Paylend, a Kenyan FinTech start up focused on providing access to finance and digitizing micro, small and medium-sized enterprises in Kenya has raised $2 million seed investment from Next Chymia Consulting HK Limited.
Next Chymia is an Asian based company that provides blockchain applications, consultancy services and training to global entities.
This investment will help Paylend grow its operation in the Kenyan market and open new markets in Tanzania, Zambia and Nigeria as part of its next 3 years’ growth plan
Established three years ago, the fintech startup has digitized over 10,000 SMEs and growing with its users enjoying an array of services including access to credit for products and services and crowdfunding tools.
The fintech startup’s model enables last mile consumer data collection that allows for a thorough understanding of consumer needs as it creates value for the SMEs ecosystem.
“I believe in impact driven solutions. For a very long time, MSMEs have experienced stunted growth due to lack of efficient business tools or lack of funds. With Paylend, we are able to turn this around by helping these businesses access affordable credit quicker thus allowing them to have liquidity thus ensuring business continuity.
Additionally, we form alliances with strategic partners with similar goals to present business tools that ease operations of these MSMEs,” said Eliutherius Juma, CEO, Paylend.
Who is Paylend?
The Fintech startup is an Adanian Labs start-up, a Pan African smart technologies venture studio with a mission to build, nurture and scale 300 impact driven tech start-ups across Africa.
“We are confident that this investment will see Paylend transform MSMEs in Kenya and beyond. Adanian Labs will continue to work with Paylend and support its roll out across Africa.” said Bendon Murgor, CTO, Adanian Labs.
“We are absolutely delighted to partner and support Paylend. Our vision is to ensure that no one is left behind in Africa when it comes to access to technology that can potentially facilitate wealth creation, “said Kenji Sasaki, the CEO of Next Chymia Consulting HK Limited.
Paylend app, can be accessed on Android Playstore, for both consumers and MSME’s, with innovative features on access to credit for businesses, crowdfunding tools, and prepayment of goods and services for consumers.