On January 14, 2022, Kenya's Lipa Later, a pioneering pay-as-you-go startup, secured $12 million in its pre-series A funding round, marking a significant milestone in the company's growth.
The new funding, a mix of equity and debt, was led by Cauris Finance, Lateral Frontiers Ventures, GreenHouse Capital, SOSV IV LLC, Sayani Investments, and Axian Financial Services. This investment adds to an undisclosed investment in 2020 by Tokyo-headquartered Uncovered Fund.
Lipa Later plans to utilize the funding to expand its presence in its current markets, including Kenya, Uganda, and Rwanda, while also entering new markets such as Nigeria, Ghana, and Tanzania.
The company's innovative credit scoring and machine learning system enables consumers to sign up and receive a credit limit in seconds, without the need for extensive documentation and a lengthy credit approval process.
With its unique pay-as-you-go option, Lipa Later integrates seamlessly into e-commerce platforms, allowing merchants to sell products directly to consumers and pay for them in affordable monthly instalments.
The company boasts an impressive array of exclusive merchants and world-renowned brands, including Carrefour, Apple, Tecno, and Samsung.
