This archive report was first published on 29 December 2021.
On December 29, 2021, Kenyan fintech startup Paylend secured Sh226.4 million from Asian investors to fund its expansion into new markets in Tanzania, Zambia, and Nigeria.
The investment, facilitated by Chymia Consulting HK Limited, will help Paylend grow its operations in Kenya and enter new markets as part of its three-year growth plan.
Paylend's Chief Executive, Eliutherius Juma, noted that the capital injection comes at a critical time, with the value of the credit gap in Sub-Saharan Africa estimated at Sh10.2 trillion ($90 billion).
According to Juma, this requires an increase of over 350 per cent to close the gap, highlighting the need for efficient business tools and access to finance for micro, small, and medium enterprises (MSMEs).
Paylend aims to provide access to finance and digitise local MSMEs, and is an Adanian Labs startup focused on building, nurturing, and scaling impact-driven technology startups across Africa.
Adanian Labs Chief Technology Officer, Bendon Murgor, expressed confidence that the investment will see Paylend transform MSMEs in Kenya and beyond through digital skills and financial inclusion.
Chymia Consulting HK Chief Executive, Kenji Sasaki, noted that the pact with Paylend epitomises the potential of the informal sector in Africa in solving key societal issues.
