Nigerian fintech startup ImaliPay has raised extra funding to expand its platform which leverages artificial intelligence (AI) and big data to offer tailored financial products that promote the inclusion of gig economy platforms and workers across Africa. The primary aim of the investment is to expand and accelerate its growth and footprint in Kenya, Nigeria, and South Africa, with ImaliPay aiming to become the one-stop-shop for gig workers’ financial needs.
The fintech startup which was founded in 2020 by Tatenda Furusa and Sanmi Akinmusire offers both new and existing gig workers and freelancers the ability to seamlessly save their income and receive in-kind loans through a buy now, pay later model tied to their trade.
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ImaliPay figured that as gig workers save money or repay loans on time, they are able to build a credit history that will in turn unlock more formal financial services in the future. To this end, the fintech company has secured an undisclosed amount of pre-seed funding in order to scale its customer base, with the round led by Australian venture capital firm TEN13, which has also invested in the likes of Chipper Cash and Bookipi. Other investors included in the raise are FINCA Ventures, Optimiser Foundation, Mercy Corps Ventures, Changecom, and angels from Nigeria, Kenya, Norway, and the United Kingdom (UK).
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“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.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry