Kenyan Fintech Startup Behind Shika App Closes USD 1.1 Million Seed Round, Plans Product Launch

Shika App

Alternative Circle, a Kenyan Mobile FinTech innovator signed an agreement with Creditinfo Group, an international credit risk management company, to the tune of 1.1 Million dollars. Alternative Circle says that the seed capital will see the startup gain a wider geographical footprint, which will in turn open doors for greater opportunities for the mobile solutions innovator.

The investment will also see Creditinfo Group 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.

“Seeing the turn that the credit risk management industry has taken 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.

Alternative Circle is set to launch its mobile-based credit facility app, Shika, in July this year. Shika is a Kenyan-built mobile app made for individuals who want to get access to 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 company says that it 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, CEO of Alternative Circle.