English
English
French
Arabic
Swahili
Portuguese
German
Spanish
Chinese (Simplified)
PremierCredit an online microlending tech startup based in Zambia has recently secured a a $650 000 from Enygma Ventures, a US based Venture Capital fund.
Commenting on the investment, Chilufya Mutale, co-founder and CEO of PremierCredit said:
“We are extremely elated about our partnership with Enygma Ventures. The financial and strategic support will allow us to execute on our vision to service multiple countries across the region.”
Starting operation in 2019, PremierCredit provides services to Zambians and Zimbabweans.
The mico-lending startup provides micro-loans to entrepreneurs and small medium enterprises within these two countries.
This offering allows them to accelerate their business and add positively to the economy of Zambia and Zimbabwe.
PremierCredit has partnered with a Zimbabwean bank to enable it offer cost-effective smartphones, bicycles and solar devices through a ‘pay-as-you-go’ method to communities within Zimbabwe that are underserved.
Speaking on PremierCredit’s performance, Sarah Dusek, Managing Partner and co-founder of Engyma Ventures, said that the startup has shown excellent proven track record in lending support to the informal sector of Zambia’ economy while also making informal trading possible via timely provision of loans.
“After an extraordinary year, it has been incredible to see women-owned businesses still thriving and creating expansion plans despite the pandemic.”
Over the years, Enygma Ventures has shown its support to women-led ventures and startups, adding PremierCredit to its current portfolio.
The US based venture capital fund has reportedly carried out 10 investment funding in 2020.
Enygma Ventures currently has opened applications for tech startups in the Southern African Development Community (SADC) region for funding opportunities.
The application closes by Thursday, December 31, 2020.
In concluding, Lelemba Phiri, Principal and Operating Partner of Enygma Ventures said that the funding will have a positive effect on the two countries while offering most of the required access to a range of services.
“We are excited about this investment and are confident in PremierCredit’s ability to execute and expand regionally as they are a formidable team.
The ripple effect of such investment goes beyond the immediate business because it in turn enables access to capital for underserved traders and communities.”
Don’t miss important articles during the week. Subscribe to techbuild.africa weekly digest for updates.
