Zanifu, Kenyan fintech startup raises $1m in seed round to help it scale

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A seed round of US$1,000,000 has been raised by Zanifu, a Kenyan fintech startup. This will help Zanifu scale its business and develop its platform that provides working capital loans for MSMEs in the FMCG supply chains.

Zanifu was founded in 2017 by Sebastian Mithika and Steve Biko. It began operations in the following year. Over 85,000 loans have been disbursed to more than 7,000 Kenyan MSMEs.

The startup has raised a highly-subscribed seed round of funding to scale its operations and further develop its products. Saviu Ventures was one of the investors. They also invested in a preseed round in 2020. Launch Africa Ventures and Sayani Investments were other investors. Angel investors came from Nigeria and Kenya.

Zanifu plans to expand into new markets such as Ghana or Uganda and will aim to provide financial access for over 15,000 FMCG retailers within the next twelve months. Biko stated that it will also increase its team and improve its platform in order to help MSMEs to onboard faster.

We serve FMCG retailers. These MSMEs had no other options than digital consumer loans. However, these loans are not always appropriate for them. He said that we are filling a critical need in stock financing. This is allowing small businesses to increase their turnovers by over 40%.

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