January 13, 2022 - A Kenyan start-up, Lipa Later, is set to launch its operations in Tanzania and West African countries after securing Ksh1.35 billion (US$12 million) from global companies.
The company, which has been operating in Kenya, Uganda, and Rwanda, aims to increase its market-share in the existing markets and expand to new markets in Africa.
Lipa Later's CEO, Eric Muli, stated that the funds would help the company to double its presence in the existing markets and open in three to five new markets in Africa within the next 12 months.
The start-up has partnered with big companies such as Carrefour in Kenya, allowing customers to purchase products in instalments and charging a monthly interest rate of around 2.3 per cent.
Customers can sign up with the company and shop for goods from over 500 retailers that have partnered with Lipa Later. They are then given a chance to make monthly payments.
"We allow you to own and have unrestricted use of what you want while you pay for it in affordable and flexible monthly instalments," reads a statement from Lipa Later's website.
