This archive report was first published on 22 April 2020.
On April 22, 2020, XENO, a Ugandan goal-based investment management firm, announced it had raised $430,000 to support clients in planning, saving, and investing for their financial objectives.
The funds were raised through a pre-seed round, with $150,000 coming from Nordic Impact Funds. XENO 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. The firm recently partnered with MTN Uganda to enable MTN users to invest as little as $3.70 via USSD.
Through the USSD service, over 11 million MTN Uganda customers can easily set up an investment account, choose a financial goal, deposit funds, and monitor the growth of their investments.
XENO channels client funds through four-unit trust funds in partnership with KCB Bank Uganda Ltd as trustees and Stanbic Bank Uganda Ltd as the custodian.
The firm 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.
Additionally, the platform allows users to set up an investment account online without physically visiting the offices and fund their goals using various payment methods, including direct deposit, bank transfer, and mobile money.
After executing the investment following the recommended and agreed strategy with the client, XENO provides a dashboard for the client to monitor the performance of their investment portfolio.
Notably, in 2019, the startup received recognition from the Harambe Entrepreneur Alliance for its groundbreaking innovation by winning the Harambeans Wharton Prize. XENO came in third place out of over 450 startups in the Wharton Africa Business Forum's New Venture Competition on November 1, 2019, at the Wharton Business School in Philadelphia.
