LocationsBy the end of the Fintech Accelerator Programme, CYTO had a live product tested by five paying clients—generating $500 in revenue. This was a massive leap in such a short time: a transition from abstract concept to concrete value.
Joachim Valot, Co-Founder & CEO of CYTO
Growing up French-Angolan, Joachim studied finance in France, then later on worked in private banking at E.D. Rothschild in Luxembourg. He then moved into asset management and cryptocurrency in the United Arab Emirates (UAE). But no matter where he found himself, he had this burning desire to create something impactful in Angola. This motivated him to start CYTO, to unlock the untapped potential of Africa's youth.
Joachim co-founded CYTO, a platform that automates treasury, invoicing, and payroll processes to help businesses and diasporas manage their operations in Africa remotely, saving time, reducing headaches, and cutting costs.
“My inspiration for CYTO came from personal frustration. As I had dreams of building a company back home and tried to take a concrete step—registering a business, paying, or simply checking account balances—I ran into the same barriers: bureaucratic red tape, fragmented banking systems, and a lack of financial inclusion.”
In Angola, about 80% of the economy remains informal. This affects countless individuals more especially entrepreneurs, both within the country and across the diaspora. Angolan Small Medium Enterprises (SMEs) struggle to expand due to fluctuating currencies, inefficient cross-border payments, and challenges in managing an international workforce.
“My epiphany came when I started meeting other entrepreneurs and business owners. Their stories mirrored my own; we all faced the same roadblocks. I realized this wasn’t just my problem—it was an entire community’s. This potential scale of impact convinced me to jump in with both feet: if I could resolve these pain points, I could help unlock the vast potential of Angola’s economy.”
From PowerPoint to Paying Clients
Joachim was one of the entrepreneurs selected for the first cohorts of the timbuktoo Fintech Accelerator Programme, powered by the United Nations Development Programme (UNDP). Before joining the programme, Joachim wrestled with how to launch a fully compliant, secure financial product in a country where fintech regulations are both nascent and complex. Licensing also proved to be an expensive maze and building a platform that meet international security standards was a daunting affair. Yet, he was determined to bootstrap and develop a solution that aligned with Angola’s context.
Before joining the timbuktoo Fintech Accelerator Programme, CYTO was barely four months old with little more than a pitch deck, a rough prototype, and a waiting list of potential users. Thanks to the Programme, CYTO had a live product tested by five paying clients—that generated $500 in revenue. This was a massive leap in such a short time: a transition from abstract concept to concrete value with high potential.
“Building a fintech company in Angola required careful navigation of legal, security, and technical constraints. The Accelerator Programme introduced us to banking partners and compliance experts who helped us shape a cost-effective rigorous approach.”
Joachim Valot and Co-founder, Thiebault Husson
Real-World Success
Among CYTO’s early clients, five out of five reported improved operational efficiency—100% success. Beyond these numbers, the ripple effect on local communities as businesses slowly adopt formal, trackable processes is impressive.
Another great benefit that CYTO gained from the Fintech Accelerator Programme was the connection to a banking provider that helped them navigate compliance. With this they are able to build the infrastructure to integrate more startups and more advanced services across the continent.
“Yes, we track earnings, but our true north star is inclusion. We measure success by how many businesses formalize their operations and how many individuals—particularly in the diaspora—gain access to Angola’s markets. The broader and more sustainable these connections become, the closer we get to a resilient economy that can weather global storm.”
Joachim at a UNDP accelerator event
In addition to the business development support received from the timbuktoo Accelerator Programme, CYTO also benefited from seed funding to invest in its business operations.
"The $20,000 equity-free funding will help fortify our product’s technical infrastructure, ensuring it can scale without sacrificing reliability or security. We aim to become the go-to platform for formalizing and automating business operations in Angola—and then beyond", Joachim noted.
Scaling Beyond the Accelerator
For CYTO, timbuktoo is just the beginning. Their immediate goal is to refine their product and handle millions in monthly transactions as they onboard larger corporations. Their plan is to integrate open banking solutions, cross-border payment capabilities, and regulatory tools aligned with the African Continental Free Trade Area (AfCFTA) agreement and the Pan-African Payment and Settlement System (PAPSS). Their goal is to ensure that no African entrepreneur—or diaspora innovator feels blocked from pursuing business dreams anywhere on the continent.
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