Kuunda, a Mauritius-based financial technology (fintech) company with operations in Tanzania, has closed its initial funding round, led by Accion Venture Lab, a division of the US-based nonprofit Accion. FINCA Ventures, Future Africa, Greenhouse Capital, Kepple Africa Ventures, Launch Africa, Magic Fund, Mercy Corps Ventures, and Seedstars are among the other investors.
The funds will be used to expand Kuunda’s existing operations in Tanzania and Pakistan, as well as into the Democratic Republic of the Congo, Egypt, Malawi, Mozambique, Nigeria, Uganda, and Zambia over the remainder of 2022 and 2023.
The company’s products include: (1) Hapa Cash, which gives one-day loans to mobile money agents, merchants, and customers to complete transactions such as payments and petrol and airtime purchases; and (2) Kazi Cash, which offers retailers and mobile money agents loans with terms of up to 14 days. Kuunda, which means “create” in Swahili, was founded in 2018.
“Agents and micro businesses are often the main way that underserved populations in Africa and Asia access financial services, but they face massive liquidity gaps that make it harder to serve their communities. Kuunda provides solutions for agents and micro merchants that enable them to grow their businesses while also helping their communities grow and thrive,” Accion CEO Michael Schlein said.
Accion Venture Lab was established in 2011 as its “seed-stage investing arm.” The investment vehicle’s aim is to support “technology and [other] novel approaches that assist underprivileged people and small enterprises in gaining access to the world’s formal economy.” Accion Venture Lab’s investees are mostly in microfinance and fintech. In most cases, it invests USD 500,000 in early-stage enterprises. Its portfolio includes 55 businesses as of June 2022.
Kuunda Tanzania Kuunda Tanzania
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh