In an attempt to extend its fintech funding footprint across the Africa continent, TEN13, an Australian venture capital firm has decided to raise funding capital for ImaliPay, an African-based fintech start-up that is making waves by reshaping the future of work in the gig economy.
This is coming after TEN13 had earlier invested in the likes of Chipper Cash and Bookipi, Finca Ventures, Optimiser Foundation, Mercycorps Ventures, Changecom and other super angels from Norway, Nigeria, UK and Kenya.
Speaking on the essence of the investment, TEN13 Managing Partner, Stew Glynn said the primary aim of the investment is to expand and accelerate its growth and footprint in Kenya, Nigeria, and South Africa to be the one-stop-shop for gig workers’ financial needs.
“We believe this is a perfect opportunity to introduce our growing international network of investment professionals and investors to one of the most exciting emerging Fintech companies in Africa, ” he said.
The growth in the African gig workforce is being propelled by the growth in digitisation and smartphone penetration. Gig workers constitute a significant proportion of the economy within ImaliPay’s target markets and this market segment is expected to grow rapidly over the next decade. ImaliPay offers gig workers a one-stop-shop of financial services such as the ability to seamlessly save their income and receive in-kind loans through a “buy now, pay later” model tied to their trade. Bolt drivers in Kenya can now request a fuel loan and payback after 3-4 days, this allows them to get more work done and Safeboda riders in Nigeria can now buy on credit bike parts, fuel, and smartphones to keep their gig moving and reduce any downtime. Other products to be offered off the platform include insurance and investment options to foster a safety net for this hard-working but vulnerable part of the population.
ImaliPay was co-founded in 2020 by Zimbabwean Tatenda Furusa and Nigerian Sanmi Akinmusire who met whilst working at leading payments company Cellulant. They believe the backing of the start-up by a notable venture capital company such as TEN13 has tremendous benefits. “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,” said Furusa.