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.
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