After the launch of money transfer over mobile devices in 2007 in Kenya with Safaricom, Kenya has ideally taken the front seat in mobile innovation and steering forward Africa’s financial infrastructure.
Feature Image: CIO East Africa
The atmosphere has favored accelerated growth in mobile payments, credit lending, agriculture, and e-commerce. Some of these companies have gone on to spread their wings and reach beyond Kenya. In the publication, we look at four of the revolutionary fin-tech entities.
Termed as Technology Pioneers by World Economic Forum in 2018 alongside CarePay, BitPesa has spearheaded innovation digital foreign exchange and mobile payments in Kenya and around the world. The services came in as a direly needed solution, making transactions faster and at cheaper prices than before.
BitPesa has been able to raise at least USD 16 million in investments from companies like Sompo Holdings, Greycroft Partners, Plug and Play. They have spread beyond Kenyan borders to West Africa in Ghana and into Europe, as they announced that they had acquired Spanish International Money Transfer service TransferZero in 2018.
BitPesa was founded in 2013 by Elizabeth Rossiello.
2. Apollo Agriculture
Apollo Agriculture are a farmer’s one-stop location with total operation in Kenya providing farmers with financial credit solutions, farm inputs, insurance, and market access. They are able to do this through machinery-learning and automated operations, mobile money usage and remote imaging.
Apollo Agriculture was founded in 2015 by Earl St Sauver.
Pezesha, with the marketplace platform setup, make loans accessible to MSMEs, with purposeful returns to their lenders. Their wide range of services include basic lending, financial education to their lenders and borrowers, debt counseling majorly for borrowers, and do provide a credit score system for borrowers without any credit history.
Pezesha was founded in 2016 by Hilda Moraa (CEO) and was one of the 16 fintech startups from sub-Saharan Africa that made the list for the Inclusive Fintech 50 initiative in 2019.
Founded in 2014 by Daniel Goldfarb (CEO) alongside his pals Arun Batra (CIO) and Dylan Friend (CTO), the Nairobi based company set out to provide financial facilities in lending spheres to SME Lenders, and asset financiers.
According to ventureburn, Lendable’s platform provides for alternative lenders to get data on loan portfolio analysis and cash flow predictions. The platform also provides portfolio management information to alternative lenders and investors in Lendable’s special-purpose vehicle.