AinFin raises £200K seed investment
31 October 2016 | 4508 views | 0
The recently formed start-up AinFin Ltd has raised £200k seed investment.
'Swifin', the financial product offered by AinFin in collaboration with its regulated financial institutional and local banking partners, provides a truly democratised banking service. AinFin's technology is all about financial inclusion; that everyone deserves access to financial services. AinFin makes transactions easy even in challenging markets. Broadening financial technology access means promoting economic activity. Weaved in AinFin is a simple but powerful solution to the development challenges of many emerging markets, promoting financial liquidity.
Therein lies the core AinFin differentiating strategy. It is mobile network agnostic, multi-channel, cross-border and allows flexible design of financial instruments to be executed. Never before has the unbanked been given such an opportunity to enjoy the same level of access to transactional financial services as those of the banked. The seed investment will initially fuel AinFin's ambition to provide global access to transactions services. In a couple of weeks, the 'Swifin' service will see its first African market entry, Uganda, where the company aims to make a difference to the lives of many individuals and local businesses.
AinFin through its dedicated subsidiary, Swifin Ltd, has forged a partnership with the world-class and progressive pan-African bank, Ecobank, to roll out digital transaction services across the African continent, starting in Uganda. Ecobank sees this as a great opportunity to expand its client base, support local economic activity and enhance financial inclusion. The current reforms in Uganda on agency banking are expected to boost and expand the reach of banks in the country through the use of financial technology such as that offered by AinFin. Ecobank is at the forefront of this reform to serve customers well beyond the traditional brick and mortar branch network.
Amongst the joint priorities of the banking partnership is a major project that aims to deliver aid money to thousands in the far flung areas of Uganda. Dr. Joy Braun, Chief Executive and Co-Founder of AinFin comments: “AinFin delivers this service in the most cost-efficient, effective and secure manner. We aim to enrich the lives of hundreds of thousands of individuals who otherwise may not have had any prospect to access financial services.”
"We are so very proud to find team members, and now an investor, Mr. Giovanni Fontana, who shares our passion and deep conviction to make significant contributions to societal and economic development. The welcoming enthusiasm of our target clients for our service is such a big boost of energy and key driver for us to continue to do what we do, and achieve even more!" As a result, AinFin are now gearing up for further Swifin roll out across Africa and Asia. Joy adds, "We work with the banks, not against them. Indeed we have developed a system that benefits all, from the end user to the bank".
Dr. Linus Etube the Chief Operations Officer and co- founder added some comments on the good news: "The seed funding is a great beginning for us. We aim to see actual transaction levels reach an exponential growth within a few months after roll out. Swifin is more than just a service that addresses a significant market gap it also offers opportunities for global multi-currency transactions capability. Through our FCA-regulated subsidiary we can offer UK individual and corporate clients the ability to send money abroad within seconds - real time. Our collaborative engagement with local banks and other community based financial services institutions brings both leading technology to our partners and opens up opportunities for them to become part of a global transactions ecosystem. This is especially powerful for those individuals and businesses which have often suffered from the inefficiencies of traditional remittances and fragmented mobile money services..."