South African e-wallet provider My-iMali has launched an Uprise.Africa crowdfunding campaign in a bid to raise ZAR24 million (US$1.6 million) in order to expand its business.
My-iMali has developed the BxChange E-Wallet App, an affordable, easy to use and convenient digital wallet that enables customers to make transfers to bank accounts, and top-up or purchase prepaid products and services.
The startup has already acquired 2,100 app users, and 35 enterprise customers, and is looking to expand by raising ZAR25 million in return for a 20 per cent stake in the company through an equity crowdfunding campaign on Uprise.Africa, which facilitates the whole investment process and enables multiple investors to support South African startups.
The minimum raise amount for the campaign is ZAR7.5 million (US$511,000), and the campaign runs for another 67 days. At the time of writing ZAR21,000 (US$1,400) had been pledged by five investors.
Uprise.Africa, which raised an equity funding round of its own last year, achieved a major milestone this year when regtech startup Intergreatmesecured ZAR32.436 million (US$2.19 million) from 406 investors. Some campaigns, however, such as that run by mobility startup LÜLA, have been less successful. P2P solar leasing startup Sun Exchange is currently crowdfunding via the platform.