Alternative Circle, a Kenyan FinTech company behind mobile lending application dubbed “Shika” has raised $1.1 Million from an international credit risk management company – Creditinfo Group.
The seed capital will will help the company expand into other African markets and also create other innovative mobile solutions. For Creditinfo Group, the strategic investment will enable to create data that was unavailable in the market before and thus better serve the lenders in facilitating access to finance, especially in the emerging markets.
Alternative Circle amongst other mobile FinTech services, is set to launch its mobile-based credit facility app – Shika in July this year. The company will benefit from extensive Creditinfo Group expertise in classic and alternative credit risk management. This will enable to lower the barriers to a wider population to get access to credit facilities.
“Partnering with Creditinfo Group will not only redefine the way risk is evaluated in Kenya and the world but it will also bring on to the credit-ecosystem several SMEs that can now achieve their potential”, said Kevin Mutiso the CEO of Alternative Circle.
“Seeing the turn that the credit risk management industry has been taking during the past few years, we are being proactive in finding alternative ways to create data which can be added to the “classic” historical data on consumers held via our credit bureaus all over the world.” said Reynir Grétarsson, founder and CEO of Creditinfo Group.