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Kenyan fintech Zanifu has secured USD 1 Mn seed funding from Saviu Ventures, Launch Africa Ventures, Sayani Investments, and a number of angel investors from Kenya and Nigeria. The fintech plans to use the funding to upgrade its platform and grow the number of micro, small and medium enterprises (MSMEs).
Zanifu provides short-term stock-financing of up to USD 2 K to MSMEs in Kenya and works with a number of manufacturers and distributors to extend the credit to these small businesses with retailers already sourcing products from the startup’s partners qualifying for the financing. Retailers borrow through Zanifu’s loan app, where they upload information that includes historical purchase data. The retailers are then assigned a credit limit, after its algorithm scores them, within six hours after signing up.