Kenyan fintech Zanifu raises $11.2 million to scale its inventory financing offering
Zanifu, a Kenyan fintech company that provides inventory financing to micro, small, and medium-sized businesses (MSMEs), has raised $11.2 million in debt-equity funding in a pre-Series A round.
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.
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