NAIROBI, Kenya – March 15, 2024 – RiderPal, Kenya's leading financial management platform for ride-hailing drivers, today announced it has secured $2 million in seed funding led by Savannah Fund, with participation from angel investors across East Africa. The investment will accelerate product development and expand RiderPal's reach to empower more drivers across Kenya and East Africa.

Transforming Driver Financial Management

Since launching in 2023, RiderPal has quickly become an essential tool for thousands of ride-hailing drivers across Kenya. The platform provides comprehensive financial tracking, expense management, and goal-setting features specifically designed for the unique needs of gig economy drivers.

"This funding represents a significant milestone in our mission to empower ride-hailing drivers with the financial tools they deserve," said John Kamau, CEO and Co-founder of RiderPal. "We've seen firsthand how proper financial management can transform a driver's life, and this investment will help us reach every driver in Kenya and beyond."

Strategic Use of Funds

The $2 million investment will be strategically deployed across three key areas:

1. Product Development

Enhancing the platform with AI-powered insights, automated expense tracking, and predictive analytics to help drivers optimize their earnings.

2. Market Expansion

Scaling operations to reach the estimated 200,000+ ride-hailing drivers across Kenya and preparing for expansion into Uganda and Tanzania.

3. Strategic Partnerships

Deepening integrations with major ride-hailing platforms and financial service providers to create a comprehensive ecosystem for drivers.

Investor Confidence

"RiderPal addresses a critical gap in the market," said Sarah Mwangi, Partner at Savannah Fund. "The team's deep understanding of driver challenges, combined with their innovative approach to financial management, positions them to become the leading fintech platform for gig workers across Africa."

The investment comes at a time of rapid growth in Kenya's ride-hailing sector, with an increasing number of drivers seeking professional tools to manage their businesses effectively.

About RiderPal

RiderPal is a financial management platform designed specifically for ride-hailing drivers. The platform helps drivers track earnings, manage expenses, set financial goals, and make data-driven decisions to grow their income. With features tailored to the unique needs of gig economy workers, RiderPal is transforming how drivers manage their finances across Kenya.

Looking Ahead

With this funding, RiderPal plans to onboard 50,000 active users by the end of 2024 and expand its suite of financial tools to include micro-loans, insurance products, and savings programs specifically designed for gig economy workers.

For more information about RiderPal or to schedule an interview with the leadership team, please contact the press team at press@riderpal.co.ke.

About Savannah Fund

Savannah Fund is a leading venture capital firm focused on early-stage technology companies in East Africa. With a portfolio of over 30 companies, Savannah Fund has been instrumental in growing the region's tech ecosystem. With this funding, RiderPal plans to onboard 50,000 active users by the end of 2024 and expand its suite of financial tools to include micro-loans, insurance products, and savings programs specifically designed for gig economy workers.

For more information about RiderPal or to schedule an interview with the leadership team, please contact the press team at press@riderpal.co.ke.

About Savannah Fund

Savannah Fund is a leading venture capital firm focused on early-stage technology companies in East Africa. With a portfolio of over 30 companies, Savannah Fund has been instrumental in growing the region's tech ecosystem.