Meet Lenco — Banking & Expense Management for SMBs in Africa
We’re super excited to announce the public beta launch of Lenco. In the last few months we’ve received interesting feedback from our private alpha users, we believe this is the right time to share the awesome business banking experience Lenco provides to a much larger group.
Our vision is to deliver amazing banking & expense management experience that’ll help businesses succeed.
At our previous company ogaVenue where we partnered with over 30,000 businesses in 5 countries (including UAE), getting complains from businesses about their bank partner was a usual occurrence. Interestingly, we had a fair share of this experience ourselves at our Lagos and Kenya operations.
We kept asking ourselves, why can’t a team build business banking that just works? The idea seem straightforward to me. We were (still are) open to connect such team to our network of thousands of businesses who would be ready to switch.
Fast forward to 2020, our company took a huge hit due to COVID19. It broke us, but we saw it as the universe giving us a sign to fix this seemly reoccurring problems businesses always have with banking and expense management.
We went ahead to speak to 98 different CEOs, CFOs and Finance teams across Automobile, Hotels, Oil & Gas, Healthcare, Logistics and other industries — they all had similar issues with the way their business banking works. At this moment, we knew business banking and expense management needed to be fixed in Africa.
Lenco is a product-led company, we see banking and expense management as a product. We will continue to speak to our users and build the products they want.
We are clear on what we want to build. We think of banking and expense management in three parts:
- Financial Services: Businesses should always have unrestricted access to their money. Ideally, the money should be deliverable to anywhere in the world they want it, and they should have access to not just their present revenue but future revenues based on their cashflow. Lenco would issue you a bank-backed business current account (not virtual account) from one of our bank partners, applying for an account takes <10mins and approved within 24hrs. With your Lenco account, you will get these financial services on a simple user interface, with great user experience and customer support when needed. Also, you would earn between 0.25–1% on your average balance, we‘ll maximize your earnings with a feature we plan to lunch in the coming months.
2. Spend Management: Businesses usually have cost associated with their operations. You should have a simple way to identify your biggest cost drivers (without digging through spreadsheets), optimize it and make smart money decisions.
With a Lenco account, you’ll be able to invite team members with different access levels, categorize transactions, group recipients, and comment on a transaction. Also, transactions are fully indexed, filterable and downloaded in CSV or PDF form.
As a way to ensure your business can always meet its’ needs and pay bills, we have an Inflow split feature where revenue coming into your account is automatically split across sub-accounts dedicated for important company needs such as OpEx, salaries, savings and rent.
3. Business Analytics and Recommendations: We will help you make sense of your business data by recommending ways to cut cost, identify missed revenue opportunities, and connect you to other Lenco users who are potential customers. Soon, you will be able to integrate your preferred payment partner (e.g. Flutterwave, Paystack) to Lenco, this way as you make a sale and receive payment through your payment partner, your bank account is funded instantly, you wouldn’t need to wait for 1–14days anymore.
If you run a startup, or manage a Hotel, Lenco is the best bank you will ever use. For startups, you will be able to manage your core banking activities from a simple API, for Hotels, we’ll deploy our robust Hotel Management System which is linked to your bank, this will help you collect payments and manage operating expense in very simple but innovative ways. It’s time to Switch, Open an account for free!
It took a lot of help to get to where we are, We’d like to give special thanks to our families, private alpha users for helping us deliver a better product, our team who pulled this through, and our investors for trusting us. Thank you, Maya, for the introductions, Mark for being generous with your advice and time, Jason for always been supportive (Founders first✊🏾) .
Switch your business to Banking that finally works!