Led · Seed · May 2021

Maviance operates Smobilpay, a digital financial services platform that provides payment aggregation, mobile money integration, corporate payments and collections, and agent banking. The platform connects service providers, payment providers, financial institutions and mobile money operators to a central interoperability platform. Maviance serves over 500,000 unique customers each month and supports MSMEs, agents, banks and customers in shifting from cash to digital payments. The company plans to use new funding to expand its footprint within Cameroon and to enter other countries in the CEMAC (central African) region. Maviance emphasizes partnerships with mobile money providers and financial institutions to broaden digital access for underserved businesses. The firm highlights regulatory alignment and progressive regulations as enablers for cross-border service delivery.

Led · Seed · Apr 2021

Numida is a Kampala, Uganda-based fintech that provides unsecured working capital loans to African micro- and small businesses using proprietary credit models and tech-enabled underwriting. Customers apply via the Numida app in minutes and can receive capital within a day instead of borrowing from informal lenders or family. Since 2021 the company has provided $20m in working capital to 27,000 businesses in East Africa. Numida intends to reinforce its Ugandan presence and launch in two new African markets while growing its active client base to 40,000 businesses. The company plans to double its team to about 200 people across credit operations, data, product development, and growth over the next 18 months. Led by CEO Mina Shahid, Numida will use the new funding to support these expansion and hiring plans. Numida began as a bookkeeping pilot in 2016 and pivoted in 2017 to focus on lending to semi-formal micro and small businesses in East Africa. The company uses a proprietary credit score and risk-based pricing to offer unsecured working-capital loans of up to $3,500 that can be disbursed in under two hours. Numida says it has provided more than $2 million in unsecured credit to roughly 3,000 businesses and currently disburses around $250,000 per month, reporting strong collections, repayment rates and client retention. Its underwriting model was built off 15,000 loans and the company iterated for months before scaling; since October 2019 it has grown lending volumes by 6x. Numida focuses on business fundamentals and cash-flow data rather than broad social or mobile data to underwrite borrowers. With the new funding it plans to expand aggressively in Uganda, pilot in a West African market (preferably Ghana), and introduce additional services such as payments, micro-insurance and deposits.

Participated · Series A · May 2020

Inclusivity Solutions, founded in 2015, builds, develops and manages inclusive embedded digital insurance solutions and distributes them through mobile operators, insurance providers, and other digital partners. Its core product includes an open-API, no-code platform that lets insurers and distribution partners launch a wide range of insurance products in a few hours. The company focuses on providing straightforward, affordable insurance via mobile phones to underserved populations. It currently serves over two million customers across eight African markets. The business plans pan-African expansion and aims to operate in at least 12 African markets by the end of 2024. The recent funding will be used to support that expansion and continued investment in its platform. Inclusivity Solutions designs, builds and operates inclusive digital insurance solutions and a backbone technology platform called ASPin that underpins three existing products. The company partners with banks, mobile operators, insurance companies and other distribution partners to deliver insurance through digital channels. It has launched initiatives in Cote d’Ivoire, Rwanda and Kenya in partnership with Orange, Airtel and Equity Bank’s Equitel. Its hospital cash and life products have provided protection to more than 700,000 people. The company recently completed the second tranche of its Series A, bringing the round to a total of US$2.6m. The funding will be used to deepen presence in existing markets, support further international expansion and accelerate innovation in ASPin. Inclusivity Solutions, founded in 2015 by CEO Jeremy Leach, designs, builds and operates inclusive digital insurance solutions delivered through partnerships with mobile operators, insurance companies and other distribution partners. Its products have launched in Ivory Coast, Rwanda and Kenya via partners including Orange, Tigo, Airtel and Equitel. The startup says its partnerships have provided cover to more than 530,000 people to date. Management plans to deepen its footprint across East and West Africa and to pursue opportunities in the Middle East and Asia Pacific over the next five years. The company focuses on simple, affordable products accessible on basic mobile phones to reach under-served consumers.