The Empower Africa Business Platform is Now Live !!!
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.
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
Surayyah Ahmad, a seasoned entrepreneur and co-founder of two previous ventures, has launched Sabou Capital, a new investment fund aimed at closing funding gaps for small and medium-sized enterprises (SMEs) in West and Central Africa.
Kenyan fintech Zanifu has secured fresh backing from Yango Ventures, the US$20 million corporate venture capital arm of global tech group Yango.
MoneyHash, a leading payment orchestration platform in the Middle East and Africa (MEA), has raised $5.2 million in pre-Series A funding.