Accessing a platform to enable it to scale has been crucial for Pryme in its journey to expand from Africa to the UK and European markets.
The mobile-only banking platform, which offers dedicated accounts, cards, savings, and bill payments to more than a million young Africans, has recently moved its headquarters to Newport, laying the foundation for product launches in Wales, the wider UK and Europe.
The Soft-Landing programme, designed to support international tech businesses in establishing a presence in Wales, has played a pivotal role in Pryme's expansion.
The Welsh Government-funded programme is managed by Tramshed Tech and Newport Council and includes a 12-week business support programme and six months' worth of office space at Tramshed Tech Innovation Station, Newport.
Edoka Idoko, Founder and CEO of Pryme, said:
“In a bid to strategically position and strengthen our mission to become the preferred financial service provider to every young African and, by extension, every young person globally, we moved our headquarters to Wales in 2023.”
Pryme's global expansion journey took a significant turn when the firm joined the Soft-Landing programme. This proved to be a crucial step, equipping the team with the knowledge, networks and support they would need in the months ahead.
“Being based in the UK gives us access to the needed platform to scale, access to a more advanced market, access to opportunities, and access to capital,” Edoka explained.
Asked why they chose Newport specifically, the answer was simple: “The people are very supportive.”
Pryme has found that supportive community in Newport and the wider Welsh tech ecosystem, facilitated by the programme's provision of office space at Tramshed Tech Innovation Station. FinTech Wales, the independent membership association and champion of the fintech and financial services industry in Wales, also plays a crucial role by supporting the fintechs that come through the Soft-Landing programme, further enhancing the value proposition for companies like Pryme.
“The programme created the opportunity for a healthy peer-to-peer relationship with other cohorts,” said Edoka. “It afforded us the opportunity and benefits of being in the Tramshed Tech and Welsh tech ecosystems, and the additional support from FinTech Wales has been invaluable in navigating the unique challenges and opportunities in the fintech sector.”
The comprehensive nature of the Soft-Landing programme has been instrumental in Pryme's transition.
“The weekly training session has been very impactful and has proved to be a true definition of the term Soft-Landing,” Edoka said. “The programme gave us a needed introduction to the Development Bank of Wales. It also opened up the opportunity for a Lithuanian banking licence, which is in progress.”
With a strong foundation in the UK, built over the 12-week business support programme and enhanced by the six-month office space provision, Pryme is now focused on their future growth plans.
These include:
- Securing an e-money licence
- Launching their mobile app and issuing dedicated accounts in GBP
- Securing Lithuanian Banking Licences and beginning to offer dedicated accounts in Europe.
“We're not just building a product – we're working to become the preferred fintech for every young person globally,” Edoka said. “By focusing on this vision and leveraging the support we've received through the Soft-Landing Programme, we're confident in our ability to make a significant impact in the fintech space.”
Building on the success of the Soft-Landing programme, Edoka has gone on to join another programme that Tramshed Tech delivers – the Tech Export Cluster. This cluster supports businesses in a wide range of areas such as cybersecurity, fintech, SaaS platforms, artificial intelligence, edutech, and more.
The companies in this directory, including Pryme, are at various stages of their individual ‘export journeys' but are all squarely focused on making the most of global commercial opportunities for the services they provide. This continued support and focus on international growth further solidifies Wales' position as an emerging global tech hub, providing companies like Pryme with the resources and connections needed to succeed on the world stage.
Learn more about all Tramshed Tech programmes here: www.tramshedtech.co.uk/programmes.
