NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Bamba, a mobile-first enterprise software for micro-merchants in Africa, has secured $3.2 million in seed funding to scale its app and build out its team.

Venture capital firm 468 Capital led the round with participation from Presight Ventures, Jigsaw VC, and high profile angels Mato Peric, Leonard Stiegeler, Laurin Hainy and Thomas Stafford.

Micro, small and medium-sized enterprises account for 90 percent of all businesses in Sub-Saharan Africa and contribute more than half of all jobs.

However, the unavailability of digital solutions for both recording keeping and payments creates a hurdle that prevents the opportunity for these businesses to scale due to inadequate access to credit facilities.