Kenyan Fintech Startup Jia Raises USD 4.3 M Seed Funding

Jia, a blockchain-based fintech providing loans to micro and small businesses in emerging markets, has raised USD 4.3 M seed funding, and an additional USD 1 M commitment for on-chain liquidity, in a round led by early-stage backer TCG Crypto, with participation from a number of funds including BlockTower, Hashed Emergent, Saison Capital, and Global Coin Research. Angel investors Packy McCormick, Anand Iyer, Jared Hecht and Rory Eakin, also took part in the round. The fintech plans to use the funding to double down on its operations in Kenya, and the Philippines, before exploring new markets in West Africa, Latin America, and Asia.

The startup offers loans to borrowers, who receive tokens after repayment, that they can later redeem at a rate agreed upon based on Jia’s profits. The fintech currently packages the tokens as Jia points, which borrowers can use as security for lower interest rates, higher loan amounts, and more flexible loan terms. Jia’s loan repayment period is based on the borrower, and can extend up to six months, and attract about 2% to 6% interest per month, depending on the borrower’s profile.