Technology

Start-up targets regional market after raising 222 million shillings


CEO and co-founder of Asilimia Tekwane Mwendwa. PHOTO | BOWL

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Summary

  • Asilimia was founded by Tekwane Mwendwa and French entrepreneur Morgane Kablan with the aim of building the financial infrastructure of the informal economy in Africa.
  • Dozens of companies have invested in the Kenyan credit market in response to the growth of fast lending, where borrowers can get loans in minutes via their mobile phones.

Kenyan fintech start-up Asilimia has raised $ 2 million (Shs 222 million) from global venture capital funders for its expansion in East Africa.

Funding came from various investors including Fredrik Jung Abbou; a two-time unicorn founder and Stockholm-based Norrsken Impact Accelerator, while the roundtable benefited from the participation of the French Public Investment Bank (Bpifrance) and GreenTec Capital Partners.

Asilimia, which says it is helping build digital infrastructure to connect African micro, small and medium enterprises (MSMEs) to the formal financial economy, said the funding will help boost its local expansion in Kenya and Africa. East.

It will use the funding to hire workers as it expands into East African markets, he said.

It will also provide loans to MSMEs based on data from its Leja app joining other companies in the first growing mobile lending market.

“The pre-seed funding will support the growth and expansion of the team, while the debt financing will allow Asilimia to extend credit to MSMEs, providing them with much needed funding to help them grow their businesses.” , Asilimia said in a statement.

“Asilimia’s mission is to build the digital financial infrastructure of Africa’s highly fragmented and paper-based informal economy, and close the $ 360 billion credit gap that affects 150 million MSMEs from the continent.”

Asilimia was founded by Tekwane Mwendwa and French entrepreneur Morgane Kablan with the aim of building the financial infrastructure of the informal economy in Africa.

“Africa’s informal businesses are the backbone of its economy and we want to unlock their GDP to spur growth and development across the continent,” Mwendwa said.

“Our goal over the past few years has been to create a solution that works and this new funding will allow us to bring it to new markets and impact the lives and livelihoods of more. of business owners. “

Funda Sezgi, Co-Founder and CEO of Norrsken Impact Accelerator said: “MSMEs play a vital role across Africa and facilitating their success is great for the continent as a whole.

Tekwane and his team have built a solution that works and we are delighted to support them as they contribute to prosperity in a key sector for the African economy.

Dozens of companies have invested in the Kenyan credit market in response to the growth of fast lending, where borrowers can get loans in minutes through their cellphones rivaling commercial banks.

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