ImaliPay Closes $3m Seed-Funding Round

ImaliPay, a financial platform for African freelancers the company has raised $3 million through a seed round of equity and debt funding.

The round will include VCs from the top, such as Leonnis Investments (Ten 13, Uncovered Fund), My Asia VC), Jedar Capital and Logos Ventures. KSK Angels has Keisukehonda, as well as other investors from Norway and Serbia such as Keisuke Haji of KSK Angels.

The company will use the investment to increase its 50-man staff, improve its technology, and explore new markets such as Ghana and Egypt.

Launched in late 2020 by Tatenda Furusa and Oluwasanmi Akinmusire ImaliPay, a financial platform that offers financial products to freelancers as well as blue-collar workers, is called Financial Health Platform. It is currently available in South Africa, Nigeria and Kenya.

ImaliPay offers BNPL, savings and insurance. The company also partners with prominent names in the industry such as Bolt, Glovo and Safeboda.

ImaliPay claims that its user base has increased by 60x. These gig workers, who the company said are in the “tens of thousands,” access its services across 4,500 vendor points. Over 200,000 transactions have been carried out on ImaliPay’s platform. The pan-African embedded finance provider’s revenues come from transaction and referral fees.

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