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New York based mobile loans app, InVenture, raised $10m in Series A funding led by Data Collective, along with other noted investors. The company's micro-loan service hopes to beet existing competition in Africa and grow locally.
Techmoran reports that InVenture, which developed instant micro-loans service Mkopo Rahisi, hopes to use the new funds provide services that will surpass that of competitors like the M-Shwari of Commercial Bank of Africa (CBA) and lock down its activities in Tanzania and Kenya. Data Collective led the round with participation from Lowercase Capital, Chris Hughes (co-founder of Facebook and independent investor), Palentir and Paypal co-founder, Nathan Gettings.
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