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- Initially, fintech ImaliPay had roughly 15 partners including powerful gig platforms Glovo, SWVL, Bolt and Gokada.
- At the moment, the firm has over 4,500 vendor points, accounting for over 200,000 transactions monthly.
- London-based Centropy PR is an independent PR agency specializing in tech, financial services, healthcare, and the property sector.
ImaliPay, an African fintech services provider has tapped Centropy PR, a London-based agency, to pioneer its international communications as the firm engages the gas pedal to go global. The move comes after the fintech company recently secured $3 million in funding to power its business operations.
In 2020, Tatenda Furusa and Oluwasanmi Akinmusire, former senior executives at the African digital payment firm Cellutant projected the rise of fintech industry after noticing limits of traditional financial systems.
“The first time I noticed a problem with our current financial service was during a personal experience. Once, a Bolt driver ran out of fuel in Nairobi when I came from the airport and couldn’t top off immediately. It triggered me to think of what other pains these gig workers might be experiencing,” said CEO, Tatenda Furusa.
Read: Kenya’s best Public Relations firms for 2019 recognized.
ImaliPay initially started as a buy now, pay later (BNPL) fuel product that caters to two-wheeler gig platforms. At the time, Furusa had only seen the tip of the entire scope that Africa’s fintech industry had to offer. The BNPL product partnered with a few fuel stations in Ibadan, Nigeria, to provide these services to SafeBoda drivers.
As the first product aided plenty of small gig workers, it soon garnered the attention of other organizations. With more investors and partnerships, the startup projects extended its services to new users while still focusing on improving its ecosystem and marketplace.
Furusa said they built other services around spare parts, smartphones, power banks, savings and investments. Fortunately, they could attain insurance policies for users alongside the additional services. ImaliPay had roughly 15 partners then, including powerful gig platforms such as Glovo, SWVL, Bolt and Gokada.
For the most part, ImaliPay grew based on the multiple partnerships it gained over the years. When the organization began taking additional financial services such as insurance and savings in Kenya and South Africa, it began treading the path of Africa’s fintech industry.
In less than two years, ImaliPay had essentially quadrupled its user base. Over 4500 vendor points had access to its services, accounting for over 200,000 transactions monthly. This effectively represented how much and how startups could grow by tackling issues that traditional finance systems failed at.
A global market
Africa’s fintech Industry is the fastest growing economic activity on the continent. Startups such as Yellow ard, Bitsika and Luna have consistently shattered previous records while steadily increasing their evaluations. Africa has 11 organizations that have attained unicorn status; with seven companies coming from Africa’s fintech industry.
Read: Investing in Africa’s Gig Economy May Be the Continent’s Solution to Change.
In 2022, after two years of operation, the startup caught the eyes of the Google Black Founders Fund. And after pitching their working concept, they received seed funding to kickstart their financial services.
Further, they received round grants from various venture capital investors such as Uncovered Fund, MyAsia VC, Jedar Capital, Logos Ventures, Plug N Play Ventures, Untapped Global and Latam Ventures. In total, ImaliPay received $3 million and quickly set its eyes on expanding to the global market.
London-based Centropy PR will now lead ImaliPay’s global communication programme manage leadership, media relations, public affairs and content creation as part of an integrated communication briefing.
Centropy PR is an agency specializing in tech, financial services, healthcare and the property sector. Steven George Hilley started the organization in 2017 to propel the growth of a new economic system in the world. To achieve this, Centropy PR has pledged to deliver creative, distributive communication campaigns to increase the development of upcoming technologies in different sectors.
By tapping into Africa’s fintech Industry, ImaliPay had taken a rather innovative approach, said Centropy PR adding that their services have grown through collaborations and partnerships, making them a one-of-a-kind organization.
Read: Why it’s time to invest in Kenya’s gig economy
Furusa stated that after receiving the $3 million, they needed well-known and reputable PR organizations to elevate their brand beyond the continent’s border. Fortunately, Centropy PR became one of its first options. He believed that through this partnership, both companies could expand participation of Africa’s fintech industry in the global market.
