# Asante Financial Services Group

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/asante-financial-services-group

- Industry: Financial Services
- Headquarters: Nairobi, Kenya
- Website: www.asantefinancegroup.com
- Total disclosed funding: $7.5M
- Latest round: Series A (Oct 18, 2021)
- Investors on record: 3

## About

Asante Financial Services Group is a Credit-Led Neo Bank focused on providing tailored financial solutions that empower small and medium-sized enterprises (SMEs) in Africa to thrive.Asante Financial Services Group, founded in 2016 and headquartered in Nairobi, Kenya, specializes in financial services for SMEs. The company has conducted one deal, securing USD 7.5 mn in Series A funding on October 18, 2021, led by Goodwell Investments, with participation from Forsage Holdings and Sorenson Impact Foundation. Chidi Okpala serves as the CEO of the firm.Asante Finance Group operates as a Credit-Led Neo Bank, offering financial services designed to support the growth of small and medium-sized enterprises (SMEs) across various sectors in Africa. The core products include Small Business Working Capital Finance, Mobile Money Agent Float Finance, Smartphone Finance, and Insurance Premium Finance, addressing challenges like cash flow fluctuations and access to credit, primarily in East African markets.Asante Finance Group generates revenue through interest and fees associated with its financial products, including direct lending to business clients. Clients apply for loans aligned with their operational needs, receiving funds that are repaid with applicable interest over a stipulated period. The company emphasizes ethical lending practices and regulatory compliance, aiming to offer competitive rates that promote client sustainability and growth.Asante Financial Services Limited plans to utilize the USD 7.5 mn raised in Series A funding to scale its credit offerings for the underserved segment of Micro, Small and Medium Enterprises (MSMEs) in Kenya and Uganda, with intentions to expand into Nigeria and Rwanda. The funding will support these initiatives, allowing the company to enhance its service delivery and reach more clients in these emerging markets.

## Funding rounds

- Series A, Oct 18, 2021, $7.5M — Goodwell Investments, Sorenson Impact Foundation, Forsage Holdings

## Investors

- Goodwell Investments (https://capitalatlas.ai/funds/goodwell-investments) — Series A
- Sorenson Impact Foundation — Series A
- Forsage Holdings (https://capitalatlas.ai/funds/forsage-holdings) — Series A