Akiba Digital, founded by Tebogo Mokwena in 2017, is a data and technology company that empowers SMEs to improve their risk score and keep their businesses financially healthy.
Akiba Digital’s solutions address an important challenge in Africa, where nearly 80% of SMEs and people need access to traditional credit scoring. Using alternative datasets, the company provides inclusive scores, allowing lenders to extend capital to underserved markets. This user-friendly approach has attracted large enterprise clients like Standard Bank, Shoprite, and Absa.
The startup also launched an SME platform called Insyts, which allows SMEs to apply for funding seamlessly and monitor their financial health in one place.
With a recent $1.1 million pre-seed funding round, Akiba Digital is set to expand its market share in South Africa and connect over 20,000 SMEs to lenders. The company aims to enter 10+ African markets within the next two to three years and this will enable millions to access better financing through alternative scoring.
In the aftermath of riots and looting that took place in South Africa, Akiba Digital launched a Mandela Day initiative, offering zero-rated financing to 67 affected SMEs. This compassionate move demonstrates the company’s commitment to supporting African businesses.
As Akiba Digital grows its revenues by 5X month-on-month, it’s clear that the company is on a journey to become a leading player in Africa’s fintech industry. With ambitions to scale into South America and ultimately be one of Africa’s unicorns to IPO by 2027, Akiba Digital is opening doors to new financial opportunities for African SMEs.