Kenyan-based Fintech service provider – Tanda – after securing an undisclosed amount of funding, has announced its decision to push for operational expansion across the East African region.
The fund was raised from early-stage African tech investor HAVAÍC, Zedcrest Capital, DFS Lab, Victor Asemota and three other investors.
Commenting on the fund-raising round, CEO of Tanda, Geoffrey Mulei, said:
“Our team will continue to run aggressive agent and customer acquisition drives across the region, while securing more strategic partnerships in these new markets to further support Tanda’s growth and strategy as we pursue our goal of digitising payments across Africa. Tanda is excited to be at the forefront of the rapid shift towards innovative digital-first solutions, especially in markets that are ripe for disruption.“
Tanda, which was founded in 2018, is a fintech startup working to revolutionize access to essential digital financial services for micro-retailers across Africa. The start-up is basically, an independent agent network operator.
The fintech start-up which has its headquarter in Nairobi, Kenya, aggregates all major financial services providers, allowing agents to sell various digital products, while it also delivers essential goods to shops. The start-up, among its services, also extends credit to its agents.
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Tanda, according to information on its website, has built a network that supports 58 banks and saccos, four telecoms, 18 billers, 12,000 merchants and agents, and has served over 300,000 unique customers, all of which have processed millions of transactions – to date.
With the new funding round, the start-up has now positioned itself on growing its Kenyan footprint to 100,000 agents and merchants and an expansion to Uganda, Tanzania and Rwanda within the next 24 months.
Jake Kendall, Partner at DFS Lab, made comments on the fintech start-up, he said:
“We see Tanda at the forefront of the race to digitize the last mile of the African economy by providing a dense network of agents who can be the bridge between online and offline commerce.”
Tanda has also secured key strategic partnerships with Mastercard & Interswitch which will further accelerate the regional growth it is embarking on.