The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | Isaac Khisa | Kampala-based online investment management firm, Xeno Technologies, has secured a US$ $150,000 from a private equity firm, Nordic Impact Funds, to power its rapidly growing goal-based services now available via MTN Uganda.
The funds that have been acquired in exchange for undisclosed stake, brings the total amount of capital raised since inception to US$430,000.
This comes barely two months since Xeno Technologies partnered with MTN Uganda to help its clients plan, save, and invest for their financial goals via MTN Uganda services including Mobile Money.
Aéko Ongodia, the founder and Chief Executive Officer at Xeno Technologies told The Independent in an interview on April.17 that the new funds will be used to scale up their services and grow the customer base.
“We are currently serving three customer segment: individual, small institutions investors and also large institution such as retirement schemes,” he said. “Now we need to increase our marketing campaigns and bring in more customers going forward.”
Ongodia said Xeno Technologies currently has 5000 customers and managing slightly over Shs11bn.
As a pioneer of technology-driven investment management in Africa, Xeno helps clients to plan, save, and invest for financial goals such as secure retirement, build wealth creation, fund education, own a home, fund emergencies, and income drawdown.
Having recently partnered with MTN Uganda, Xeno has made professional investment advice and management available to anyone looking to invest as little as UGX 10,000 ($3.70) via ★165★4★4#, Merchant Code: XENO.
Without connecting to the internet, all the eleven million customers of MTN Uganda can effortlessly set up an investment account, choose a financial goal, deposit funds, and monitor the growth of their investments.
Started its operation three years ago, Xeno invests the 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.
