ImaliPay a Nigerian fintech startup has secured an undisclosed round of pre-seed funding. The startup utilizes big data and artificial intelligence (AI) to provide specified financial products that enhance the inclusion of platforms around the gig economy and workers around the continent.
Founded in 2020 by the duo of Sanmi Akinmusire and Tatenda Furusa, the fintech startup offers potential, new and existing gig workers as well as freelancers the platform to conveniently save their earnings and obtain loans via a buy now pay later model.
ImaliPay unlocks more formal financial services in the future for gig workers who can save money and repay their loans on time as this makes them build a healthy credit history.
The fintech startup raised the undisclosed amount of the pre-seed funding with the funding round led by TEN13, an Australian VC firm.
Other investors that took part in the funding round include Mercy Corps Ventures, FINCA Ventures, Optimiser Foundation and angels from Kenya and Nigeria.
As ImaliPay aims to become Africa’s one-stop-shop for gig workers’ financial needs, it plans to utilize the investment in expanding its footprint in Nigeria, Kenya and South Africa.
According to one of the Co-founders, Tatenda Furusa, “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 Nigerian fintech startup helps African freelancers to reach their financial gains. With this platform freelancers and gig workers are set to benefit:
Get an in-kind loan for tools of trade or a cash advance to fuel your growth.
Seamlessly save as you earn income daily or weekly
Build your credit score as you pay back on time and save regularly
ImaliPay is currently in 3 African countries, Kenya, Nigeria and South Africa and hopes for future expansion.
The startup has 5 gig platform partners across the three countries of operation with 350,000 addressable end users.
The fintech startup offers the following business plan to its users:
- Basic – plug and play solution of digital financial services and a USSD or Whatsapp channel
- Advanced – a combination of a financial services API integration and digital channel
- Deluxe – financial services API integration and other infrastructure needs
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