Aella is a digital banking platform that provides instant loans, high-yield savings accounts, and seamless payment solutions through a secure mobile app. It addresses the lack of accessible financial services for individuals and businesses in Africa by offering low-interest loans and free, real-time money transfers.
Funding
$10.3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
OVVCZPFounders
Product
Problem
Many individuals and businesses in emerging markets lack access to basic financial services such as loans, savings accounts, and efficient payment solutions. Traditional banking infrastructure often excludes these populations due to high costs, limited physical presence, and stringent requirements. This lack of access hinders financial inclusion and economic empowerment.
Solution
Aella provides a mobile-first digital banking platform that offers instant loans, high-yield savings accounts, cards and seamless payment solutions tailored for individuals and businesses in Africa. The platform leverages a proprietary credit scoring algorithm to provide access to credit for users with limited or no credit history. Aella also facilitates instant and free money transfers, bill payments with discounts, and savings tools with competitive interest rates. By offering these services through a user-friendly mobile app, Aella aims to bridge the financial inclusion gap and empower its users to manage their finances effectively.
Target Audience
Aella targets individuals and businesses in emerging markets, particularly in Africa, who are underbanked or lack access to traditional financial services.
Features
- Mobile app for personal and business banking needs
- Instant loan access with approvals in minutes and loan amounts up to N2,000,000
- High-yield savings accounts (Vault) with up to 14% p.a. interest, daily interest payouts, and no penalty for unexpected withdrawals
- Virtual and physical cards for online and offline payments
- Free and instant transfers to other Aella users
- Bill payment functionality with discounts on electricity bills (IKEDC and Ikeja Electric)
- POS solutions for businesses to accept payments
- Reward system where users earn points on transactions that can be redeemed for cashback and discounts
- Business accounts with tools to manage finances