• Tanzania’s Kuunda raises USD 7.5M pre-Series A to expand B2B fintech services across Africa, MENA, starting with Egypt.
• The fintech provides working-capital solutions, embedded credit, and short-term liquidity products to merchants, agents, and small businesses.
• Kuunda plans partnerships with e-commerce and PoS providers, aiming to develop new financing tools for MSMEs in the region.

Kuunda

Tanzania’s Kuunda raised USD 7.5 million in pre-Series A funding. The round saw participation from Portugal Gateway Fund, Seedstars Africa Ventures, 4Di Capital, Accion Ventures, Nedbank, and E4E Africa.

Founded in 2018 by Andy Milne, Sam Brawerman, and Morne van der Westhuizen, Kuunda is a B2B fintech solutions provider. It is  a UK-headquartered Tanzania-focused B2B fintech solutions provider that provides working-capital solutions. It helps partner companies design and manage financial services strategies by embedding credit products into their digital payment platforms. Furthermore, it allows users to access short-term liquidity products such as airtime top-ups, mobile money float loans, stock financing, and merchant cash advances.

“We are unlocking access to finance for Africa’s productive class – the agents, merchants, and small businesses that are the backbone of these economies, whilst helping consumers build up resilience by accessing credit when they need it the most,” said Milne, Kuunda’s co-founder & co-CEO.

Expansion 

Up next with the newly acquired capital, it aims to deepen its partnerships across Africa. This is through extending services to e-commerce players and point-of-sale (PoS) network providers. Additionally, it  aims to develop new financing tools to support MSMEs.

Most importantly, the fintech aims to expand across Africa, the Middle East, and North Africa (MENA), starting with Egypt. It is targeting Egypt first because of the country’s strong mobile penetration and USD 115.7 billion PoS market. Moreover, it seeks to partner with local e-commerce and PoS providers looking to embed lending products for merchants and users. Beyond Egypt, it also aims to expand into Saudi Arabia, the UAE, and Morocco.