Kenya’s Asante Financial Services Group, which is focused on supporting the growth of African businesses and individuals, has raised $7.5 million in its Series A round of funding.
Investors who took part in the funding round include Goodwell Investments led the round, with participation from Sorenson Impact Foundation and Forsage Holdings.
The company says it will use the funding to scale its credit offerings to the underserved segment of Micro, Small, and Medium-Sized Enterprises in Kenya and Uganda, and further expand to Nigeria and Rwanda.
With over 650% growth in lending activities since Q1 2021 and a sustained average all-in default rate of 2.5%, Asante is well-positioned to fast track scale and deepen our impact in our operating markets. Our bold post-COVID response is helping small businesses recover, reconstruct and reposition for growth while ensuring that thousands of jobs are safeguarded. We look forward to a round extension very early in the new year to support the solid growth momentum.Chidi Okpala, Founding CEO of Asante.
According to the World Bank, the annual SME credit gap in Sub Saharan Africa is about $330 million.
Asante Financial Services Group is a high impact digital financial services company primarily focused on Micro, Small and Medium Sized Enterprises (MSMEs) in Sub-Saharan Africa. Incorporated in Mauritius, and commenced operations in 2018, Asante Financial Services Group has grown exponentially with operations in Kenya and Uganda with active plans to be in 12 countries by 2025.
Its channel partners include Africa’s largest telcos, mobile-based marketplaces, airlines, retailers, payment processors, insurance companies, smartphone phone OEMs and large FMCGs.