Kenyan startup Lipa Later targets more African markets after raising $12m

Lipa Later is a Kenyan technology-powered consumer credit platform. It has raised $12 million in pre-Series A funding which it plans to use to expand into new markets in Africa. The equity and debt round saw participation from Cauris Finance, Lateral Frontiers VC, GreenHouse Capital, SOSV IV LLC, Sayani Investments and Axian Financial Services.

The startup, a BNPL company founded in 2018, now plans to enter Tanzania, Ghana and Nigeria, and expand into its existing markets of Kenya, Uganda and Rwanda. Lipa Later has exclusive partnerships with retailers in these markets, allowing buyers to pay for products in instalments. For example, Lipa Later’s partnership with French retailer Carrefour (which has a regional presence) allows customers to pay for items such as furniture, electronics, and even perishables in monthly installments.

“We are excited to work with our investors as we seek to grow and expand into more markets in Africa. Over the next 12 months, we are looking to grow and double our presence in existing markets, even as we open three to five new markets in Africa”, said Eric Muli, co-founder and CEO of Lipa Later.

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