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      Nigerian Crypto Exchange Yellow Card Launches in Ivory Coast

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      Isa Pantami

      Tech-led service delivery, citizens-centred governance driving Nigeria’s public sector reforms, says Pantami

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      Egyptian E-Health Startup Doxx Raises $1.5m Seed Round

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      Oracle to Open new R&D Lab in Morocco

      Oracle to Open new R&D Lab in Morocco

      Google is acquiring security intelligence firm Mandiant for $5.4B

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      Spotify launches new fund to support independent open source projects

      Spotify launches new fund to support independent open source projects

      Zenda gets $9.4M to streamline school fee payment and management

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      Twitter accepts Elon Musk’s $44B acquisition offer

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      LG’s  OLED TVs   Delivers Premium HDR Gameplay With G-SYNC Gaming Support

      LG’s OLED TVs Delivers Premium HDR Gameplay With G-SYNC Gaming Support

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      Microsoft Partners FedEx to Launch new Cross-platform Logistics Solution for e-commerce

      Big Data Analytics and Master Data Management Are Key to Building a Customer-Centric Business Strategy

      Big Data Analytics and Master Data Management Are Key to Building a Customer-Centric Business Strategy

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      Ghanaian Fintech Startup OZÉ Raises $3 Million Pre-Series A Funding Round to Expand

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      Nigerian Startup Transfy Sees Strong Early Use of Payments Infrastructure, Plots Speedy Growth

      Pantami

      Cybersecurity: Nigerian Govt Direct MDAs to Migrates from Yahoo, Gmail to Government Top-level Domain

      Meeula

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      Cassava Technologies names Tesh Durvasula as CEO for Africa Data Centres

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        Russian Internet users are learning how to beat Putin’s internet crackdown

        Russian Internet users are learning how to beat Putin’s internet crackdown

        25 Telcos Masks Vandalised in Kenya as Communications Authority Moves to end Attack

        25 Telcos Masks Vandalised in Kenya as Communications Authority Moves to end Attack

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      Kenyan Fintech Startup Zanifu Raises $1m Seed Round to Help to Scale

      admin by admin
      January 24, 2022
      in Features, News
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      Zanifu
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      Kenyan fintech startup Zanifu has raised a US$1 million seed funding round to help it scale and further develop its platform, which provides short-term working capital loans to MSMEs in the FMCG supply chain.

      Founded in 2017 by Steve Biko and Sebastian Mithika, Zanifu launched operations the next year and has already disbursed over 85,000 loans worth over US$13 million to over 7,000 MSMEs in Kenya.

      The startup has now raised an oversubscribed seed funding round to help it scale further, and advance its product development. Investors included Saviu Ventures, which invested in a pre-seed round in early 2020, as well as Launch Africa Ventures, Sayani Investments, and angel investors from Kenya and Nigeria.

      Zanifu now plans expansion into other markets, such as Ghana and Uganda, and aims to enable financial access for more than 15,000 FMCG retailers in the next 12 months. Biko said it would also expand its team and continue to iterate on its platform to enable them to onboard and serve MSMEs faster.

      “We serve FMCG retailers, especially the ones that are too small to access traditional bank finance for their businesses. The only option for these MSMEs has been digital consumer loans, which are not always suitable for them. We are filling a critical gap in providing stock financing, which is enabling small businesses to grow their turnovers by more than 40 per cent,” he said.

      Tags: Zanifu
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