Dillali Secures Funds to Empower African Entrepreneurs

  Dillali, which is a platform that offers innovative financial record-keeping, has recently declared that it has successfully concluded a bridge funding round. The round received support from investors such as Raw Ventures, Lemonade Stand, and DF Syndicate. With the infusion of this new investment, Dillali plans to expand its technical team and collaborate with important stakeholders in Nigeria in order to assist small businesses in transitioning from paper-based to digital record-keeping.

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“We’re thrilled to have such strong investors join us in our mission to support entrepreneurs in building businesses that can be passed from one generation to the next,”

said Ibrahim Bashir, founder of Dillali.

“Dilali is one of a number of interesting companies emerging with products for SME and entrepreneurs. I believe these startups stand a very good chance of becoming leaders in their segments. The African venture capital market on the whole, specifically Nigeria and Kenya, show strong signs of development, and we intend to continue our investment in the region.” – Victoria Palatnik, Managing Partner at Raw Ventures.

Dillali has been able to gradually increase its number of users since it was introduced on January 31, 2021, and is now providing services to more than 16,500 businesses throughout Nigeria. By using this platform, these businesses have been able to keep track of their income and expenses, which have averaged around NGN 300 million per month. With the assistance of its new backers, Dillali is now in a good position to tackle the challenge of enhancing financial record-keeping for small businesses in Africa. This is an essential factor in their growth and success.

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According to Bashir, the company is committed to enhancing the financial record-keeping of small businesses in Africa, and the fresh investment will enable them to tackle this problem more efficiently. The company’s main objective is to offer a straightforward and efficient solution that will assist businesses in prospering and succeeding, thereby empowering entrepreneurs throughout Africa. In December 2021, Dillali was able to secure an angel round of funding with the participation of eight investors such as Startup Wise Guys, Presto Ventures, Lemonade Stand, and some angel investors, including Paystack CEO, Shola Akinlade. This funding helped Dillali to increase its team for more efficient operations, and to scale its operation. The new investors possess considerable experience in the B2B and fintech industries, as well as technology sales, and this will be very helpful in supporting Dillali’s expansion into other markets and the development of embedded finance. In order to provide better record-keeping services, Dillali has established significant partnerships with institutions like Kaduna Business School, Lhaude Fashion Network, and Anchor Technology (a YC-backed startup). Dillali offers a product that is specific to the region, and at the moment, it is available in Igbo, Hausa, and Yoruba, which makes it the only financial record-keeping platform in Nigeria that provides language options in addition to English. The company’s development team is made up of professionals from top technology service companies, and they also have employees with extensive experience in marketing, sales, and product design. The team also includes financial advisors, one of whom was previously a Managing Director/CEO at one of Nigeria’s top 10 banks.

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A happy customer named Abubakr Aishat expressed that Dillali made their life much easier, and they believe that the platform has exceeded their expectations. According to Aishat, Dillali is extremely easy to use compared to the previous record-keeping platform they had been using. Additionally, Aishat was pleased with the analytics feature embedded in Dillali, which made financial tracking much simpler. They conveyed their appreciation to the company for creating such a helpful platform. Dillali has intentions to raise a seed round of funding, which will enable them to concentrate on embedded finance and leverage the Africa Free Trade Agreement. This agreement is anticipated to stimulate continental trade in the next 5-10 years. Featured Image Source: Businessday NG

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This article was first published on 21st February 2023

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