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Imali Inc.
Location: 520 Broad St., Newark, New Jersey, United States United States
Founded in: 2016
Stage: Pre-launch
Number of employees: 6-15
Funding history:
- Date: 11/2016, Accelerator/Incubator: $200 k
Short URL: vator.co/imali-inc
Followers (2)
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Imali Inc.

smart way to save for things that matters.
Startup/business
Newark, New Jersey, United States United States
http://www.imali.io
  • About
Company description

At Imali, we are social savings platform that helps customers to reach their short-term savings goal. We use the power of friends or communities to pool together; also allowing customers to create a crowdfunding campaign among their friends or communities for funerals, weddings, graduations etc. Our pooling formula is based upon rotating savings and credit associations - which have been around for more than two centuries.

We are launching the app in North America and Sub-Saharan Africa, thereby creating a matchmaking process for crossborder payments. Our users in North America can send money seamlessly to users in Sub-Saharan Africa, while users in Sub-Saharan Africa can pay for goods and services to businesses in North America.


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Team
  • Ugochukwu Mbanugo
    Ugochukwu Mbanugo | Founder
  • Olamidé Barber
    Olamidé Barber | Team member
    With ten years financial experience as a seasoned legal and compliance specialist; former Goldman Sachs banker Olamidé has consulted and worked with a number of tier 1 investment banks such as Citi, UBS, Credit Suisse and Nomura between NYC & Lond...
  • Zev Green
    Zev Green | Board member
Business model

We issue both virtual and physical prepaid debit card to our customers to use, Each time the customer uses either our physical prepaid MasterCard or virtual prepaid MasterCard, we make money on interchange fees. We also $10 on group savings to the user on each payout, and 3.5% on crowdfunding activities. The app also serves as a matchmaking platform in remittances between North America and sub-Saharan Africa.

Competitive advantage

We have developed a proprietary technology that minimizes default from members of the community and we also designed it in such a way that our users can always get a bridge loan in case of emergency. 
We also use artificial intelligence and machine learning to create our own credit score for our customers while learning the user behavior at the same time. Through our partnership with IDT Corp, we have access to money transmitter license through Boss revolution.

Investors
Investor Deafult Image
IDT Ventures - Unconfirmed