ImaliPay, a financial platform for African freelancers, has secured $3 million in an equity and debt seed funding round.
Participating in the round are leading VCs including Leonnis Investments, Ten 13, Uncovered Fund, My Asia 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.
The investment will be used to expand its 50-man team, boost its technology and explore new markets like Ghana and Egypt.
Launched in late 2020 by Tatenda Furusa and Oluwasanmi Akinmusire, ImaliPay is a financial health platform offering financial products to freelancers and blue-collar gig workers. It has operations in Kenya, Nigeria, and South Africa.
Some of the financial products ImaliPay supports include BNPL, insurance, and savings, while the company partners with popular names in the industry, including Bolt, Glovo, Safeboda, and Gokada.
Per numbers, ImaliPay said its 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. 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.
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