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Start-up Stats: Top 5 Fintech Investments in Kenya in 2021

The East African country of Kenya is the next item on our fintech investments series for 2021. Like its west African counterpart, Nigeria, it is proving to be a fintech hotbed in the continent, employing accessible and cheap tech to attract customers and demonstrating it is a forced to reckon with.

Below are the country’s top 5 from the previous year:

1. AZA Finance: The largest, non-bank in Africa powering the FX behind Africa’s trillion-dollar growth starts off Kenya’s list. It will be a decade old next year and is a leading provider of cross-border payment solutions supporting businesses in over 115 markets. AZA Finance is the only fintech which proffers an array of FX, treasury and payment services for international and Pan-African companies. In 2021, It raised $20 million from a Series B funding round.

2. Asante Financial Services Group: This is a Neo bank, a credit-led Neo bank whose main focus is on MSMEs (Micro, small and medium-sized enterprises), approving loans to them on its digital lending platform. Founded in 2020, it raised a $7.5 million in Series A funding for expansion in the African continent.

3. Kwara: Launched three years ago, the fintech proffers a banking platform that is digital, secure and affordable for SACCOs (Savings and credit cooperative societies) and their members, a segment of society not usually catered to by traditional banks. Kwara raised $4 million in a seed round to create a neobank app, thus allowing individuals to sign up with their choice of credit unions to gain access to different financial services.

4. IMFact: The smart finance for SMEs fintech was founded in 2019 by its parent company, Cardano Development, an incubator and fund manager based in Amsterdam. IMFact is a non-deposit taking financial institution using supply chain financing to offer operating capital to disadvantaged SMEs. Last year, it secured $3.9 million in seed funding to further deploy capital to its list of ever-growing customers.

5. WapiPay: Bringing up the rear in this list is the fintech referred to as the first African-Asia payment platform. It is also the third on the list founded in 2019. WapiPay bypasses traditional payment networks, and its users can choose their preferred delivery channels options – bank to bank, wallet to wallet, bank to wallet, wallet to bank to transfer funds and make merchant payments. It raised $2.2M pre-seed funding to help diversify its products and drive growth.

RELATED POST: Top Five Fintech Funding Investments In Nigeria Around 2021

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