Kenyan fintech Asilimia to use over $350k investment to expand customer base

Nairobi-based fintech startup Asilimia has raised $350 000 in funding from pan-African investment firm the Unicorn Group.

Asilimia, which was founded in 2017 by Kenyan Tekwane Mwendwa (pictured above) and Frenchman Maxime Servettaz, helps small businesses make transaction-free mobile money payments and also provides its users with access to financial services like insurance.

In September, the startup scooped the Africa Cup at the SA Innovation Summit, winning a R5-million investment offer (which was about $350 000 at the time, the amount that was paid out to the business) from the Unicorn Group (see this story).

Asilimia was founded in 2017 by Tekwane Mwendwa and Maxime Servettaz

Mwendwa told Ventureburn today that the deal had been concluded earlier this month. He declined to disclose what equity share the investment firm has taken in his business.

The startup said in a post on LinkedIn today that the investment will enable it to expand its customer base. Mwendwa explained that Asilimia is looking to scale to Kenyan cities Nakuru and Mombasa.

He also said the fintech startup is working on a potential pilot with UAP Insurance Uganda. Mwendwa said the startup, which is currently raising $500 000, will likely expand to the country in January when it closes the round.

Other than Uganda, Mwendwa said Nigeria was the more likely market which it would also consider expanding to next.

Earlier this month, the startup graduated from Cape Town based accelerator Startupbootcamp AfriTech.

Mwendwa credited the accelerator for Asilimia’s participation in the Africa Cup. He pointed out that if he hadn’t travelled to Cape Town for the programme, then he would not have participated in the pitching competition.

He also said the accelerator’s programme has been “very useful”. Mwendwa said the startup has had a better response rate from investors after being accepted into SBC AfriTech’s programme.

The accelerator, he added, also helped the startup get “fully prepared” for its deal with Unicorn Group.

Read more: Here are the winners of the 2019 SA Innovation Summit

Featured image: Asilimia co-founder and CEO Kenyan Tekwane Mwendwa (SA Innovation Summit)