Lipa Later Group, a Purchase Now Pay Later platform has introduced the profitable closure of a KES 500 million privately positioned Debt issuance, reaffirming its dedication to offering progressive financing options for its prospects.
This elevate was supported by Rubicon Touchdown, a good transaction advisory agency, performing because the transaction advisors and KN Legislation, a number one authorized advisory agency, performing because the Authorized Advisors.
Eric Muli, Group CEO at Lipa Later says the agency’s journey to empower Kenyan shoppers with handy and accessible financing choices has been met with unimaginable enthusiasm from prospects and the personal capital markets. Lipa Later enhances monetary inclusion in Kenya by offering versatile fee choices for shoppers and companies.
“This profitable elevate is a testomony to our progress trajectory and the belief we have now earned throughout the Kenyan monetary ecosystem, and it’ll allow us to increase our choices and serve our prospects higher. “We’re excited in regards to the alternatives this funding has unlocked for retailers and shoppers. We wish to prolong our heartfelt gratitude to the buyers and supporters for his or her unwavering belief in our imaginative and prescient. These funds have enabled us to additional put money into expertise and infrastructure to make our financing options much more accessible and handy for our prospects ” stated Eric Muli, Group CEO at Lipa Later.
Lipa Later plans to boost a further KES 2 Billion in each Fairness and Debt to spur progress additional and work in the direction of unlocking a $500bn Monetary Inclusion Alternative in City Africa.
“This capital infusion will help our continued progress and growth plans, enabling us to achieve extra prospects and companies nationwide,” stated Muli. “The Kenyan market holds immense potential for monetary innovation, and we’re dedicated to taking part in a major function in shaping the way forward for financing in Kenya. With the help of our stakeholders and buyers, we’re assured that we will obtain our aim of constructing financing extra accessible and inclusive for all.”
Lipa Later is devoted to offering Kenya’s finest financing options and buyer experiences. We sit up for continued collaboration with Rubicon Touchdown and our companions as we work in the direction of our imaginative and prescient of a financially inclusive Kenya.
Lately, Lipa Later partnered with Mastercard to speed up the growth of Purchase Now, Pay Later (BNPL) fee providers in Africa. By leveraging Mastercard’s intensive community of retailers, progressive fee strategies, and state-of-the-art expertise infrastructure and Lipa Later’s energy in shopper credit score, each corporations are poised to empower people and companies with better entry to important services, make entry to credit score seamless and scale back friction to create seamless procuring experiences and transactions.
Lipa Later additionally acquired SkyGarden, an eCommerce platform for electronics, dwelling items, and different merchandise. The acquisition allowed Lipa Later to totally handle the agency’s operations in Kenya, enabling prospects to purchase items and providers from a wide-range of sellers electronically. Lipa Later now gives Sky.Backyard’s prospects purchase now, pay later mannequin that gives a versatile and reasonably priced fee plan by month-to-month installments .Lipa Later rolled out credit score choices for small-scale retailers utilizing the platform and shoppers to purchase objects from the platform utilizing a fee possibility of their alternative, together with Lipa Later’s BNPL.
Working in Kenya, Rwanda, Uganda, Lipa Later raised USD 12 million from a consortium of buyers to increase the corporate in Kenya, Uganda, Rwanda and into new markets equivalent to Nigeria, Ghana, and Tanzania and likewise enable Lipa Later to offer its Purchase-Now-Pay-Later providers to its substantial present pipeline of shoppers supporting Lipa’s unique partnerships with world-class retailers in Sub-Saharan Africa.
Lipa Later, which began in Kenya in 2018 has constructed a status for delivering worth for its buyers proper from its early days; the corporate’s current spherical of funding attracted backing from Cauris Finance, Lateral Frontiers VC, GreenHouse Capital, SOSV IV LLC, Sayani Investments and Axian Monetary Companies.
The corporate just lately launched into an bold crowdfunding enterprise by Republic, to safe $1.24 million in capital to advance its growth initiatives all through Africa.