After raising KES 500 million ($5 million) in a privately placed debt issuance earlier this week, Lipa Later has revealed that it has received approval to raise funds from the general public in the United States.
What this means is that investors worldwide will now have a chance to invest in the Kenyan Buy Now Pay Later (BNLP) company as it seeks to raise more funding for expansion. The fundraising will be facilitated Republic, a a global financial technology company that allows anyone to invest in anything, anywhere.
Lipa Later becomes one of the first African companies to secure the green light from the US Regulator – SEC to go ahead with the publica fundraising.
“We are thrilled to offer retail investors in the US and across the world the opportunity to invest in one of Africa’s fastest-growing fintech. LipaLater’s CEO, Eric Muli said.
‘’Our excitement is magnified as we pioneer a trend, embarking on becoming a global business and the financial control center for Africa’s 50M retailers.’
The company does not say how much it intends to fundraise but notes that the move will help amplify its mission of becoming Africa’s most expansive credit, payments, and shopping platform.
Founded in 2018 by Eric Muli, the company is a leading fintech platform that empowers consumers to buy now and pay later for essential products and services. Its proprietary credit scoring and machine learning system enable customers to sign up and get a credit limit in seconds without the need for bulky documentation and a long lengthy credit approval process. It has offices in Kenya, Uganda, Rwanda and Nigeria.
Currently, the firm has over 350,000 Consumers and over 35,000 Merchants, and an Exclusive partnership with Mastercard for POS financing.
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