HAVAÍC makes follow-on investment in Kenyan fintech company
South African venture capital firm HAVAÍC has completed its third investment in Kenyan fintech company Tanda.
The investment from the HAVAÍC Universum Core African Fund is part of an ongoing pre-series A round in partnership with three other investors, including DFS Lab.
Since its launch in 2018, Tanda has built one of Africa’s largest open agent networks accessible to all financial service providers, simplified how people and businesses transact, and opened up the ecosystem so other developers can layer additional solutions.
Tanda is poised to continue solving two of Africa’s most significant growth challenges: digitising retail payments to mobilise faster, cheaper, and more convenient transactions; and providing small businesses and unbanked Africans with access to vital financial services like financing, savings, and wealth management. The investment enables the company to invest in key strategic partners, accelerate product development, and scale in Kenya and East Africa over the next 15 months.
Added to that, Tanda is rolling out a new brand identity to better represent its developing product portfolio, including:
– Tanda Trader, an app for businesses to accept payments, sell digital products, and access financing.
– Tanda Pocket, a virtual wallet with digital cards to spend, track finances, and budget.
– Tanda I/O, an API library that simplifies how businesses collect and allocate payments across agents, mobile networks, and utility service providers.
The investment is preceded by two prior rounds in 2020 and 2019, when HAVAÍC was the first investor to back Tanda.
Tanda founder and CEO Geoffrey Mulei comments, “Our new products and growing distribution will open up opportunities for Tanda and our ecosystem partners to continue solving challenges for the majority of Africans locked out of the formal financial services ecosystem. We also look forward to deepening our customer relationships and growing into new and exciting African markets.”