Ethiopian AI-powered fintech Kifiya secured an undisclosed investment from the International Finance Corporation. The company builds credit risk scores from more than 10 billion alternative data signals. Its lending infrastructure has supported more than US$1 billion in credit to date.
Use of funds
The investment will strengthen Kifiya's agricultural data and risk models. It will also extend the company's reach into rural communities. The deal was announced at the Africa Financial Summit in Luanda, Angola.
Company reach
Kifiya was founded in 2010. The company says its infrastructure has enabled financing and insurance for 1.1 million MSMEs and smallholder farmers. Its models have scored more than 5 million loan applications for six financial institutions in Ethiopia.
Platform model
Its data and AI layer turns alternative data into risk profiles for first-time borrowers. Decisioning tools convert those profiles into risk scores, credit limits, and fraud and climate risk flags. Financial and market rails then support digital loan disbursement and connect borrowers to buyers.
Kifiya is in active expansion discussions in Rwanda, Uganda, Tanzania, and Kenya. It has AI and technology hubs in Nairobi and Cape Town. The IFC investment will provide initial support for this expansion into sub-Saharan Africa.