216 Capital Leads $500,000 Funding Round for ProXalys Inc's Digitalization Mission

216 Capital Leads $500,000 Funding Round for ProXalys Inc's Digitalization Mission

By Press Release, 26 January 2024

In a significant move to address the needs of Africa's vast informal commerce sector, 216 Capital has led a funding round of $500,000 for the pan-African startup ProXalys Inc.

The informal trade in Africa includes over 60 million micro-businesses, with a funding requirement exceeding $400 billion. These businesses, generally unregistered since inception, face challenges in managing accounts receivable, bookkeeping and e-commerce. ProBoutiK has introduced an application that allows entrepreneurs from this informal sector to handle these aspects through a unified platform built on a multifunctional wallet.

Based in the United States (New York) and Senegal, ProXalys Inc, a fintech company, has expanded its operations to Tunisia, focusing on the digitalization of the informal sector. With its latest product, "ProBoutiK," ProXalys aims to revolutionize operational methods for informal businesses. The application includes features for invoicing tracking, financing offers, and a supply marketplace, enhancing the ability of informal entrepreneurs to sell and meet working capital needs.

The funding round comprises three funds, led by 216 Capital with $300,000, supported by Haskè Ventures and Digital Africa (through the FUZE program) for a total of $500,000. ProXalys Inc plans to utilize this funding to accelerate the Go To Market of its new product, "ProBoutik," and strengthen its DATA & AI teams in Tunisia and Senegal, establishing a presence in both sub-Saharan Africa (from Dakar) and the North African region (from Tunis).

Founded in 2022 by Senegalese entrepreneur Thierno Sakho, an expert in banking, finance, and microfinance, ProXalys Inc a US Company emerged from Sakho's extensive experience in financial markets, corporate banking, and insurance. Leveraging his skills, Sakho developed an omnichannel payment solution to centralize digital payments, transforming informal businesses into formal enterprises and creating an economic environment conducive to their growth.

Hassen Arfaoui, Principal Investment Manager at 216 Capital, emphasizes ProBoutiK's significant contribution to digitalization and financial inclusion in Africa's informal retail sector. The collaboration reflects a shared belief in the necessity of financial inclusion and digital transformation to drive sustainable economic development in the region.

ProBoutiK's strong commitment to the digitalization of informal businesses positions the startup uniquely in the landscape of online payment solutions, promising competitiveness and responsibility on a continental scale. 216 Capital reaffirms its commitment to building a better future for Africa, aiming to make a real and lasting impact, stimulate economic growth, and foster positive change in communities affected by this value creation.

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