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Kenyan Fintech Startup Asilimia Raises $2M And Aims To Expand In East Africa

November 26, 2021 | 2 minutes read

Kenya-based Fintech startup Asilimia has recently bagged $ 2 million in the pre-seed round. The startup wants to extend loans to small as well as medium enterprises in East Africa.

The Fintech startup Asilimia in the latest funding round has raised $ 2 million. The funding round included Bpifrance and Green Tec Capital. Africa is a region of budding financial technology (fintech) startups because of the large number of medium and small-scale enterprises and the financing gap left by banking institutions have presented the opportunity for innovation,

The platform aims to make it easier for medium and small-scale enterprises to take advantage of wide-ranging financing opportunities with the inclusion of loans, savings, and insurance. Asilimia is actually developing an app for digital payments, revenue tracking, expenses, sales, and financial insights, and accounting processes for small businesses that can all be accomplished on a mobile phone.

The fintech services with the ability of financial inclusion have taken the financial sector by storm. Small and medium enterprises have been obtaining fintech services because of their universality, security, and accessibility. This has led to the development of fintech apps and software

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Image Credits: Afrikan Heroes

Tekwane Mwendwa, CEO and co-founder of Asilimia, told Kenyan Wall Street.

“Our focus over the last few years has been to build a solution that works, and this new funding will enable us to take it into new markets and impact the lives and livelihoods of more business owners.”

Asilimia aims to utilize the funding to hire more staff, refine its technology and expand to another market within East Africa. The startup tends to extend its loans to micro, and mid-sized enterprises. The startup was founded in 2017 by Mwenda and Morgan Kablan currently serving as COO. With the goal of developing Africa’s financial infrastructure for the informal economy.  

Asilimia was incubated in the Station F program in Paris and went through the Norrsken Impact Accelerator program.

Tekwane Mwendwa, Asilimia Co-founder and CEO  told TechCrunch

We have entered a phase where we are exploring ways in which we can extend the much-needed credit enabling traders to buy equipment or products to sustain their enterprises.”

Story Credits : PYMNTS.com