Zanifu rounds up its Seed fundraising with a million dollars. This $1m marks the second fund the Kenyan fintech startup has reportedly raised.
The pre-Seed deal started in 2020 and ended with $200,000 to continue provisional short-term stock-financing to Micro Small Mediums Enterprises, MSMEs.
Zanifu already set its expansion scheme with a million-dollar budget to set up more real-time projects for financing MSMEs.
The Kenyan fintech startup currently offers up to two thousand dollars worth of stocks to MSMEs. Although, Zanifu aims to enlarge its coast by adding extra fifteen thousand fast-moving consumer goods.
Zanifu currently has short-term provisional stocks ready for serving. Despite its versatility approach towards expanding in Ghana and Uganda. The fast-moving consumer goods market is Zanifu’s priority to assist the small scales businesses to grow exceedingly with more than 40% earnings.
Regardless of the unfavourable economic turmoil, the credit market, and the critical conditions in stock funding. “The FMCG segment has the highest working capital needs within MSMEs, and the velocity of the goods they sell allows us to safely underwrite unsecured business credit to them,” per the chief operating officer, Steve Biko.
Zanifu appears to be a bootstrapping startup processing heavy fintech dealings — thousands of working capital worth more than $13m have been loaned out to MSMEs by the Kenyan fintech startup.
Biko revealed that Zanifu has experienced a 0.03 % dividend for financing the MSME industry. The 0.03% Steve Biko bragged about is equivalent to $5m out of the fraction of the $30bn market range.
The Kenyan digital economy has experienced a rise with Zanifu’s 34% YoY revenue contribution to its national GDP growth analysis.
Zanifu makes a living from the 5% interest the startup charge off its borrowers’ grant. Zanifu’s mobile app has reportedly generated most of its loan requests per its user-mode-built UI. The fintech startup requires users’ data to ascertain credit scores while users make requests in line with their credit limits.