Kenyan Fintech Asilimia Raises USD 2 Mn Funding To Expand

Asilimia, a Kenyan-based fintech startup building the digital infrastructure to connect African MSMEs to the formal financial economy, has secured USD 2 Mn to grow its team, deliver new services, and expand into new markets in East Africa.

The startup raised USD 1 Mn in pre-seed funding from a wide range of investors, including, Fredrik Jung Abbou, Norrsken Impact Accelerator, and other prominent founders from across Europe. It also raised USD 1 Mn in a debt round that included Bpifrance and GreenTec Capital Partners. The pre-seed funding will support team growth and expansion while debt funding will enable Asilimia to extend credit to MSMEs, providing much-needed financing to help them scale their businesses.

Asilimia is working to bridge the US$500 billion financing gap for growing enterprises, which are unable to get loans and other financial support due to a lack of proper financial records. It solves this puzzle by using the digital data that the MSMEs already have, which is verifiable, to solve the dual problems of accounting and financial inclusion.