Accion Venture Lab Invest in Kenyan Umati Capital
Accion have announced an undisclosed investment in Umati Capital, a Kenyan lending company that provides invoice discounting and other forms of working capital to East African SMEs.
The investment was made through Accion’s USD10m Venture Lab focused on seed capital investments for ‘innovative financial inclusion start ups’. Accion say: ‘Banks typically require a proven track record and it usually takes them months to make a decision before issuing a line of credit.
By letting enterprises borrow against their invoices and providing financing in only a couple of days, Umati has huge potential to streamline agricultural and other value chains, capturing more value for smaller enterprises in the region.’ Source: Africa Assets