The gig economy is booming in AfricaI However, all this development has not changed the position of the workers, who … have been seen as contractors, not employeesI
because many Among them, especially in a two-wheeled coupe, Lack of access to some financial services is a disadvantage for working as a contractor. Some gig platforms have tried to integrate financial services into their systems, but they limitedI
Meanwhile, other fintech companies offer these jack-of-all-trades a wide range of financial services (which, according to the Mastercard Foundation, expected by 2030 will exceed 80 million people). Illipai is an example.
The company, which describes itself as a one-stop financial services platform, has raised $3 million in seed capital in debt and equity.I Fintech raised an $800,000 preliminary round in 2020.
This Good start Furusa from Tatenda Furusa and Oluwasanami Akinmushire in late 2020 notes that taxi drivers face problems getting working capital or face emergencies such as fuel shortages in Nairobi.
“There are a few things going on right now,” Furusa CEO gaming-updates said during a phone call about how the company got started.I “After I left the airport, the Bolt driver in Nairobi ran out of fuel and was unable to fill up immediately. It got me thinking about other issues these gig workers might experience,” he said.
“We researched the gig economy and found that they neglected some financial servicesme and we saw that we Excellent Focused on building fintech that solves the problems of African gig economy workers, freelancers and self-employed digital workers.
Pilots of Imlipe based About the Furusa meeting: Buy Fuel Now, Pay Later (BNPL) but for a two wheeler platform as the company has partnered with some gas stations in Ibadan, Nigeria to provide this service to Safeboda drivers.
The startup structured the partner ecosystem in such a way that some give access to new users, while others support the ecosystem and the marketplace.
“We have developed other services related to spare parts, smartphones, external batteries, savings and investments, and insurance for these products,” says Furusa. “Like casualty insurance and income insurance, we weave these products together so that gig workers are eligible for each product based on their transactional behavior.”
Gig platforms are: First of all responsible for the formerI It has 15 partners in this category including Bolt, Glovo, SWVL, Amitruk, Safeboda, Gokada and Max.NG.I
But suppliers dealing with fuel, spare parts, mobile phones and other goods are final.The same goes for the platforms that ImaliPay partners with for trading. as good as Financial services such as insurance (protection against loss of health and income) and savings in Kenya and South Africa in partnership with various speaking platforms.
team, there are about 35 of them, and some of them are Lami, Couriwise, Ola Energy, Total Energy, HiFi Corporation and Britum. It provides these financial services to gig workers on this network by connecting its API to partner companies or directly through an independent application, chatbot, USSD.
In 15 months, the ImaliPay user base has grown 60 times. These gig workers, who the company says number in the “tens of thousands,” access their services through 4,500 points of sale.I have made over 200,000 transactions on the ImaliPay platform. The pan-African embedded financial services provider’s income comes from transaction and referral fees.
COO Akinmushire and Furusa met while working at Cellulant before launching ImaliPay. Last October, they received funding from the Google Black Founders Fund ahead of the closing of a round that included Leonis Investments.
VC investors such as Ten13, Uncovered Fund, MyAsia VC, Zedar Capital, Logo Ventures, Plug n Play Ventures, Untapped Global, LATAM Ventures, Cliff Angels, Chandaria Capital and Changecom also participated in the round. It was attended by angel investors such as Keisuke Honda of KSK Angels and others from Serbia, Kenya and Norway.I
The founders said the investment will go towards expanding the 50-person team, strengthening technology, and exploring new markets such as Ghana and Egypt.