Kenya’s Lipa Later, a fintech platform founded to empower African businesses to do more by enabling e-commerce, financial inclusion, and shopping on a centralised and fully integrated platform, has raised KES500 million (US$3.4 million) from a privately-placed debt issuance to help it expand its offerings.
Founded in 2018, Lipa Later aims to empower African businesses to do more by enabling e-commerce, financial inclusion and shopping all on one centralised and fully integrated platform. The startup offers consumer credit, working capital and e-commerce solutions for merchants.
This KES500 million (US$3.4 million) debt capital 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. Lipa Later said the successful raise was testament to its growth trajectory and the trust it has earned within the Kenyan financial ecosystem, and would enable it to expand its offerings and serve its customers better.
“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,” said Eric Muli, Group CEO at Lipa Later.
Lipa Later hopes to raise an additional KES2 billion (US$13.6 million) in both equity and debt to spur its growth further.