Nairobi-based fintech startup Tanda has secured an undisclosed amount of funding from Cape Town-based venture capital (VC) company HAVAÍC, Zedcrest Capital, DFS Lab, Victor Asemota, and three other investors.
Tanda has secured an undisclosed amount of funding towards its regional expansion
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According to reports from the fintech, the funding will be used to expand its operations across Kenya. In addition, Tanda has secured strategic partnerships with Mastercard and Interswitch, both of which will assist in the fintech’s growth.
Rob Heath, Partner at HAVAÍC explains why the VC decided to invest in Tanda.
“Tanda is solving one part of the very deep and complex problem of financial inclusion that is not only Kenyan but a problem across all emerging and undeveloped markets. HAVAÍC believes that the wider Tanda team has the right mix of skills, technical expertise, geographic market knowledge, and real-world experience to understand the challenges facing those left behind in the financial ecosystem.”
Founded in 2017, Tanda has created an innovative solution catering to MSME’s across Africa by offering access to inventory credit and by mobilizing these MSME’s to become access points for Airtime, Utility payments, and M-banking along with Insurance for their customers.
The fintech has risen to success due to its successful pioneering and establishing the viability of the interoperable agent and merchant model in Kenya.
Tanda claims that its network supports 58 banks and saccos, four telecoms, 18 billers, 12,000 merchants and agents, and has served over 300,000 unique customers.
Geoffrey Mulei, CEO of Tanda explains that the fintech is hungry for further expansion and growth as it seeks to secure more valuable partnerships.
“Our team will continue to run the aggressive agent and customer acquisition drives across the region while securing more strategic partnerships in these new markets to further support Tanda’s growth and strategy as we pursue our goal of digitising payments across Africa. Tanda is excited to be at the forefront of the rapid shift towards innovative digital-first solutions, especially in markets that are ripe for disruption.”
The fintech plans to grow its footprint in Kenya to 100 000 agents and merchants with an additional expansion into the Ugandan, Tanzania, and Rwandan market within the next 24 months.
Featured image: Tanda team, Facebook