XENO announced it recently raised $150,000 from Nordic Impact Funds in a pre-seed round and did not disclose the earlier investors in the round bringing the total fundraising to $430,000.
Launched in Kampala in 2017, XENO helps its clients plan for secure retirement, build wealth, fund education, own a home, fund emergencies, and do income drawdown and recently partnered with MTN Uganda to help MTN users looking invest as little as $3.70) via USSD.
Through ★165★4★4#, over 11 million MTN Uganda customers can effortlessly set up an investment account, choose a financial goal, deposit funds, and monitor the growth of their investments.
The firm channels client funds through four-unit trust funds (XENO Uganda Money Market Fund, XENO Uganda Bond Fund, XENO Uganda Domestic Equity Fund, and XENO Uganda Regional Equity Fund) in partnership with KCB Bank Uganda Ltd as trustees, and Stanbic Bank Uganda Ltd as the custodian.
XENO uses technology to provide professional investment advice and management to both individuals and institutions. Using the
XENO platform, people can plan, save, and invest for various financial goals such as securing retirement, building wealth, funding education, home ownership, funding emergencies, and generating income.
The platform allows one to set up an investment account online without physically going to their offices; and then proceed to fund the goals that they set in an effortless way using various payment methods including direct deposit into the Xeno Unit Trust Fund Client Inflows account at the custodian bank – Stanbic Bank, by bank transfer, and through mobile money.
The firm then executes the investment following the recommended and agreed strategy with the client who is also provided with a dashboard to monitor the performance of their investment portfolio.
In 2019, the startup received recognition from the Harambe Entrepreneur Alliance for its groundbreaking innovation by winning the Harambeans Wharton Prize. XENO came in at third place out of over 450 startups) in Wharton Africa Business Forum’s New Venture Competition on November 1, 2019 at the Wharton Business School in Philadelphia.
Harambe Entrepreneur Alliance has produced seasoned tech entrepreneurs such as the founders of Andela, Flutterwave, Yoco which have collectively attracted over U$ 400 million from investors such as Google Ventures, Chan Zuckerberg Initiative, Alibaba, and reached a combine valuation of over U$1 billion.