A Nairobi-based fintech startup providing the financial infrastructure needed to connect Africa’s 150 million micro, medium and small-sized enterprises (MSMEs) to the formal financial economy.

The company’s key objective is to bridge the USD500bn financing gap for growing enterprises, which are unable to get loans and other financial support due to a lack of proper financial records. Asilimia solves this puzzle by using the digital data that the MSMEs already have, which is verifiable, to solve the dual problems of accounting and financial inclusion.

Asilimia, a startup that is building the digital infrastructure to connect African MSMEs to the formal financial economy, has secured, last November, $2 million to grow its team, deliver new services, and expand into new markets in East Africa. The startup raised $1 million in pre-seed funding from a wide range of investors, including two-time unicorn founder, Fredrik Jung Abbou (co-founder of Kry and Lendo), Norrsken Impact Accelerator, and other prominent founders from across Europe. It also raised $1 million in a debt round that included Bpifrance and GreenTec Capital Partners.