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African FinTech start-up ImaliPay raises upfront funds to meet the financial needs of outsourced workers

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JOHANNESBURG, South Africa, March 1, 2021 – / African Media Agency (AMA) / – ImaliPay, an Africa-based fintech start-up, is making waves by reshaping the future of work in the concert economy. Australian venture capital firm TEN13, known for investing in top-tier startups, has invested an undisclosed amount of pre-seed funds in ImaliPay. ImaliPay Joins TEN13’s Growing Fintech Portfolio; companies like Chipper Cash and Bookipi. Other investors included in the increase are; Finca Ventures, Optimiser Foundation, Mercycorps Ventures, Changecom and super angels from Norway, Nigeria, UK and Kenya. The main objective of the investment is to expand and accelerate its growth and presence in Kenya, Nigeria and South Africa to be the one-stop shop for the financial needs of concert workers.

TEN13’s endorsement of ImaliPay follows a series of recent events that have raised the visibility of the emerging Fintech scene in Africa. “We believe this is a perfect opportunity to introduce our growing international network of investors and investment professionals to one of the most exciting emerging Fintech companies in Africa,” said Stew Glynn, Managing Partner of TEN13.

ImaliPay users

The growth of the African workforce is being driven by the growth of digitization and the penetration of smartphones. Contract workers make up a significant proportion of the economy within ImaliPay’s target markets and this market segment is expected to grow rapidly over the next decade. ImaliPay offers gig workers a one-stop shop for financial services, such as the ability to seamlessly save their income and receive in-kind loans through a “buy now, pay later” model tied to their profession. Bolt drivers in Kenya can now apply for a fuel loan and refund after 3-4 days, this allows them to do more work and Safeboda drivers in Nigeria can now buy bike parts, fuel and smartphones with credit for keep your gig moving and reduce any downtime. Other products that will be offered off-platform include insurance and investment options to foster a safety net for this hard-working but vulnerable part of the population.

ImaliPay was co-founded in 2020 by Tatenda Furusa of Zimbabwe and Sanmi Akinmusire of Nigeria, who met while working at leading payments company Cellulant. They believe that the endorsement of the start-up by a prominent venture capital firm like TEN13 has huge benefits. “It is a great opportunity for investors to participate in the fintech revolution and in a fast growing segment. Our vision at ImaliPay is to promote financial health and inclusion for workers struggling to manage and access flexible financial services that are often only available to traditional SMEs, ”said Furusa.

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