Nigerian Payment Startup, Imalipay Get N1.24bn to Expand Services In Nigeria, SA, Kenya
- Another Nigeria startup Imalipay is in the news after raising over $3 million from foreign investors
- Imalipay describes itself as a one-stop-shop financial services platform with a head office at the heart of Lagos
- Founded in 2020, the startup raised some funding in March of 2021 and launched in South Africa in December last year
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ImaliPay, a Nigerian fintech startup, has raised $3 million in seed funding to expand its financial services infrastructure across Nigeria and its other Sub-Saharan present markets – Kenya and South Africa.
Leonnis Investments, Ten 13, as well as Uncovered Fund, MyAsia VC, Sajid Rahman, KSK Angels, Jedar Capital, and Logos Ventures, participated in the seed round.
Plug N Play Ventures, Untapped Global, Latam Ventures, Cliff Angels, Chandaria Capital, Changecom, and other angels from Serbia, Kenya, and Norway are among the others.
Source: Facebook
The Founders
Tatenda Furusa and Mr Sanmi Akinmusire co-founded Imalipay in 2020 to help workers or freelancers save their income and receive in-kind loans through a buy now, pay later model.
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Details of the money raised
ImaliPay saw impressive traction following partnerships with Bolt, Glovo, SWVL, Amitruck, Safeboda, Gokada, and Max.ng, and the $3 million raised is a combination of debt and equity.
According to TechCrunch the company now processed over 200,000 transactions and has seen 60X growth in the number of users of its platform.
It also collaborates with some of Africa’s largest licensed payment providers, such as Flutterwave, Paystack and Cellulant. On the merchant side, partners include Lami, Britam, Sanlam, Mycover genius, Cowrywise, Cornerstone, Ola Energy, Total Energies, Ti-Auto Corporation, and HiFI Corporation.
Three Nigerians, Ikenna, Chidi, Oghenetega Get N197.7m
Meanwhile, three young Nigerians recently won nearly half a million dollars from Chinese billionaire, Jack Ma.
Legit.ng reported that the funds were given to startups across Africa that set out to solve major problems within their countries.
Among the 10 finalists listed, Nigeria's Ikenna Nzewi came 2nd as Jack Ma foundation disclosed over 12,000 applications were submitted.
Source: Legit.ng
