Kenyan Fintech Asilimia Raises $2 Million In A Pre-Seed Round, Plans To Extend Loans To Msmes And Expand In East Africa
Kenyan Fintech Asilimia Raises $2 Million In A Pre-Seed Round, Plans To Extend Loans To Msmes And Expand In East Africa
11/24/21, 7:00 AM
Money raised
$2 million
Round Type
pre-seed
Kenya’s economy is powered by informal businesses, which contribute 33.8% to the country’s GDP and provide 83.4% of the total employment outside of small-scale agriculture, data from the country’s bureau of statistics shows. The contribution of these enterprises is pivotal to the country’s economy yet they remain underserved by traditional banking institutions making it hard for them to access the financing needed to grow.
Company Info
Additional Info
The Kenyan startup has over the last three years been offering a lifeline to traders in Kenya by enabling them to make mobile money transactions that are devoid of transfer charges through its Leja app. The platform provides valuable data that Asilimia plans to tap to extend loans to users. Previously, the startup has been through the prestigious Station F incubation program in Paris and the Norrsken Impact Accelerator program. In 2019, the startup won the Africa Cup at the 2019 SA Innovation Summit, securing a $350,000 investment from Unicorn Group, a pan-African investment firm. Beyond East Africa, Asilimia is exploring growth opportunities in other regions, as it seeks to continue bridging the financing gap currently experienced by traders across the continent.“MSMEs play a vital role across Africa and making it easier for them to succeed is great for the continent as a whole,” said Norrsken Impact Accelerator co-founder and managing director Funda Sezgi.“Tekwane and the team have built a solution that works and we are delighted to be supporting them as they drive prosperity in a key sector for the African economy.”