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Loan to phone in 3 minutes

Loan to phone in 3 minutes

Shika is an android mobile application that delivers mobile loans to a user’s mobile money account in 3 minutes. We allow those financial institutions to plug into the application and use it as a platform to reach customers. We are thus in partnership with the banks and MFI’s and hence share the revenues accrued from doing business 60% to 40%.
There is a 10% to 15% “facilitation fee” (interest) charged for all transactions. Loans are initially disbursed for a period of 30 days (1 month) which will have flexible repayment schedules such as weekly payments.
We have partnered with an international Payment Gateway system called InterSwitch to handle the disbursement of money and they are also developing our digital card which will be rolled in 6 months to our customers.
We have also signed an agreement to international Credit management system Creditinfo who partnered with us to build the Credit Scoring Technology to effectively judge customers credit-worthiness.
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Cofounder Akili+, Head of user experience Alternative Circle, Cofounder Brand2D - Digital advertising agency.
Founder Alternative Circle • Studied at @Strathmore University Kenya
Valuation

$1M

Funded over

2 rounds

Latest round

Seed (Jun 2016)