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Zambia-based online microlending tech startup, PremierCredit has received a $650 000 investment from US Venture Capital fund, Enygma Ventures.
Zambia-based startup receives $650 000 investment
Sarah Dusek, Managing Partner and co-founder of Engyma Ventures comments on the performance of PremierCredit.
“PremierCredit has a proven track record of supporting the informal sector and making informal trading possible for many by providing timely and appropriate loans to help businesses thrive. After an extraordinary year, it has been incredible to see women-owned businesses still thriving and creating expansion plans despite the pandemic.”
Operating since 2019, PremiderCredit online platform offers its services in Zambia and Zimbabwe. The fintech startup offers micro-loans to local entrepreneurs and small scale businesses, allowing entrepreneurs to grow their business and positively contribute to the economy.
Partnering with a bank in Zimbabwe, PremierCredit is able to provide affordable bicycles, smartphones, and solar equipment on a ‘pay-as-you-go’ basis to the underserved communities across Zimbabwe.
Chilufya Mutale, co-founder and CEO of PremierCredit comments on receiving the investment and what it means to the startup.
“We are extremely elated about our partnership with Enygma Ventures. The financial and strategic support will allow us to execute on our vision to service multiple countries across the region.”
Enygma Ventures has committed to supporting women-led ventures and startups and this investment adds to its existing portfolio. In 2020, the venture capital fund has reportedly carried out 10 investments.
Currently, Enygma Ventures has applications open for talented entrepreneurs in the SADC region to apply for available funding.
Applications can be submitted online and close on 31 December 2020.
Lelemba Phiri, Principal and Operating Partner of Enygma Ventures concludes that the investment will have a domino effect on the local community, providing much-needed access to a range of services.
“We are excited about this investment and are confident in PremierCredit’s ability to execute and expand regionally as they are a formidable team. The ripple effect of such investment goes beyond the immediate business because it in turn enables access to capital for underserved traders and communities.”
Featured image: (From left to right) Eugene Mwila and Chilufya Mutale, founders of PremierCredit (Supplied)