Based in Kenya and France, fintech startup Asilimia has closed a pre-seed and debt funding round of $2,000,000 for team and new markets expansion, as well as new services delivery.
Asilimia received $1,000,000 pre-seed funding from investors, including two-time unicorn founder Fredrik Jung Abbou; co-founder of Kry and Lendo, Norrsken Impact Accelerator and other prominent founders from across Europe. The startup also received $1,000,000 in a debt round in which Bpifrance and GreenTec Capital Partners participated.
Co-founded in 2017 by Tekwane Mwendwa; the company’s CEO and Morgane Kablan; the COO, Asilimia is focused on building a resilient financial infrastructure for the African informal economy, connecting 150,000,000 MSMEs to the formal financial economy.
The company is building solutions to the financial gap among emerging businesses. The goal is to enable them gain access to loans and other financial support which exists as a result of improper financial records.
Asides leveraging the pre-seed funds for team growth and the debt capital for the extension of credit to MSMEs to receive finances needed for business growth, Asilimia targets including the B2B transactions of these businesses, cash flow, sales, liabilities and expenses, making the process seamless all together.
“Africa’s informal businesses are the backbone of its economy and we want to unlock their GDP to drive further growth and development across the continent. 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,” said Tekwane Mwendwa, chief executive officer (CEO) and co-founder of Asilimia.
“MSMEs play a vital role across Africa and making it easier for them to succeed is great for the continent as a whole. Tekwane and the team have built a solution that works and we are delighted to be supporting them as they drive prosperity in a key sector for the African economy,” said Funda Sezgi, co-founder and managing director at Norrsken Impact Accelerator.