New post Thank you for 2021. Expecting a bigger you in 2022 Read More

Startups

Kenyan-based Startup – Lipa Later – raises $12m in its Pre-series A funding round

1 Mins read

Kenyan-based consumer company, Lipa Later, has raised $12 million in its pre-series A investment funding round.

The company, which runs a buy-now-pay-later (BNPL) business model, and operates in Kenya, Rwanda, and Uganda, said the funds would be used to push further expansion of its operations across Africa, especially, Nigeria, Ghana, and Tanzania.

The company also said that the funds would be used to extend its BNPL services to its large pipeline of customers who support Lipa’s unique agreements with top-tier merchants in Sub-Saharan Africa.

The fundraising round had in participation, companies like Cauris Finance, Lateral Frontiers VC, GreenHouse Capital, SOSV IV LLC, Sayani Investments, and Axian Financial Services.

Speaking on the fundraise, Lipa Later co-founder and CEO Eric Muli, noted that:

We are excited to be working with our investors as we look to grow and expand to more markets in Africa. In the next 12 months, we are looking to grow and double our presence in the existing markets, even as we open in three to five new markets in Africa.”

Lipa Later prides itself as a lending marketplace for high-end items for individuals. The company has exclusive partnerships with retailers across markets, allowing shoppers to pay for products in installments.

Read also: Africa’s 2021 EdTech Space: The frontrunners

The company’s API integrates into e-commerce platforms, allowing merchants to sell products directly to consumers. Lipa later also allows customers to purchase items in stores.

Some of Lipa Later’s trade partners include: Carrefour, Apple, Tecno, and Samsung, and a couple of other merchants.

Commenting on the fundraise, Ruby Nimkar, Partner at GreenHouse Capital, said:

Lipa Later is not only changing the consumer credit landscape across Africa, which to date has been largely inaccessible for most, but also catalyzing the future of shopping, e-commerce and payments. They’ve done this in a truly product and customer-led way that benefits both merchants and consumers, and has proven to be incredibly scalable across multiple markets.”

469 posts

About author
When I'm not reading about tech, I'm writing about it, or thinking about the next weird food combinations to try. I do all these with my headphones plugged in, and a sticky note on my computer with the words: "The galaxy needs saving, Star Lord."
Articles
Related posts
Now you knowRandomStartups

Saga Raises $6.5 million To Build A Web3 Protocol

2 Mins read
Web3 has been everywhere in the news lately, interestingly, for the right reasons I must admit. We are about witnessing the change…
Startups

Kenyan aquaculture startup - Victory Farms - raises $5 million to push its expansion across East African

2 Mins read
Victory Farms, an aquaculture startup based in Kenya, has completed its fundraising round, closing the round with $5 million. The startup, which…
RandomStartups

Aave Launches A Web3 Social Media Platform Powered By Blockchain

2 Mins read
The good news of Web3 will continue to be spread until it completely evolves and becomes a blown reality, having fully been…
Get powered up with Techpadi Newsletter

Be the first to know what's happening in the African tech space

Leave a Reply