Mobile tech and data science firm InVenture, which provides instant micro-loans service straight to a user’s mobile wallet, has raised $10 million series A round to launch into additional markets in Sub-Saharan Africa and Asia. The company also plans to acquire more customers in Kenya and as well expand its Tanzania operations and partnerships.
The new funding will help the firm to take on Commercial Bank of Africa’s (CBA’s) M-Shwari which is planning to launch across East Africa. Other similar products are also being launched in the market such as Branch and Shield Finance.
The series A round was led by Data Collective with participation from India Internet Fund; Facebook co-founder and independent investor Chris Hughes; Palantir and Paypal co-founder Nathan Gettings; former Citigroup CEO Vikram Pandit; former Thomson Reuters CEO Tom Glocer; Collaborative Fund; and Female Founders Fund.
InVenture’s product amasses more than 10,000 data points per user to create a living credit score and approve customers for a line of credit. It then disburses the loan directly to the user’s mobile money account. The entire process takes less than 5 minutes, and all customer service is handled digitally through the application.
Founded in 2012 by Shivani Siroya, Inventure is based in Santa Monica-with presence in New York and Nairob. The firm raised its seed and angel investments from the likes of Google Ventures and MESA+.