If we are very conscious of the latest happenings in terms of financial aids, we’ll notice startups are not relenting in the thirst for quenching financial issues in the economy. This shouldn’t also come as a surprise to us that Kenya’s very own ‘Alternative Circle’ raised 1.1 million US dollars. This massive figure was made from Creditinfo Group in a seed capital phase in order to improve inclusive financing in the continent.
Alternative Circle is a Kenya mobile financial provider having its base in Kenya. Alternative Circle enables borrowing of small amount of money in dollar currencies i.e small loans in US dollars. The money lending is operated as a mobile money system. Its app picks out borrowers who are qualified for the small money loans and provides the loans to them. The app is operated on the Android platform at the moment. You want to know something fresh? Even financial institutions lend capitals to borrowers using the app’s structure. This is a very efficient platform, I have to confess.
“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, Creditinfo Group.
“Alternative Circle has the stamina to succeed in this competitive market, and we look forward to winning new markets with them,” he added.
Creditinfo’s proficience in highly developed and alternative credit risk management in a combo with the seed fund will be of appreciable importance to the startup as more people will get more access to get loans with little or no stress.
The group i.e Creditinfo Group which is currently a household of experts will go all the way to make a provision of a team of experts who work in the scoring and decision automation services field; this team of experts will be provided to Alternative Circle. This is a step to constructing or putting together a concrete flexible micro-loan platform which is strictly mobile-based.
“Partnering with Creditinfo will not only redefine the way risk is evaluated in Kenya and the world but it will bring on to the credit-ecosystem several SMEs that can now achieve their potential,” said the founder and CEO of Alternative Circle, Kevin Mutiso.
The platform is to be launched during the coming months. The joint platform is still at its testing phase, but I’m optimistic it won’t take time before they hit the boom!
I’ll be glad to see your views about this new development.