Kenyan Agency Banking,Tanda, Raises Pre-series A Funding

Tanda, an agency banking as a service provider in Kenya, is currently raising a pre-Series A round of funding to propel its customer acquisition and retention within Kenya and beyond, likewise its product development.

Launched in 2018, Tanda gives shop owners access to inventory on credit while being an access point for necessary services such as utility payment, airtime, insurance and mobile banking assistance for their consumers.

Tanda platform collates major financial service providers in one place permitting agents to trade different digital products, whilst delivering essential products to shops. It also has an extended future of granting unsecured loans to its agents.

In the last four years, the fintech company has performed more than Four million transactions, served more than Eight hundred thousand (800,000) people, Thirty thousand (30,000) businesses and One hundred (100) developers, this will include Bento and Twiga foods.

The new seed is a follow-up on a seed round made during the early part of the previous year. This is made by an active investor of the startup, while three other investors join the round.

Tanda reveals that the new raise will be targeted at investing in important strategic partners, propelling product development and ranking in Kenya and East Africa as a whole within the coming 15 months.

In a statement by Tanda’s CEO and founder, Geoffrey Mulei,“Our new products and growing distribution will open up opportunities for Tanda and our ecosystem partners to continue solving challenges for the majority of Africans locked out of the formal financial services ecosystem. We also look forward to deepening our customer relationships and growing into new and exciting African markets.”

He also said, “Tanda is a huge win for tech companies in Africa,” said Rob Heath, partner at HAVAÍC. “With no access to financial services, people and merchants in Africa deal almost exclusively in cash. Tanda’s tech enables them to pay and receive cash in exchange for digital services that would otherwise have been out of reach. We are so pleased our journey with Tanda continues. And we cannot wait to see what the future holds.”