April 8, 2022

ImaliPay Gets $3M To Offer Financial Services To Underserved Gig Workers Across Africa

Imalipay, which describes itself as a one-stop-shop financial services platform, has closed a $3 million seed in debt and equity round. The fintech raised an $800,000 pre-seed round in 2020.

It was launched in late 2020 by Tatenda Furusa and Oluwasanmi Akinmusire after Furusa noticed the challenges ride-hailing drivers faced when accessing working capital or emergencies like running out of fuel in Nairobi.

COO Akinmusire and Furusa met while working at Cellulant before starting ImaliPay. They received funding from Google Black Founders Fund last October before closing this seed round, which welcomed participation from Leonnis Investments.

The round also received follow-on investors from VCs 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. Angel investors like Keisuke Honda of KSK Angels and others from Serbia, Kenya and Norway participated.

In 15 months of operation, ImaliPay’s userbase has grown by 60x. These gig workers, who the company said are in the “tens of thousands,” access its services across 4,500 vendor points, according to TechCrunch.

Over 200,000 transactions have been carried out on ImaliPay’s platform. The pan-African embedded finance provider’s revenues come from transaction and referral fees.

The investment will go into expanding its team, improving its technology, and exploring new markets like Ghana and Egypt, the founders told TechCrunch.

Abbianca Makoni

Abbianca Makoni is a content executive and writer at POCIT! She has years of experience reporting on critical issues affecting diverse communities around the globe.