January 13, 2022, marked a significant milestone for Lipa Later, a pioneering buy-now-pay-later (BNPL) company operating in Kenya, Rwanda, Uganda, and Nigeria. The company has secured $12 million in funding from a consortium of investors, including Cauris Finance, Lateral Frontiers VC, GreenHouse Capital, SOSV IV LLC, Sayani Investments, and Axian Financial Services.
The funding, a mix of equity and debt, will enable Lipa Later to expand its operations within its current markets, including Kenya, Uganda, and Rwanda, and enter new markets such as Nigeria, Ghana, and Tanzania. This investment will also allow the company to provide its Buy-Now-Pay-Later services to its substantial current pipeline of consumers, supporting Lipa's exclusive partnerships with world-class merchants in Sub-Saharan Africa.
Lipa Later, founded in Kenya in 2018, has built a reputation for delivering value for its investors from its early days. The company's recent round of funding attracted backing from experienced investors, who praised Lipa Later's unique capabilities in bolstering consumer credit in the region.
Speaking about the investment, Samakab Hashi, Partner at Lateral Frontier VC, said,
