The International Finance Corporation (IFC) is investing up to USD 6M in mobile tech firm Africa’s Talking, with the funds earmarked for the company’s expansion in Africa.
IFC said it would also use its relationships and knowledge of the continent to help Africa’s Talking as it moves beyond the current seven markets where it has a presence.
The company, which is headquartered in Nairobi, also operates in Uganda, Rwanda, Tanzania, Malawi, Nigeria and Ethiopia.
Founded in 2010, Africa’s Talking provides platform for businesses and developers who want to integrate mobile communication and payment services to their applications.
A business that wants to send bulk SMS to customers, provide services via USSD or set up a mobile payment system for clients can use Africa’s Talking platform. The company also provides Voice over Internet Protocol (VOIP) and cloud-based call conferencing services.
Its business model makes it cheaper for entrepreneurs to integrate these services into their business offerings by eliminating the need to invest heavily in in-house technological solutions.
The World Bank’s private lending arm argues that the company’s expansion within the continent will provide an opportunity for other start-ups to grow and “target new markets”.