Kenyan fintech startup Weza Tele has been procured by monetary administrations bunch AFB for US$1.7 million, the biggest securing of a tech startup in the country up to this point.
Weza Tele gives various worth-added versatility arrangements in trade, inventory network, appropriation, and portable installment incorporation, with these arrangements being used in Kenya as well as any semblance of Tanzania, Zimbabwe, and Nigeria.
AFB Prior Operations
AFB gives credit admittance to clients in Africa through a scope of monetary items, including portable advances and retail charge cards. It launched in Ghana in 2010 and now has clients in Kenya and Tanzania additionally, with in excess of 400 retail patners.
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“We already share core values and a longstanding relationship; now we look forward to working together more closely as we continue to build solutions and services that will impact the world in a positive way through increased and relevant value propositions that include but not limited to mobility and credit solutions,” said Weza Tele (CEO) Hilda Moraa.
Expectations
Weza Tele will spend the following not many months progressing and incorporating with AFB, however, Moraa guaranteed existing Weza Tele clients this would be smooth and that the startup would keep on satisfying its guarantee to give the most significant level of administration.
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Weza Tele was hatched at the Nailab, whose CEO Sam Gichuru had the accompanying to say in a tweet: While hatcheries like @thenailab have been vindicated, its about the 20 YO understanding this and pondering were to begin May 14, 2015
— Sam Gichuru (@SamGichuru)
In November a year, ago Weza Tele got the 2014 Frost and Sullivan Entrepreneurial Company of the Year Award, in view of a broad and autonomous Frost and Sullivan investigation of the Kenyan portability arrangements market.
What was said
“Weza Tele has created innovative supply chain solutions for SMEs in the informal sector by using basic mobile technology.
The company’s MyOrder enterprise solution is a quick and easy-to-use ordering platform that increases the visibility between retailers and distributors, and streamlines the overall supply chain management process,” Frost & Sullivan said.
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“Furthermore, Weza Tele has excelled in an untapped market by tailoring flexible solutions for the small-scale supply chain sector. It offers a cost-effective solution to address the challenges faced by SMEs in the supply chain industry and provides valuable tools to drive their sales and marketing.”