ImaliPay raises pre-seed funding

Nigeria: Nigerian startup ImaliPay, which leverages artificial intelligence (AI) and big data to offer tailored financial products that promote the inclusion of gig economy platforms and workers across Africa, has raised a round of pre-seed funding to scale more quickly.

Co-founded early last year by Tatenda Furusa and Sanmi Akinmusire, ImaliPay offers both new and existing gig workers or freelancers the ability to seamlessly save their income and receive in-kind loans through a buy now, pay later model tied to their trade.

As gig workers save money or repay loans on time, they are able to build a credit history that will in turn unlock more formal financial services in the future.

ImaliPay has secured an undisclosed amount of pre-seed funding in order to scale its customer base, with the round led by Australian venture capital firm TEN13, which has also invested in the likes of Chipper Cash and Bookipi. Other investors included in the raise are FINCA Ventures, Optimiser Foundation, Mercy Corps Ventures, Changecom, and angels from Nigeria, Kenya, Norway, and the United Kingdom (UK).

The primary aim of the investment is to expand and accelerate its growth and footprint in Kenya, Nigeria, and South Africa, with ImaliPay aiming to become the one-stop-shop for gig workers’ financial needs.

“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.