Thriving to create a financial service infrastructure that will enable African gig workers get innovative financial solutions, ImaliPay has closed a $3 million seed round in debt and equity round.
Having raised $800,000 pre-seed round in 2020, the previous fund raised before the current, shortly after being launched by Tatenda Furusa and Oluwasanmi Akinmusire, ImaliPay is fast-rising in achieving its goal to tackle the challenges faced by ride-hailing drivers when accessing working capital or emergencies such as fuel needs.
ImaliPay will leverage the capital for the expansion of its fast-growing remarkable team, strengthening its technology and exploring new markets including Ghana and Egypt.
Venture Capitalists such as Ten 13, Uncovered Fund, MyAsia VC, Jedar Capital, Logos Ventures, Plug N Play Ventures, Untapped Global, Latam Ventures, Cliff Angels, Chandaria Capital and Changecom participated in the round. Angel investors included Keisuke Honda of KSK Angels and others from Serbia, Kenya and Norway.
With ImaliPay, clients can create accounts in less than five minutes. Its Buy-Now-Pay-Later option allows users get tools they require for their businesses and those that pay back on time earn points, rewards and discounts for purchased items.
Since inception, ImaliPay affirms to have a user base that has grown by 60x and tens of thousands gig workers who access its services across 4,500 vendor points. Also, the platform has carried out over 200,000 transactions and still strives for greater numbers. The pan-African embedded finance provider’s revenues come from transaction and referral fees.
ImaliPay’s partners and clients include Glovo, Bolt, Max.ng, Gokada, Amitruck, Kwik, Swvl, SafeBoda and several others. The company’s easy-to-integrate APIs also allow users to embed into apps including Wallet, KYC and Payments. The platform is working towards a limitless financial solution for Africans, with current reach across Nigeria, Kenya and South Africa.