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Kenya’s Asante raises $7.5m Series A funding for expansion. 1 other thing and a trivia



This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Kenya’s Asante raises $7.5m Series A funding for expansion

Kenya-based fintech startup Asante on Wednesday, raised a US$7.5 million Series A investment to help take its credit offerings to other African countries.

The Kenyan startup is a digital lending platform that uses alternative data and a proprietary AI loan decisioning management system to approve loans to micro, small and medium sized enterprises (MSMEs) in Sub-Saharan Africa.

Asante works directly with ecosystem channel partners, including telcos, mobile-based marketplaces, airlines, retailers, payment processors, insurance companies, smartphone phone OEMs and large FMCGs.

In its operation, it collects conventional and non-conventional MSME data, with the prior consent of the clients, in order to reduce the cost of customer acquisition.

According to sources familiar with the startup’s business model, it adapts due diligence to provide sufficient alternative data for credit underwriting.

The round saw led by Goodwell Investments, and saw the participation of other investors including Sorenson Impact Foundation and Forsage Holdings.

READ ALSO: Ed-tech startup eLearn Africa to deliver free courses to university students

Tech Trivia: A power supply with a backup battery is also called what?
Answer: See end of post

2. SA’s Peach Payments expands into Mauritius

Peach Payments, a South African fintech startup, has set its foot in Mauritius as it continues to expand across the continent.

The development comes after a similar growth milestone when in 2018 opened area offices in Kenya.

Peach Payments was founded in South Africa in 2012 as a venture enabling businesses to easily accept payments on their websites and mobile apps.

To service its customers optimally, the fintech startup integrated its operations with leading e-commerce platforms like WooCommerce, Shopify, Wix and Magento.

Speaking on the development, Peach Payments co-founder, Andreas Demleitner, describes the new milestone as “eagerly awaited.”

He said: “Growth into Africa is key, and our expansion into Mauritius has been an eagerly awaited milestone, based on the island economy’s stellar reputation as a fintech hub for Africa.

“While scaling up our current operations in Kenya and Mauritius, the team is investigating opportunities in other East and West African countries.”

Tech Trivia Answer: UPS

During power surges and failures, Uninterruptible Power Supply (UPS) devices keep computer systems and IT equipment safe and operational. An Uninterruptible Power Supply (UPS) provides battery backup power when the flow of electricity drops to an inadequate voltage, or if it stops.

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