216 Capital Leads $500K Round in Fintech ProXalys
ProXalys provides digitization services for Africa's informal sector.
Tunisian venture capital firm 216 Capital has taken the lead in a funding round that injected $500,000 into ProXalys Inc, a fintech company operating in the pan-African space.[1]
The funding round, aimed at advancing the digitalization of the informal trade sector, has earmarked a significant portion for ProXalys' latest product, ProBoutiK, which is designed to revolutionize the operations of informal businesses. ProBoutiK introduces an application that unifies operations on a single platform built around a multifunctional wallet. It includes features for invoice tracking, financing offers, and a supply marketplace, empowering informal entrepreneurs to navigate sales and meet working capital needs.
More than 60 million microbusinesses in Africa engage in informal trade, and they require more than $400 billion in capital. Many of these companies struggle with bookkeeping, e-commerce, and accounts receivable while operating without the appropriate registration.
Based in New York and Senegal, ProXalys Inc has expanded its reach to Tunisia, focusing on digitally transforming the informal sector.
216 Capital led the capital round, injecting $300,000 into ProXalys, with Haskè Ventures and Digital Africa (under the FUZE initiative) contributing $200,000.
ProXalys Inc. will strengthen its DATA & AI teams in Senegal and Tunisia and accelerate ProBoutik's market launch in order to establish a strong foothold in both the North African region (from Tunis) and sub-Saharan Africa (from Dakar).
ProXalys Inc. was founded in 2022 by Senegalese entrepreneur Thierno Sakho, who drew on his vast experience in banking, finance, and microfinance. His payment system centralizes digital payments, converting unregistered firms into registered businesses and creating a growth-friendly economic environment.