Kenya’s Lipa Later Group has secured Sh500 million funding in a privately placed debt issuance signifying investors interest in Kenya’s lucrative Buy Now Pay Later (BNPL) space. Last month, Safaricom, Craft Silicon and Mastercard unveiled products/partnerships allowing consumers to buy goods on credit.
In a statement, Lipa Later, a startup financial technology company which enhances financial inclusion in Kenya by providing flexible payment options for consumers and businesses, said that the funding will be used to make financing solutions even more accessible and convenient to its customers.
“We are excited about the opportunities this funding has unlocked for merchants and consumers. 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 ” said Eric Muli, Group CEO at Lipa Later.
“Looking Forward, we plan on raising an additional Sh2 Billion in both Equity and Debt to spur our growth further as we work towards unlocking a $500bn Financial Inclusion Opportunity in Urban Africa. This capital infusion will support our continued growth and expansion plans, enabling us to reach more customers and businesses nationwide,” he added.
“The Kenyan market holds immense potential for financial innovation, and we are committed to playing a significant role in shaping the future of financing in Kenya. With the support of our stakeholders and investors, we are confident that we can achieve our goal of making financing more accessible and inclusive for all.”
The raise was supported by Rubicon Landing, a reputable transaction advisory firm, acting as the transaction advisors and KN Law, a leading legal advisory firm, acting as the Legal Advisors.
