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Pan-African fintech startup with a focus on gig economy ImaliPay has announced it received USD 3 million in a seed funding round, with the participation of Leonnis Investments, Ten 13, Uncovered Fund, My Asia VC, and others.ImaliPay aims to fill the gap of unserved and underbanked gig workers in the African continent and is now operational in South Africa and Kenya. According to Mastercard Foundation research, African gig economy is expected to reach 80 million workers by 2030, many of whom remain underserved and underbanked.
The startup offers a variety of financial services as a one-stop-shop through a single channel with the help of APIs and APPs for gig economy workers and platforms to boost their revenues and create a safety net around their work.
Some of the financial products ImaliPay supports include BNPL, insurance, and savings, while the company partners with popular names in the industry, including Bolt, Glovo, Safeboda, and Gokada. According to company officials, the seed funding will be used to attract key recruits, improve technologies, and explore new markets on the continent.
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