Kenyan Fintech Pezesha Raises $11M in Pre-Series with Cardano Blockchain Builder Backing

0

Pezesha, a Kenyan fintech focused on bridge financing for small and medium enterprises, recently raised $11 million in a pre-Series A debt financing round. The Women’s World Banking Capital Partners II led the round in which blockchain builder Cardano Input Output Global also participated.

Pezesha solves working capital problems for MSMEs

A Kenya-based fintech, Pezesha, recently announced that it has raised $11 million through its pre-Series A debt funding round. According to a report by Techcrunch, this round was led by Women’s World Banking Capital Partners II with participation from blockchain builder Cardano Input Output Global (IOG). Other participants were Verdant Frontiers Fintech Fund and Cfund.

According to the report, Pezesha plans to use the funds to expand its integrated finance business to micro, small and medium-sized enterprises (MSMEs) operating in countries including Nigeria, Rwanda and Francophone Africa.

Commenting on how Pezesha plans to make its lending infrastructure available to more MSMEs after its successful funding round, fintech founder Hilda Moraa reportedly said:

The opportunity and impact of addressing working capital issues for MSMEs is enormous. [We are] address the root cause, namely information asymmetry issues, to ensure the quality and accountability of borrowings. Pezesha solves this problem with our robust API-based credit scoring technology.

Pezesha targets women entrepreneurs

For his part, Charles Hoskinson, the co-founder of IOG and Cardano, explained how this investment aligns with his organization’s primary goal of helping African economies grow and create jobs.

“Our vision is centered on using technology to make it easier for people around the world to borrow and lend to each other in a regulated way. This investment in Pezesha is a significant milestone, and we are thrilled to be part of their growth story,” Hoskinson said in the report.

In addition to providing finance to MSMEs, the report says Pezesha would specifically target women entrepreneurs who currently cannot easily access finance from the formal banking system.

Register your email here to receive a weekly African news update delivered to your inbox:

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is an award-winning journalist, author and writer in Zimbabwe. He has written extensively on the economic issues of some African countries as well as how digital currencies can provide an escape route for Africans.

Bradesco

The Reserve Bank of Zimbabwe

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Primary source: https://news.bitcoin.com/kenyan-fintech-pezesha-raises-11-million-in-pre-series-a-rou…

Disclaimer: Cardano Feed is a decentralized news aggregator that allows journalists, influencers, editors, publishers, websites and community members to share news about the Cardano ecosystem. User should always do their own research and none of these articles is financial advice. The content is for informational purposes only and does not necessarily reflect our opinion.

Share.

About Author

Comments are closed.