New Investments
Kenyan fintech Zanifu raises $11.2 million to scale its inventory financing offering
The funding round was led by Beyond Capital Ventures and Variant Investments.
The round also saw participation from other investors, including Founders Factory Africa, AAIC Investment, Google Black Founders Fund, and existing investor Launch Africa.
This brings the total debt-equity funding raised by the startup to $12.7 million.
Zanifu’s inventory financing product provides MSMEs with access to working capital to purchase inventory.
The company uses a proprietary credit scoring model to assess the risk of each borrower and offers loans with terms of up to 12 months.
The new funding will be used to scale Zanifu’s operations in Kenya and to launch new products and services.
The company also plans to use the funding to hire more staff and build its technology platform.
Zanifu is on a mission to provide affordable and accessible inventory financing to MSMEs in Kenya.
The startup’s inventory financing product has already helped over 1,000 MSMEs in Kenya to grow their businesses.
Zanifu’s latest investment is a positive development for the fintech sector in Kenya and will help to promote financial inclusion and to support the growth of MSMEs.
Related Articles
Register Now
Empower Africa Times Newsletter
Share :
“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.
You may also like...
Moroccan Fintech Startup Paytic Raises $4 Million to Expand Global Operations
Paytic, a technology company helping banks and financial service providers streamline its payment operations, has secured $4 million in a seed extension round.
Kenyan end-to-end fundraising startup, Raise, has secured undisclosed funding from San Francisco-based firm, Carta
Founded in 2018, Raise is on a mission to help African startups to manage equity, seed rounds, legal compliance, and close deals faster.
IFC Proposes $6 Million Equity Investment in Catalyst Fund to Drive Growth of Africa’s Climate-Tech Startups
The International Finance Corporation (IFC) is considering an equity commitment of up to $6 million to Catalyst Fund, a climate-technology venture vehicle targeting $40 million for early-stage investments across Africa.