Tekedia Capital invests in AjoMoney. AjoMoney is building an operating system that will make it possible for people to do rotating savings and credit seamlessly: “AjoMoney, a financial technology company digitizing ROSCA (rotating savings and credit association) to build a neo-banking platform for consumers and neo-banking SaaS platform for cooperatives and thrift contribution agents has raised an undisclosed funding from Tekedia Capital.” Tekedia Capital welcomes Chineye Ochem and Ibrahim Adepoju to the family.
A digital cooperative bank that digitizes the centuries-aged ROSCA (ajo/esusu/adashe) to help you save money, make early investments and access credit to buy now pay later, simply at no-interest.
You call it ajo, esusu, etc; with AjoMoney, you have a formalized platform to contribute with your co-workers, friends, associates, making sure that everyone wins as the contribution rotates. Create an account here and invite your network https://ajo.money/
— From Press Release —
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AjoMoney, a financial technology company digitizing ROSCA (rotating savings and credit association) to build a neo-banking platform for consumers and neo-banking SaaS platform for cooperatives and thrift contribution agents has raised an undisclosed funding from Tekedia Capital. The fresh funding will be used for strengthening the products, team and also growing the business beyond the initial organic reach through accelerated sales and marketing efforts.
Participating in this round alongside Tekedia Capital is Tayo Oviosu, the CEO of Paga and Co-founder of Kairos Angels.
Founded in 2021 by Ibrahim Adepoju (CEO/CTO) and Chineye Ochem (COO/CFO), AjoMoney started by building a rotating group savings platform for consumers (a.k.a ajo, esusu, and adashe), where group of people saves agreed sum of money together and collect lump in turn, this feature was used to evaluate the market potential and upon public-beta release in October 2021, the company has processed about $300,000 in transactions and onboarded about 8000 organic users on the mobile app platforms (android and ios) with no-cost on marketing and promotions.
With effective patterns and deductions made from the rotating group savings in the early release, AjoMoney will be extending the solution through SaaS model and developer API for cooperatives and mobile agents thrift companies. This will make it possible for credit unions to easily setup a rotating savings and credit system at no technical cost. The features on the AjoMoney system includes rotating group savings (ajo or esusu), personal savings, thrift contribution (daily, weekly and monthly savings with access to interest-free loan), buy now pay later, and multi-cooperative societies management.
AjoMoney core objective is to build a platform and an infrastructure that enables people to collectively come together like a community to save money, make investment even before they can save up for it and also gain access to interest-free credit. To achieve this objective, the team will be exploring the centuries-aged ROSCA system by leveraging on modern technologies.
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