WealthTech

Ugandan Wealthtech Startup XENO Raises $150k pre-seed Funding Round

Ugandan online investment advisory startup XENO has raised a US$150,000 pre-seed funding round to power its continued growth.

Launched in 2017, XENO uses artificial intelligence (AI) to help people plan, save, and invest their money in a diversified investment portfolio.

The startup’s platform takes into account a user’s personal circumstances, financial goals and risk tolerance to automatically devise a recommended investment portfolio, and claims its risk profiling and portfolio-compiling algorithm is one of the first of its kind in Africa.

XENO has now raised US$150,000 from Nordic Impact Funds in a pre-seed round that takes its total investment secured so far to US$430,000. The cash will be used to fund its growth, with XENO having recently partnered MTN Uganda to make professional investment advice and management available to its subscribers.

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The firm invests 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 as trustees and Stanbic Bank Uganda as custodian.

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