December 17, 2021Kenya
Kenyan fintech Asilimia raises $2 million in a pre-seed round, plans to extend loans to MSMEs and expand in East Africa
The financing gap left by conventional banking institutions in Kenya has presented an opportunity for innovation, leading to the birth of fintechs like Asilimia. The Kenyan startup has over the last three years been offering a lifeline to traders in Kenya by enabling them to make mobile money transactions that are devoid of transfer charges (through its Leja app).
And now, having secured $2 million in pre-seed funding ($1 million equity and $1 million debt), the startup is headed for its next phase of growth, which will involve extending loans to traders offering more relief to this subgroup that is often left out and regarded as high risk by the traditional banking sector.
The Digital Lenders Association of Kenya told TechCrunch in a past interview that about 25 apps it represents disburse about $40 million a month.
