Alternative Circle, a Kenyan mobile fin-tech start-up, has signed an agreement with the international credit risk management company – Creditinfo Group – to the tune of Kshs 110 million (US $1.1 million).
The seed capital will see Alternative Circle gain a wider geographical footprint, which will in turn open doors for greater opportunities for the mobile solutions innovator. For Creditinfo Group on the other hand, the strategic investment will enable it to create data that was unavailable in the market before and thus better serve the lenders in facilitating access to finance, especially in the emerging markets.
(TOP: A screen shot of Shika, the mobile credit app being developed by Alternative Circle).
Alternative Circle amongst other mobile FinTech services, is set to launch its mobile-based credit facility app – Shika – in July this year. The company will benefit from extensive Creditinfo Group expertise in classic and alternative credit risk management. This will enable to lower the barriers to a wider population to get access to credit facilities.
“Partnering with Creditinfo Group will not only redefine the way risk is evaluated in Kenya and the world but it will also bring on to the credit-ecosystem several SMEs that can now achieve their potential”, said Kevin Mutiso, the CEO of Alternative Circle.
“Seeing the turn that the credit risk management industry has been taking during the past few years, we are being proactive in finding alternative ways to create data which can be added to the “classic” historical data on consumers held via our credit bureaus all over the world.” said Reynir Grétarsson, founder and CEO of Creditinfo Group.
Shika is a Kenyan Built Mobile app made for individuals who want to access quick micro-loans, in an easy and fast way. The application is also built for Financial Institutions that can use the platform to reach potential borrowers. The app is currently available on android.