Shield Finance, the Kenyan startup that helps employees get salaries advance direct to their phone when needed has raised an undisclosed funding in loans from local angel investor
The startup did not give more details on the transaction, but said they are raising US$350,000 for equity as the current injection into the startup is a repayable loan, rather than equity financing, Disrupt-africa reports. According to Kenny Kinalo, a Director in Shield Finance: “This comes with an agreement for a further line of credit as demands increases.”
Shield Finance advances, which are not more than 50% of the employees salaries, are tailored to the needs of the employees at lower interest rates, and with flexible repayment methods.
As reported by TechCabal recently, Shield Finance is one of the startups that will pitch at the 2015 DEMO africa competition scheduled to hold in Lagos by September. It also came out tops at the PIVOT East mobile startups pitching competition in the finance category, held in Nairobi last month.
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