Australian venture capital firm TEN13, has invested an undisclosed amount of pre-seed funding in ImaliPay. The primary aim of the investment is to expand and accelerate its growth and footprint in Kenya, Nigeria, and South Africa, to be the go-to financier for start-ups with financial needs.
ImaliPay, an African-based fintech start-up, joins TEN13’s growing fintech portfolio, including Chipper Cash and Bookipi. Other investors included in the raise are Finca Ventures, Optimiser Foundation, Mercycorps Ventures, Changecom, and Super Angels from Norway, Nigeria, UK, and Kenya.
TEN13’s backing of ImaliPay follows a recent string of events that has elevated the visibility of Africa’s Fintech start-up scene. “We believe this is a perfect opportunity to introduce our growing international network of investment professionals and investors to one of the most exciting emerging Fintech companies in Africa, ” said TEN13 Managing Partner, Stew Glynn.
The growth in the African gig workforce is being propelled by the growth in digitization and smartphone penetration. Gig workers constitute a significant proportion of the economy within ImaliPay’s target markets and this market segment is expected to grow rapidly over the next decade. Bolt drivers in Kenya can now request a fuel loan and payback after 3-4 days, this allows them to get more work done. Other products to be offered off the platform include insurance and investment options to foster a safety net for this population.
ImaliPay believes the support of capital companies such as TEN13 has tremendous benefits, including advance financial health and inclusion for gig workers.