Kenya’s Startup, Alternative Circle Raises US$1.1 Million from Creditinfo Group

Alternative Circle, a Nairobi-based mobile financial solutions provider, has raised US$1.1 million from Creditinfo Group in a seed funding round to enhance financial inclusion in Africa.

The startup enables lenders to access profitable small dollar loans through mobile money. Its Android app uses a decision engine to identify credit worthy borrowers and provide them loans.

Also, its app based marketplace enable financial institutions lend capital directly to end users without the need to build their own systems.

The seed fund, together with Creditinfo’s extensive expertise in classic and alternative credit risk management, will enable the startup access consumer data that were hitherto unavailable, thereby allowing more people access loans without much ado.

“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/CEO, Creditinfo Group.

He added, “Alternative Circle has the stamina to succeed in this competitive market, and we look forward to winning new markets with them.”

Creditinfo Group will further provide the startup a team of professionals working in the field of scoring and decision automation services to assist in building a modern and agile mobile-based microloan platform.

The platform, which is currently being tested and is expected to launch by the end of Spring 2017, will be built using the newest risk management technologies and Creditinfo international know-how.

“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 Kevin Mutiso, the founder/CEO of Alternative Circle.

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