Alternative Circle, a Kenyan Mobile FinTech innovator has signed an agreement with the international credit risk management company – Creditinfo Group, that has seen the local company secure $1.1 Million in seed capital; money that will help Alternative Circle gain a wider geographical footprint, and in turn open doors for greater opportunities for the mobile solutions innovator.
Creditinfo Group, the investor, sees this as a strategic investment that will enable the local market players to create data that was previously unavailable in the market and help better serve lenders in facilitating access to finance, especially in the emerging markets such as Kenya, Uganda, Tanzania,and Rwanda.
Alternative Circle is at the same time set to launch its mobile-based credit facility app – Shika in July this year; a move which will allow the company to benefit from extensive Creditinfo Group expertise in classic and alternative credit risk management.
This will enable Alternative Circle lower the barriers to a wider population to get access to credit facilities and give customers exactly what they’re looking for.
“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, previously of Samchi Credit.
“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.