Kenyan fintech Lipa Later on Wednesday announced a successful closure of a $5M (KES 500 million) privately placed Debt issuance.
According to a press statement seen by TechTrends Media from the company, the 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 is targeting to raise an additional $20M (KES 2 Billion) in both Equity and Debt to spur its growth in Kenya and other markets in Africa.
“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,‘’ said Eric Muli, Group CEO at Lipa Later .
‘’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” he added.
Earlier this month, Lipa Later revealed that it had received approval to raise funds from the general public in the United States (US). The fundraising will be facilitated by Republic, a global financial technology company that allows anyone to invest in anything, anywhere.
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.