Akiba Digital, a fintech startup that lowers the barriers to entry for small businesses to get financing through their lending partners, has raised more than USD 1.1 Mn in pre-seed capital to help it expand its market share. The funding round was led by Expert DOJO and Oui Capital. It also included Basecamp Fund, Soma Capital, Hustle Fund, Future Africa, LoftyInc, a former PayPal executive, and a handful of angel investors.
Akiba Digital provides lenders with detailed credit insights and real-time lending choices, allowing them to extend funds to small enterprises and people better. The startup creates inclusive scores using alternative databases, allowing lenders to rate people and small businesses who aren’t reachable by traditional credit agencies. Akiba Digital plans to use the funds to expand its market share in South Africa and link over 20,000 SMEs to lenders via its ecosystem.