Akiba Digital, a South African-based FinTech startup, announced on Friday it has raised over $1.1 million or R15.8 million in funding pre-seed funding to connect small businesses to lenders.
Akiba Digital is lowering the barriers to entry to enable small businesses in South Africa to unlock financing through their lending partners.
“This year we are launching a Mandela day campaign to help 67 SMEs in July to rebuild after the recent disruptions in South Africa. We are looking to partner with lenders who want to help SMEs rebuild their businesses,” said Tebogo Mokwena, co-founder and CEO of Akiba Digital.
“Through this initiative we as, Akiba Digital, will be zero-rating the loans provided by lenders (fund the loan fees) on behalf of the SMEs. Lenders who partner with us will get the SME leads that we score and vet using our lending intelligence solution.
“On the other side, we have launched our SME platform called Insyts that allows these SMEs in need of funding, apply for business financing seamlessly and further monitor their financial health all in one.”
South Africa is the starting point for Akiba but their objective is to build an inclusive financial ecosystem for any small business in Africa.