Lipalater Secures $12m Funding For Expansion
The Kenyan BNPL Startup leverages data analytics to provide consumers with access to convenient and affordable credit.
LipaLater has raised US$12 million from a consortium of investors to help it increase coverage in existing markets and expand into new ones.
The startup said it has expanded into Uganda and Rwanda off the back of a funding round at the start of last year, but it has announced an additional US$12 million, secured late last year, to help it expand within current markets and into new ones such as Nigeria, Ghana and Tanzania. It will also allow Lipa Later to provide its BNPL services to its substantial current pipeline of consumers.
Eric Muli, Co-founder and CEO of LipaLater said: “We are excited to be working with our investors as we look to grow and expand to more markets in Africa. In the next 12 months we are looking to grow and double our presence in the existing markets, even as we open in three to five new markets in Africa.”
Ruby Nimkar, Partner at GreenHouse Capital, said LipaLater was changing the consumer credit landscape across Africa, which to date has been largely inaccessible for most.
“They’ve done this in a truly product and customer-led way that benefits both merchants and consumers and has proven to be incredibly scalable across multiple markets,” Nimkar added.