Cardano Invests In Pezesha Fintech Company From Kenya

Cardano cryptocurrency. (photo: doc. Unsplash)

JAKARTA - Cardano (ADA) founder Charles Hoskinson recently announced that the company behind Cardano's development, Global Input-Output (IOG), has invested $11 million in funds to Kenyan technology company Pezesha.

Hoskinson himself said that he was very happy to be able to support thezesha mission in improving services in the field of microfinance in various countries.

"Hilda is one of the great entrepreneurs in Africa and I am very pleased to support her in the Pezesha mission to change Microfinance around the world," Hoskinson said in a Twitter post, August 30, 2022.

Launching TechCrunch, IOG, and Women's World Banking Capital Partners II funds have led an investment round of 11 million US dollars in Pezesha. The fintech company intends to roll out to other countries in Africa - Nigeria, Rwanda, and Francophone Africa after the recently done pre-series A equity debt.

The source stated that 5 million US dollars (approximately IDR 74 billion) were invested by Talanton and Verdant Capital Specialist Funds. The rest - 6 million US dollars (equivalent to IDR 118 billion) came from the IOG and several other investment funds.

Pezesha is a financial services company founded in late 2016. The Kenyan-based company has created a holistic digital financial infrastructure that has a mission to become a leading platform and enabler market that connects small and medium enterprises with working capital through collaborative approaches in which banks, LKMs, and other financial institutions or networks.

All of this can connect with the Luxha platform to be matched with quality SMEs that encourage meaningful financial inclusion and reduce inequality in access to formal financial services. Pezesha managed to attract local financial institutions to offer microloans to SMEs in African countries.

Moraa stated that there are many opportunities to solve problems related to working capital faced by SMEs in Africa. Among other things, the company ensures quality and responsible funding loans for entrepreneurs.

According to TechCrunch, Charles Hoskinson believes that investing in Pezesha is an important milestone for Cardano, as it started financial flows into developing countries to support their economic growth and job creation in its overall cryptocurrency primary goal.

For Cardano, it is very important to make it easier for people around the world to take loans and offer them under regulations. Now, he believes Cardano's investment in Africa is an achievement. Prior to that, Pezesha and Cardano had established partnerships to develop a decentralized financial final system on the African continent.

At the time of writing, the price of the ADA cryptocurrency is trading at IDR 6,749. ADA's price performance fell by 2.7% in the past week. While ADA's all-time high price (ATH) is at the level of IDR 44,039 which was inscribed on September 2, 2021, according to Coinecko data.