South Africa-based fintech startup My-iMali has secured an undisclosed amount in funding to help increase its customer base, according to media reports.
My-iMali secured the funding from Crossfin, a company that invests in fintech solutions to enable growth for economies in Africa.
The startup allows its customers, who are mostly from the lower-income group, to carry out financial transactions anywhere in the world without paying any monthly fees. It also facilitates businesses with an affordable, safe and convenient channel for salary distribution.
After securing an investment from Crossfin, My-iMali joins the likes of wiGroup, iKhokha, Crossgate and Nobuntu in Crossfin’s fintech focused portfolio.
According to Anton Gaylard, co-founder and chief operating officer at Crossfin, the decision to invest in My-iMali is based on the product, its place in the market and the strength of the team.
Anton Gaylard told the media, “While My-iMali operates locally, for now, there is a clear need for this type of solution in other African countries. We will work closely with the companies in our portfolio to identify and unlock opportunities for growth, both locally and abroad. We have looked at similar solutions in the past, but have rarely seen one that works end-to-end and fills such a clear gap in the South African financial ecosystem.”
He added, “We’re working across the portfolio to establish a cashless economy in Africa that brings more people into the formal economic fold by giving them access to affordable, convenient and value-adding financial services.”
Earlier in the month of September, My-iMali also raised around $1.6 million through a crowdfunding campaign. According to reports, the fund is being used by the startup to expand its business.