South Africa-based Akiba Digital raises USD 1.1 mln funding

Founded in 2017, Akiba Digital reportedly enables lenders to better extend capital to small businesses and individuals, providing nuanced credit insights and real-time lending decisions. The startup uses alternative datasets to provide inclusive scores that allow lenders to score people and small businesses that cannot be reached by traditional credit bureaus – a problem that affects nearly 80% of small businesses and individuals in Africa.

The USD 1.1 million pre-seed funding round is led by Expert DOJO and Oui Capital, and also includes Basecamp Fund, Soma Capital, Hustle Fund, Future Africa, LoftyInc, a former PayPal executive, and a handful of angel investors. The cash will be used by Akiba Digital to grow its market share in South Africa and connect over 20,000 SMEs to lenders through its ecosystem.