After securing $1million in seed funding, Kenya’s fintech Zanifu will expand its stock financing to SME owners. The round was supported by Saviu Ventures and Sayani Investments. Launch Africa and other angel investors from Nigeria and Kenya. The company now has $1.2 million in funding. Saviu Ventures invested in startups’ pre-seed round in early 2020. Saviu Ventures is currently looking to expand in Ghana and Uganda.
Zanifu offers short-term stock finance up to $2000 and has plans to acquire additional 15,000 FMCG retailers in the next year. Steve Biko, Zanifu’s COO and co-founder, and Sebastian Mithika started the financing company one year after the startup was founded in 2017. TechCrunch reported that the company has provided over 85,000 working capital loans to more than 7,000 Kenyan companies, with a total value of over $13million.
Zanifu partners with distributors and manufacturers to provide credit for small businesses. Zanifu partners are available to retailers who qualify for financing. Zanifu’s platforms are available to manufacturers, distributors, and retailers. They allow seamless ordering, payment, tracking and fulfillment.
The Zanifu app allows borrowers to get credit. They upload data such as past purchase history. After signing up, retailers will receive a credit limit within six hours.