A very famous Rwandan fintech startup Benefactors has been sucessful in raising a whopping amount of US$150,000 through a series of investors including private as well as angel to help it expand its operations to the next level. The sight of potential in the startup can be clearly witnessed by the basic need and the supply means in the country.
There is a definite need of funding especially by small players who aren’t able to raise loans from banks due to difficult norms and paper work. While it is too volatile for a budding business person to go after expensive private money lenders. The company Benefactors is pretty successful in filling the void.
What does the company do?
It is a factoring company that provides tailored working capital to the firms. Where, factoring means a financial service where future payments from the buyers can be sold to a third party. A growing business can work without any worries of payments due from their respective parties.
The process of loan servicing is very customer friendly and takes a lot less time than a bank.
How great would it be for a startup to be selected as the best in Rwanda by Seedstars World, global tech leaders and innovators.
Within a year or so the company is able to achieve break even which is even difficult for large companies.
Given birth to a fantastic tool called as Invoice ageing report which lets you know who has your money, how long they have been sitting on it and how long they were supposed to pay.
By providing access to affordable working capital, the company is definitely a part of the Rwandan boosting growth. All in all it definitely deserves the pre-seeding amount for expanding their work operationally as well as geographically.