$7.5 M Series A funding secured by Kenyan fintech Asante for pan-African expansion

Asante, a Kenyan fintech firm, has raised US $7.5 million in a Series A round to expand its credit offers to several African nations.

Asante has created a digital lending platform that approves loans to MSMEs in Sub-Saharan Africa using alternative data and a unique AI loan decisioning management system.

The company works directly with ecosystem channel partners, such as telcos, mobile-based marketplaces, airlines, retailers, payment processors, insurance companies, smartphone phone OEMs, and large FMCGs, to collect conventional and non-conventional MSME data, with the clients’ consent, to reduce the cost of customer acquisition and due diligence while providing sufficient alternative data for credit underwriting.

Asante has established over 16 major corporate channel relationships, providing direct access to over 2 million SMEs with a monthly loan opportunity of over $200 million. Asante, which was founded in Mauritius and began operations in 2018, has developed rapidly and currently has operations in Kenya and Uganda.

With a US $7.5 million Series A investment led by Goodwell Investments and involvement from additional investors such as Sorenson Impact Foundation and Forsage Holdings, the business is on track to reach its goal of being in 12 countries by 2025.

Asante will use the Series A funding to extend its loan offers to the neglected MSMEs in Kenya and Uganda, as well as to Nigeria and Rwanda.

“We are delighted to welcome our new investors including Goodwell, Sorenson, and Forsage in our inaugural institutional fundraise. Together, we will advance access to finance, and financial independence and wellbeing for the millions of small businesses on the continent,” said Chidi Okpala, founding chief executive officer (CEO) of Asante.

“With over 650 percent growth in lending activities since Q1 2021 and a sustained average all-in default rate of 2.5 percent, Asante is well-positioned to fast-track scale and deepen our impact in our operating markets. Our bold post-COVID response is helping small businesses recover, reconstruct and reposition for growth while ensuring that thousands of jobs are safeguarded. We look forward to rounding extension very early in the new year to support the solid growth momentum.”