Tech in Africa
East Africa leading digital logistics company Amitruck has partnered with IMFact, a Smart Finance alternative to traditional bank lending for Kenyan SMEs operating in the supply chain business. The partnership will see Amitruck increase its financial stability while optimizing working capital that eliminates overhead cost constraints and other long payment cycles.
Derrick Lwatati, IMFact Commercial Director said “IMFact offers clients the ability to grow their business by turning their debtor portfolio immediately into cash.” He further added, “We have affiliated with Amitruck because of their innovative approach to solving the inefficiencies in the logistics sector.”
Speaking on this partnership, Mark Mwangi CEO of Amitruck said, “We have been able to realize financing with IMFact at attractive commercial terms and we especially like the flexibility it offers.”
Founded in 2019, IMFact is a pan-African non-deposit-taking financial institution that offers supply-chain financing working capital for SMEs. The fintech factoring solution is responsive and flexible in meeting client financing needs. IMFact was incubated by Cardano Development (CD), an incubator and fund manager – also the parent company – based in Amsterdam. IMFact has previously received early-stage grant funding from The Rockefeller Foundation and Convergence. Other players that offered support along the way are FSD Africa Investments and Total Impact Capital Advisors (TIC) that funded the Kenya regional hub.
Source: IMFact
