ImaliPay, an African-based fintech start-up is reshaping the future of work in the gig economy.
Owing to this, the Australian venture capital firm TEN13 reputed for investing in top-tier start-ups has invested an undisclosed amount of pre-seed funding in ImaliPay.
A statement revealed that with this, ImaliPay joins TEN13’s growing fintech portfolio as the likes of 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.
It explained that the primary aim of the investment was to expand and accelerate the firm’s growth and footprint in Kenya, Nigeria, and South Africa to be the one-stop-shop for gig workers’ financial needs.
TEN13’s backing of ImaliPay followed a recent string of events that had 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 digitisation 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. “ImaliPay offers gig workers a one-stop-shop of 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 trade.
“Bolt drivers in Kenya can now request a fuel loan and payback after 3-4 days, this allows them to get more work done and Safeboda riders in Nigeria can now buy on credit bike parts, fuel, and smartphones to keep their gig moving and reduce any downtime.
“Other products to be offered off the platform include insurance and investment options to foster a safety net for this hard-working but vulnerable part of the population,” the statement added.