ImaliPay raises undisclosed amount in pre-seed funding
ImaliPay, a Kenyan-based fintech start-up, has raised an undisclosed amount in pre-seed funding from Australian venture capital firm TEN13.
ImaliPay joins TEN13’s growing fintech portfolio, such as Chipper Cash and Bookipi.
Finca Ventures, Optimiser Foundation, Mercycorps Ventures, Changecom, and angel investor from Norway, Nigeria, UK and Kenya, also participated in the round.
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.
ImaliPay was co-founded 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,” says Furusa.
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,” says TEN13 managing partner, Stew Glynn.
The growth in the African gig workforce is being propelled by the growth in digitisation and smartphone penetration.
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 (BNPL) model tied to their trade.
Bolt drivers in Kenya can now request a fuel loan and payback after three-to-four 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.