Kenyan fintech platform, Zanifu, has secured new investment of undisclosed amount from Yango Ventures. The deal marks Yango ventures’ second major investment in Kenya, after making an investment in Buupass in July this year.
"We’re excited to announce our new portfolio company," Yango Ventures stated without disclosing the investment amount. "We’re proud to support the team (co-founders Steve Biko & Sebastian Mithika) as they scale across Africa and beyond!"
The investment will provide the Kenyan fintech with financial resources and strategic and operational support to accelerate its growth, particularly in Africa
Zanifu was founded in 2017 by Steve Biko and Sebastian Mithika with a mission to support MSMEs in Africa with working capital financing. According to data released by Yango Ventures when announcing the deal, Zanifu has disbursed more than $60 million (Sh7.8 billion) in loans to more than 15,000 SMEs and has just broke even in two consecutive months.
Yango Ventures is the corporate venture fund of Yango Group and focuses on early-stage startups, from Seed to Series B, in the O2O (Online-to-Offline), B2B SaaS, and FinTech sectors in Latin America, Africa, Middle East and North Africa, Pakistan and Bangladesh. The fund offers hands-on expertise in strategic development, operational execution, scaling, technological innovation, and growth.
Yango Group, founded in 2018 as a ride hailing service, is a tech ecosystem that offers ride-hailing, public transport data, delivery, e-grocery, adtech, maps, entertainment services, AI voice assistant and others. The company is headquartered in Dubai and operates in more than 30 countries in Europe, Africa, the Middle East, South Asia, and South America.
