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Riovic Capital Group
IndustryFinancial technology
FoundedJanuary 2015
Founder
HeadquartersLondon
Key people
Products
AUM£327 million (2023) [1]
Websitehttps://riovic.com

Riovic Capital Group, or simply Riovic, is a financial technology and investment company that specializes in emerging technologies.[2]

The company entered the market as an insurance technology platform that connected private investors with insurance seekers, allowing the investors to backstop claims in exchange for premiums, but expanded to other areas in financial technology.[3][4][5]

In September 2015 the company officially launched a money transfer service called RiovicPay to help people access cross-border money remittance services on holidays and after hours.[6] The service was rebranded to AfricanRemit. It then released its AI-powered on-demand platform for financial services, labeled the Uber of Finance, in November 2015.[7][8][9] The platform provided financial advisers, crowd investing and Peer-to-peer insurance.[10][11]

In 2016 the company was labelled the Lloyd's of FinTech and successfully launched this revised model to eliminate insurance companies in the insurance value by directly connecting brokers and consumers with risk capital.[12] Also labelled the "Uber of Insurance", Riovic pioneered "private investor backed insurance" where a private investor (or group of private investors) essentially steps into the financial shoes of the insurer, accepting a stream of certain cash flows in exchange for an uncertain future liability.[3] Riovic acquired a minority stake in New Zealand's PeerCover in February 2016.[13]

Riovic was admitted into RMIH Alphacode, an incubator for next generation financial services companies (similar to Level39) in 2015.[14] It was also part of the first batches of Facebook FBStart, Microsoft for Startups, IBM Global Entrepreneurs and Google Launchpad.[3][15]

In April 2016, it got nominated as the only insurtech company in the African FinTech Awards and also go listed on the African FinTech 100 list.[16][17][better source needed]

See also

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References

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  1. ^ "Portfolio - Riovic Capital Group".
  2. ^ https://riovic.com [bare URL]
  3. ^ a b c Charlie Fripp (21 April 2016). ""Uber of insurance" has big plans for South Africa's startups - htxt.africa". Htxt.co.za. Retrieved 2016-04-23.
  4. ^ "Riovic is the Uber of Insurance". 2 August 2017.
  5. ^ "Riovic Corporation: Private Company Information - Businessweek". Bloomberg.com. Retrieved 2016-04-11.
  6. ^ "RiovicPay issued credit as part of its pre-launch campaign". Gsmenewsnetwork.com. Archived from the original on 2015-11-20. Retrieved 2016-04-11.
  7. ^ "Female tech entrepreneur develops on-demand network for financial advice | | IT News Africa- Africa's Technology News Leader". IT News Africa. 25 November 2015. Retrieved 2016-04-11.
  8. ^ "Start-up unveils virtual financial advice service". ITWeb.co.za. 2015-11-27. Retrieved 2016-04-11.
  9. ^ "Female Techpreneur Naledi Mokoena Founded On-Demand Network For Financial Advice". Innov8tiv.com. 27 November 2015. Retrieved 2016-04-11.
  10. ^ "Riovic wants to be the personal financial advisor in your pocket – Ventureburn". Ventureburn.com. 2015-12-11. Retrieved 2016-04-11.
  11. ^ "Two is a couple, Three is a crowd… A rich crowd! |". Ceceliawrights.co.za. 2016-01-14. Retrieved 2016-04-11.[permanent dead link‍]
  12. ^ "The Uber of finance". Bizcommunity.com. 2016-04-01. Retrieved 2016-04-11.
  13. ^ "Riovic (Pty) Ltd - SOUTH AFRICA".
  14. ^ "Startup of the Year 2015-2016 competition entry: Nkambule Ltd | Guardian Small Business Network". The Guardian. 2016-02-22. Retrieved 2016-04-11.
  15. ^ "Review: Pension Mistakes by Expats in Dubai". Archived from the original on 9 June 2016. Retrieved 18 May 2016.
  16. ^ "Swaziland-born entrepreneur introduces crowdfunded insurance". How We Made It In Africa. 2016-07-01. Retrieved 2017-08-31.
  17. ^ "#AfriqueduSud – Riovic, une Insurtech en devenir – Techfoliance". Techfoliance.fr. 2016-04-07. Retrieved 2016-04-11.
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