money

This just in: Interswitch has dipped again into its $10 Million e-payment fund for startups in Africa, this time investing a million dollars in SlimTrader. The official press release is below.

SlimTrader, the leading turn-key ecommerce solution provider for businesses in Sub-Saharan Africa, has received a US$1 million investment from Interswitch, an Africa-focused integrated digital payments and commerce company that facilitates the electronic circulation of money as well as the exchange of value between individuals and organisations on a timely and consistent basis.

The additional funding provides the clearest sign yet of the power of SlimTrader’s flagship ecommerce platform, MoBiashara as it expands into the hospitality sector. With the funds from Interswitch, SlimTrader will now be able to ramp up operations and help more hotels expand their market reach.

The investment comes from the Interswitch ePayment Growth Fund, a new US$10M fund intended to serve as a catalyst for innovation and disruptive business concepts within the African payment industry. The Interswitch fund collaborates with entrepreneurs and start-up businesses developing innovative products and services that empower Africans to participate in the emerging payment ecosystems currently transforming business on the continent.

According to Mitchell Elegbe, Founder and Group Managing Director of Interswitch, said: “SlimTrader is a dynamic and ambitious business dedicated to growing Africa’s ecommerce sector. This makes them an ideal candidate for investment from the Interswitch ePayment Growth Fund. At Interswitch we are committed to encouraging innovative ideas in the digital payments and commerce space in Africa and are excited to be working with SlimTrader to expand MoBiashara services into the hospitality sector.”

With massive potential in the African market, over 1500 hotels across sub-Saharan Africa used SlimTrader’s online hotel management platform – MoBiashara for Hotels to increase visibility and sales. The platform allows hotels to manage their offline and online reservation with major exposure through strategic channel partners such as TripAdvisor and hotelnownow.com.

Speaking on the new investment, Slim Trader’s founder and CEO, Femi Akinde stated, “We remain committed to our mission of unlocking the potential in African businesses. This funding puts more hotels a click away from their own free property management system, website booking engine and channel manager; connecting them to multiple local and international online booking sites. We see this as transformational to the sub-Saharan Africa hospitality industry.”

The new funding will allow SlimTrader expand to other African countries championing hospitality by bridging the gap and connecting hotels with their target audience.

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