ImaliPay, a startup that helps African freelancers to reach their financial goals has announced that it has raised $3million in seed funding in a debt and equity round to increase its financial services offering to gig workers.
The startup had also raised an undisclosed pre-seed investment led by the Australian venture capital firm TEN13 last year.
Founded in Nigeria in 2020 by Tatenda Furusa and Oluwasanmi Akinmusire, ImaliPay is a finance platform that provides tailored financial products that promote the inclusion of gig economy platforms and workers in this sector across the continent.
ImaliPay received funding from Google Black Founders Fund, Leonnis Investments, and VCs such as Ten 13, Uncovered Fund, MyAsia VC, Jedar Capital, Logos Ventures, Plug N Play Ventures, Untapped Global, Latam Ventures, Cliff Angels, Chandaria Capital, and Changecom. Other participants include angel investors like Keisuke Honda of KSK Angels and others from Serbia, Kenya, and Norway.
According to the startup, the funds will be used to expand its 50-man team, ramp up its technology and explore new markets like Ghana and Egypt.
ImaliPay is currently available in three countries – Kenya, Nigeria, and South Africa and since its launch, its userbase has grown by 60 times. Tens of thousands of gig workers have accessed the company’s services across 4,500 vendor points, carrying out over 200,000 transactions on its platform. Revenues come from transaction and referral fees.