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SFAN Secures US$250K from King Solomon’s Group to Develop More Skilled Talents

Stars From All Nations

Stars From All Nations -SFAN- the Accra based edu-startup company announces it has raised US$250,000 pre-seed funding from King Solomon Group, based in Ghana.

SFAN is with the mission of unlocking the potential of Africa so this pre-seed funding, the company discloses, will be used to bring a fresh perspective to talent development in Africa through their Readyforwork.africa career accelerator.

According to reports and sad to to note, on average, it usually takes a university graduate 6 years to land their first job. But on the side of demand, even when a job is available, the employer struggles to find early career professionals with the requisite skills needed for role.

These challenges amount to about US$130 billion market employment according to the World Bank, in monetary terms.

The Stars From All NAtions – SFAN – has then taken it upon itself to bring the needed fresh perspectives to the scene through their digital career accelerator equipping entry-level job seekers with requisite job readiness skills and also helping potential employers find the most qualified talents across the continent.

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The educational startup platform which has been pushing on with this vision for seven (7) years now is appreciative of the trust placed in it by the Ghana based funder, to scaleup their operations to even do more.

Stars From All Nations

About ReadyForWork

ReadyForWork Career Accelerator is an initiative by Stars From All Nations – SFAN – aiming at tackling these issues by equipping early career professionals with the skills and connections necessary to launch their careers – and helping recruiters make data-driven recruitment decisions.

With personalized educational content crafted by experts, one-on-one coaching, team conversations, and industry participation, learners are equipped with practical skills and exposed to real-world projects that empower them to take ownership of their career aspirations and grow in confidence that yields success. You can find out more and apply.


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Funding

ImaliPay: Nairobi Fintech Startup Raises Pre-Seed Funding Led By TEN13

ImaliPay

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.

The other investors who participated in this pre-seed round include, Finca Ventures, Optimiser Foundation, Mercycorps Ventures, Changecom, and super angels from Norway, Nigeria, UK and Kenya.

ImaliPay is an embedded finance platform that provides and offers tailored financial products that promote the inclusion of gig economy platforms and workers across Africa.

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,

“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.

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.

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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 Users

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.

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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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