Alternative Circle’s mobile-lending Shika app raises $1.1M to take on M-Shwari, Branch, Tala

Alternative Circle, the Kenyan mobile lending startup running micro-credit Shika app has raised $1.1 Million in seed funding to take on incumbents Tala and Branch.

Led by international credit risk management company – Creditinfo Group, Alternative Circle aims to launch its Android and iOS apps to the masses in July to cover a wider geographical footprint and open doors to more borrowers in the country.

“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.

The deal will see Creditinfo Group collect data on borrowing trends and habits to better serve the lenders in facilitating access to finance, especially in the emerging markets.

Alternative Circle 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.

“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.

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