Day: September 14, 2023

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Kenyan Fintech Lipa Later Secures $5 Million Debt Funding to Expand

New Investments

Kenyan Fintech Lipa Later Secures $5 Million Debt Funding to Expand

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Lipa Later, a Kenyan fintech startup that provides buy now, pay later (BNPL) financing solutions, has secured $5 million in debt funding.
 
 
 

The funding round was led by a consortium of investors, supported by Rubicon Landing as the transaction advisor and KN Law as the legal advisor.

Lipa Later will use the funding to expand its operations in Kenya and other African countries. The company also plans to use the funds to develop new products and services.

Lipa Later was founded in 2018 and has since processed over $100 million in loans.

The company partners with merchants to offer BNPL financing to their customers. Customers can use Lipa Later to pay for goods and services in instalments, with no interest or late fees.

“We are excited about the opportunities this funding has unlocked for merchants and consumers. We would like to extend our heartfelt gratitude to the investors and supporters for their unwavering trust in our vision. These funds have enabled us to further invest in technology and infrastructure to make our financing solutions even more accessible and convenient for our customers,” Eric Muli, founder of Lipa Later, said.

The BNPL market is growing rapidly in Africa, with a recent study by McKinsey estimating that the market could reach $100 billion by 2025.

Lipa Later is one of a number of African fintech startups that are tapping into this growing market.

With the new funding, Lipa Later is well-positioned to expand its operations and become a leading player in the African BNPL market.

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Joliba Capital Raises $59 Million to Invest in West African SMEs

Key Developments

Joliba Capital Raises $59 Million to Invest in West African SMEs

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Joliba Capital, a private equity firm focused on investing in SMEs in West Africa, has announced the first close of its Joliba Fund I at $59m.
 
 
 
 

The fund was oversubscribed, with strong demand from both commercial and development investors.

The lead investors in the fund are IFC, Proparco, FMO, and the French private equity firm LBO France. Other investors include CDC Group, Proparco’s managed account for French institutional investors, and several family offices.

Joliba Fund, I will invest in SMEs in West Africa that are growing rapidly and have the potential to create jobs and contribute to economic development. The fund will focus on sectors such as manufacturing, agribusiness, and services.

Joliba Capital was founded in 2019 by Mamadou Diallo, a former investment banker with Goldman Sachs. The firm has offices in Abidjan and Lagos.

The closing of Joliba Fund I is a significant milestone for the private equity market in West Africa.

It is the largest fund to be raised for this region in recent years, and it is a sign of the growing interest in investing in African SMEs.

The fund’s success is also a testament to the hard work and dedication of the Joliba Capital team. The firm has a deep understanding of the West African market and a proven track record of investing in successful businesses.

With the closing of Joliba Fund I, Joliba Capital is well-positioned to make a significant impact on the economic development of West Africa.

The fund will help to create jobs, boost economic growth, and improve the lives of millions of people.

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