Kenyan Lipa Later Raises $3.3 Million in Private Debt Issuance to Expand Offerings And Enhance Customer Service
Lipa Later, a fintech company based in Kenya that specializes in providing Buy Now, Pay Later (BNPL) services, has raised $3.3 million (KES 500 million) in private debt issuance to expand its offerings and enhance customer service.
The private debt fund was supported by Rubicon Landing, a transaction advisory firm, and KN Law, a leading legal advisory firm.
The successful fundraising round reflects the company’s remarkable growth trajectory in Kenya, which has earned it the trust within the country’s financial ecosystem.
Speaking on the funds raised, CEO at Lipa Later Eric Muric expressed gratitude to investors and supporters for trusting the company’s vision, while noting that the funds will go a long way to unlock opportunities for merchants and consumers.
In his words,
“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”.
Notably, Lipa Later aspires to raise an additional KES 2 billion in both equity and debt to further catalyze its growth. The capital infusion will allow the company to reach more customers and businesses across Kenya, with the ultimate goal of unlocking a $500 billion financial inclusion opportunity in urban Africa.
Founded in 2018 by Eric Muli, Lipa Later facilitates deferred payment options for various goods and services, allowing consumers to make purchases and then pay for them in installments over a specified period.
The platform is designed to make it more affordable for consumers to access products and services without the need for traditional credit arrangements like credit cards or loans.
Also, it has made this experience possible by partnering with +500 partners in Nairobi, Mombasa, Kisumu, and Rwanda.
With its wide network across Kenya, Uganda, and Rwanda, the startup is constantly seeking new ways of making the buying experience better and accessible to customers.
Lipa Later remains committed to providing the best financing solutions and customer experiences to Kenyans and a vast amount of Africans.
The Fintech startup is revolutionizing the consumer credit landscape in Africa and is playing a crucial role in shaping the future of shopping, e-commerce, and payments.
