Kenya’s FinAccess, which digitises Savings and Credit Cooperative Organisations (SACCOs) and farming cooperatives in the East Africa region, has raised $500,000 in its pre-series A funding round.
Investors who took part in the funding round was Cape Town-headquartered venture capital (VC) firm HAVAÍC.
The funding, allocated from the VC firm’s $20 million HAVAÍC Universum Core African Fund, will help FinAccess cement its market leadership in Kenya and expand into other markets.
Live pilots are already underway in Uganda, with Zambia, Rwanda, and Tanzania launching in the coming months.
Founded in 2017, the company offers a fully proprietary SaaS solution to SACCOs and co-ops. The company’s two core products are banking software solution Fincore and agricultural software solution Grobox.
FinCore digitises and automates the entire financial back office and product functions of SACCOs, while Grobox is an operations management software solution for co-ops, which tracks and records inventory, production, sales, payments, and finance data.