Very cool 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.
InVenture, a tech and data science firm that publishes the mobile app that determines a users credit worthiness, has secured $10 million in series A funding to enable it build out its instant mobile loan services in Africa. 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.