Asilimia, a Kenyan Fintech startup building the digital infrastructure for SMEs has secured $2 million in Pre-Seed Funding to deliver new services and expand into new markets in East Africa.
The startup raised $1 million in pre-seed funding from a wide range of Angel investors from Europe. It also raised $1 million in a debt round that included Bpifrance and GreenTec Capital Partners.
The company said the pre-seed funding will support team growth and expansion while debt funding will enable Asilimia to extend credit to MSMEs.
Asilimia team is building an affordable and easy to use digital platform that formalises payments, revenue collection and accounting for small business owners. Using just their mobile phones, business owners can record their expenses and sales, track pending payments and gain financial insights through a simple dashboard that is more efficient than using pen and paper.
According to the startup, this consolidated and verifiable business data de-risks business owners, making it easier for them to access a range of financial services, including insurance, savings and loans.
According to Tekwane Mwendwa, CEO and co-founder of Asilimia, “Our focus over the last few years has been to build a solution that works and this new funding will enable us to take it into new markets and impact the lives and livelihoods of more business owners.”