The gig economy is on the upward trend in the African continent however the status of workers hasn’t changed nor improved.
Fintech startup-like ImaliPay is here to change the stuff quo, this comes after the company raised a $3Million seed in debt and equity round this follows the $800 000 pre-seed round in 2020.
The idea to venture into this space came with Tatenda Furusa and Oluwasanmi Akinmusire in 2020 after they noticed the challenges ride-hailing drivers faced to access working capital in Nairobi, Kenya.
ImaliPay CEO Furusa told TechCrunch, “a couple of things connected to this point. One time, a Bolt driver ran out of fuel in Nairobi when I was coming from the airport and couldn’t top off immediately. It triggered me to think of what other pains these gig workers might be experiencing.”
“We researched the gig economy and found that they were neglected by some financial services. And we saw that we were perfectly placed on building a fintech solving the problems of Africa’s gig economy workers, freelancers and self-employed digital workers,” he add.
“We built out other services around spare parts, smartphones, power banks, savings and investments, and insurance bundled with those products,” said Furusa.
“So like accident covers and income protection loss insurance, we intertwine these products so gig workers can qualify for each product based upon their transactional behaviour.”
According to both founders, the cash injection and investment will be used to expand their company’s team and venture into other emerging markets like Egypt and Chana.
Click here to read more about ImaliPay.