Asilimia bridges the informal business gap with fintech

Africa is known for its limited access to banking services with around 57% of the population living without a traditional bank account. As fintechs are established across the continent, the gap will get significantly smaller. 

In Kenya, according to statistics by its bureau, around 83.4% of the total employment figure comes from informal businesses and the rest from small-scale agriculture. A new fintech startup, Asilimia, is contributing to the standardisation of business in the country and has recently undergone a successful pre-seed funding round. 

The company has secured US$2mn from the round, which will go towards the expansion of the company via extended loans to Ministries of Micro, Small and Medium Enterprises (MSMEs). The round was backed by a few investors, including Fredrik Jung Abbou,—a founder of two successful businesses, Norrsken Impact Accelerator. The debt round received contributions from French Public Investment Bank (Bpifrance) and GreenTec Capital Partners. 

The funding will also be invested in new talent as the company looks to improve its technology and expand across the continent. 

Developing Kenyan businesses with fintech

Asilimia’s application incorporates several offerings for informal businesses, including the ability to track all daily transactions, by recording sales and expenses, tracking pending payments, and providing insights into business finances. 

The solution has been well received by users in the country who have benefited from cheaper transactions as Asilimia also boasts 90% savings off customers’ monthly transaction fees. Users are also exempt from KYC documentation and are not required to have any prior knowledge of accounting to run their businesses. 

For more fintech insights, check out the latest issue of FinTech Magazine.