Amitruck partners with IMFact to access greater financial capital for East African scaling

IMFACT and Amitruck teams, photo courtesy of IMFact

Frankfurt (Germany) & Nairobi (Kenya), October, 2021. GreenTec Capital is pleased to share that its portfolio company, Amitruck, has partnered with IMFact,  a pan-African FinTech offering alternative financing options to SMEs in the supply chain industry. IMFact is a Smart Finance alternative to traditional bank lending for Kenyan SMEs operating in the supply chain business by turning the companies debtor portfolios into liquidity for working capital and other expenses.  

Amitruck is a Nairobi-based startup that developed a web-based solution for the challenging logistics environment in Africa.  The digital platform connects delivery drivers directly with shippers creating transparency and resulting in lower costs.  The Amitruck platform has more than 5500 vehicles and has facilitated over 40,000 deliveries for over 200 clients.  Amitruck was launched in Kenya, but is actively expanding its operations in neighbouring Uganda and Tanzania. 

The partnership with IMFact will enable Amitruck to increase its financial stability and optimise its working capital.  According to Mark Mwangi, Founder & CEO of Amitruck, “We have been able to realise financing with IMFact at attractive commercial terms and we especially like the flexibility it offers.”  

IMFact offerers a nontraditional, financing business model. It is a non-deposit taking financial institution using supply chain financing to provide working capital to African, logistics SMEs.  IMFact Kenya is the first regional hub of the pan-African organisation to become operational.  Mr. Mwangi explained the importance of the IMFact business model and the flexibility it offers. “We can use exactly the amount of financing we need without any additional costs as bank financing would have.”

GreenTec is pleased to see Amitruck partnering with innovative companies like IMFact that provide alternative financing for African SME’’s, in particular as the company begins its regional expansion in East Africa. 

Solutions like IMFact’s underscore the need for alternative and bridge financing options in Africa for SME’s. GreenTec’s Africa focused fund will aim to provide this much needed capital to tech-enabled Startups on the continent. To learn more, please contact Norbert Reeg or Alhaji Allie Bangura

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