Asilimia raises $2M in pre-seed funding
Kenya-based Asimilia has raised $2 million in its pre-seed round of funding from Fredrik Jung Abbou and Norrsken Impact Accelerator. The fintech plans to utilise the capital raised for talent acquisition and expansion into the East African market.
“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,” said Asilimia co-founder and CEO Tekwane Mwendwa.
The startup, founded by Mwendwa and Morgane Kablan, enables mobile money transactions sans transfer charges. Furthermore, the company also plans to start giving out loans to MSMEs.
“We will factor in their B2B transactions, cash flow, sales, liabilities and expenses because all this information is in the app. This is possible because traders love to use our app which, unlike other lending apps, has inventory management. I like to think of our app as the operating system of informal businesses and we are happy that it is a one-stop shop for the traders,” said Mwendwa. He added, “Another thing that traders struggle with is airtime top-up. We interact with them daily and understand their pain points, and so we want to give them all the support they need so that they can continue doing business — we will also extend airtime top-up credit at no interest.”
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