saving, investing and financial planning is not just for the wealthy, but for everyone. They invested in XENO and the results came in fast and clear. Within a year, XENO’s customers grew from 120,000 to over half a million and active users doubled fom 30,000 to 60,000. The amount of funds they were managing also doubled from USD 15 million to USD 30 million.
“The growth was exponential, to say the least,” Aeko says.
Furthermore, the Boost Africa experience wasn’t only about the funding. The programme also offered technical assistance like training sessions that strengthened the leadership and strategic capabilities of XENO’s management team. This was invaluable input that helped the company build systems that could withstand the growth they were experiencing.
At the heart of XENO’s success is technology which they use not just as a business tool, but also towards inclusion. Through smartphones for instance, users can interact with XENO, plan and invest for their goals, education, retirement or even small personal projects. This simplificaition of processes removes the intimidation that may come with managing money, hence increasing uptake.
“Technology is everything for XENO,” Aeko explains. “It allows us to reach more people and scale faster without heavy operational costs.”
XENO is a clear testimony of how smart innovation and funding by initatives like Boost Africa is shaping Africa’s financial landscape. Empowering people to take control of their financial journeys is the real reward and Aeko is particularly proud when people tell him how he has helped them build a sense of discipline and hope.
See also – Boost Africa Program Impact Drives Inclusive African Entrepreneurship
When asked what advice he has for other entrepreneurs, Aeko doesn’t hesitate. “Alternative financing is available. Banks are not the only source of funds,” he says. “But to attract investors, you have to build relationships and trust. As a founder, an investor is really investing in you. Learn to network. Be visible. Let people believe in your story.”
Aeko knows too well what it’s like to walk the road of doubts and rejections but also acknowledges that with the right support, change can come quickly.
“If Boost Africa hadn’t come in,” he reflects, “our growth would have been painfully slow. What has taken one year could easily have taken many more.”
XENO came from humble beginnings go regional success, a journey that demostrates what happens when vision meets opportunity. With the right partners, Africa’s entrepreneurs are not just building companies. They are building the continent’s future, one investment at a time.
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