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  • Tech - News - Startups
  • Updated: March 06, 2021

ImaliPay Raises Pre-Seed Funding To Expand Growth in Africa

ImaliPay Raises Pre-Seed Funding To Expand Growth in Africa

Nigerian fintech startup, ImaliPay has raised a round of pre-seed funding to scale more quickly.

ImaliPay is known for leveraging artificial intelligence (AI) and big data to offer tailored financial products that promote the inclusion of gig economy platforms and workers across Africa. This has led to the Australian venture capital firm TEN13 reputed for investing in top-tier start-ups pumping an undisclosed amount of pre-seed funding in the startup.

READ MORE: African Startups To Look Out For In 2021

A statement revealed that with this, ImaliPay joins TEN13’s growing fintech portfolio as the likes of Chipper Cash and Bookipi. Other investors included in the raise are; Finca Ventures, Optimiser Foundation, Mercycorps Ventures, Changecom, and super angels from Norway, Nigeria, UK, and Kenya.

It explained that the primary aim of the investment was to expand and accelerate the firm’s growth and footprint in Kenya, Nigeria, and South Africa to be the one-stop-shop for gig workers’ financial needs.

ImaliPay was co-founded in 2020 by Zimbabwean Tatenda Furusa and Nigerian Sanmi Akinmusire who met whilst working at leading payments company Cellulant. They believe the backing of the start-up by a notable venture capital company such as TEN13 has tremendous benefits. “It’s a great opportunity for investors to participate in the fintech revolution and a fast-growing segment. Our vision at ImaliPay is to advance financial health and inclusion for gig workers who struggle to manage and access flexible financial services that are often only available to traditional SMEs”, said Furusa.

“The growth in the African gig workforce is being propelled by the growth in digitisation and smartphone penetration. Gig workers constitute a significant proportion of the economy within ImaliPay’s target markets and this market segment is expected to grow rapidly over the next decade. “ImaliPay offers gig workers a one-stop-shop of financial services such as the ability to seamlessly save their income and receive in-kind loans through a “buy now, pay later” model tied to their trade.

“Bolt drivers in Kenya can now request a fuel loan and payback after 3-4 days, this allows them to get more work done and Safeboda riders in Nigeria can now buy on credit bike parts, fuel, and smartphones to keep their gig moving and reduce any downtime.

“Other products to be offered off the platform include insurance and investment options to foster a safety net for this hard-working but vulnerable part of the population,” the statement added.

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