PremierCredit is Zambia’s online microlending tech startup which announces that it has received $650000 funding from Enygma Ventures a US Enterprise Capital fund.
Sarah Dusek is the co-founder of Engyma Ventures commenting on the efficiency of PremierCredit, saying,
“PremierCredit has a proven track record of supporting the informal sector and making informal trading possible for many by providing timely and appropriate loans to help businesses thrive. After an extraordinary year, it has been incredible to see women-owned businesses still thriving and creating expansion plans despite the pandemic.”
Since being founded in 2019, PremierCredit have offered their services both in Zambia and Zimbabwe. The fintech startup affords micro-loans to local entrepreneurs and small scale companies. This enables entrepreneurs to develop their enterprise and positively contributing to the financial system.
The startup seeks to partner with financial institutions in Zimbabwe by presenting them with affordable bicycles, smartphones, and photo voltaic tools on a ‘pay-as-you-go’ foundation to the underserved communities throughout country.
On receiving the funding and what it means to the startup, the elated co-founder and CEO of PremierCredit, Chilufya Mutale said,
“We’re extraordinarily elated about our partnership with Enygma Ventures. The monetary and strategic assistance will permit us to execute on our imaginative and prescient to service a number of nations throughout the region.”
The US based venture capitalist, Enygma Ventures has over the period dedicated itself to supporting women-led ventures and startups. This funding opportunity adds to its portfolio.
In 2020 alone, the enterprise capital fund has reportedly carried out 10 investments.
Applications should be submitted online and the deadline is the 31st of December, 2020.
Lelemba Phiri, the Principal and Working Companion of Enygma Ventures concludes that the funding could have a domino impact on the local people, offering much-needed access to a range of services.
“We’re enthusiastic about this funding and are assured in PremierCredit’s potential to execute and develop regionally as they’re a formidable group. The ripple impact of such funding goes past the quick enterprise as a result of it in flip permits entry to capital for underserved merchants and communities.”
ImaliPay: Nairobi Fintech Startup Raises Pre-Seed Funding Led By TEN13
ImaliPay, a fintech startup helping African freelancers reach their financial goals has raised an undisclosed amount in pre-seed funding from the Australian venture capitalist, TEN13, reputed for investing in top-tier start-ups.
According to ImaliPay, the primary aim of this newly raised funding is to expand and accelerate their growth and footprint in Nigeria, South Africa and Kenya to be a one-stop-shop for gig workers’ financial needs on the continent.
The backing of ImaliPay by TEN13 is on the back of recent chain of events that has elevated the visibility of Africa’s fintech startup scene.
Commenting on the deal, Managing Partner of TEN13, Stew Glenn, said,
ImaliPay in 2020 was co-founded by Zimbabwe’s Tatenda Furusa and Sanmi Akinmusire a Nigerian, who were former colleagues at the leading payments company Cellulant. The fintech company thinks the investment from the venture capital has significant benefits.
In a statement released to the press, Tatenda Furusa said,
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.
The growth in the African gig workforce is being pushed by the growth in digitization 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.
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