AFRICA – TEN13, an Australian venture capital firm, has invested an undisclosed amount of pre-seed funding in ImaliPay, an African-based fintech start-up.
Other investors included in the raise are: Finca Ventures, Optimiser Foundation, Mercycorps Ventures, Changecom, and super angels from Norway, Nigeria, UK, and Kenya.
The primary aim of the investment is to expand and accelerate its growth and footprint in Kenya, Nigeria, and South Africa to be the one-stop-shop for gig workers’ financial needs.
TEN13’s backing of ImaliPay follows a recent string of events that has elevated the visibility of Africa’s Fintech start-up scene.
“We believe this is a perfect opportunity to introduce our growing international network of investment professionals and investors to one of the most exciting emerging Fintech companies in Africa,” said Stew Glynn, TEN13 Managing Partner.
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.
ImaliPay was Cofounded in 2020 by Tatenda Furusa and 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.
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.
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