ImaliPay, a Nigerian fintech startup focused on the gig economy, has acquired $3 million in a seed round to expand its financial services infrastructure in Kenya, Nigeria, and South Africa.
Leonnis Investments, Ten 13, Uncovered Fund, MyAsia VC, Sajid Rahman, KSK Angels, Jedar Capital, Logos Ventures, Plug N Play Ventures, Untapped Global, Latam Ventures, Cliff Angels, Chandaria Capital, Changecom, and additional angels from Serbia, Kenya, and Norway participated in the seed round.
ImaliPay received the funding, which is a mix of debt and equity, after gaining a lot of traction.
ImaliPay, co-founded by Tatenda Furusa and Sanmi Akinmusire in 2020, allows new and existing gig workers or freelancers to save their earnings and get in-kind loans through a purchase now, pay later model related to their trade.
“Our seed funding will be used to hire important personnel, improve technology, and expand into other areas,” said Akinmusire.
“The impact we want to make in encouraging financial stability in the gig economy, servicing the underbanked, and taking them through a customized journey of financial inclusion is firmly anchored in our passion to launch and keep ImaliPay rising.” “Having strong partners and investors at the table demonstrates our commitment to building vital services for the future of work,” Furusa remarked.
Bolt, Glovo, SWVL, Amitruck, Safeboda, Gokada, and Max.ng are some of ImaliPay’s important partners. It also works with Flutterwave, Paystack, and Cellulant, three of Africa’s major licensed payment providers.
Lami, Britam, Sanlam, Mycover clever, Cowrywise, Cornerstone, Ola Energy, Total Energies, Ti-Auto Corporation, and HiFI Corporation are among the merchant partners.
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