InVenture, a tech and data science firm that publishes the mobile app that determines a users credit worthiness, has secured $10 million in series A funding to enable it build out its instant mobile loan services in Africa.
Techmoran reports that InVenture, which developed instant micro-loans service Mkopo Rahisi, hopes to use the new funds provide services that will surpass that of competitors like the M-Shwari of Commercial Bank of Africa (CBA) and lock down its activities in Tanzania and Kenya.
Data Collective led the round with participation from Lowercase Capital, Chris Hughes (co-founder of Facebook and independent investor), Palentir and Paypal co-founder, Nathan Gettings.
“There’s an urgent need for convenient, affordable credit in emerging markets that isn’t being met,” said Shivani Siroya, founder of InVenture, “The overwhelming demand for our product has proven that we can use mobile technology to begin closing this gap.”
Founded in 2012, InVenture is based in New York and has offices in Santa Monica, New York and Nairobi.