Kenya’s Lipa Later raises over $3.3 million in private debt to make financial solutions more accessible to customers

Lipa Later Group, a prominent Kenyan fintech platform, has announced the successful completion of a KES 500 million (about $3.3 million) privately placed debt issuance. This achievement underscores the company’s commitment to providing innovative financing solutions for African businesses and consumers.

Lipa Later’s platform is designed to empower African businesses by facilitating e-commerce, promoting financial inclusion, and offering centralised and fully integrated shopping experiences.

The raise received strong support from key partners, including Rubicon Landing, a reputable transaction advisory firm that acts as transaction advisors, and KN Law, a leading legal advisory firm that provides legal counsel. Lipa Later’s mission to enhance financial inclusion in Kenya has garnered significant enthusiasm from both customers and the private capital markets.

This successful fundraising round reflects the company’s remarkable growth trajectory and the trust it has earned within the Kenyan financial ecosystem. The capital raised will enable Lipa Later to expand its range of offerings and provide even more accessible and convenient financing solutions to its customers.

Eric Muli, Group CEO at Lipa Later, expressed his excitement about the funding and its potential impact, stating,

“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.

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.”

Looking ahead, Lipa Later has ambitious plans to raise an additional KES 2 billion in both equity and debt financing. This capital infusion will support the company’s continued growth and expansion efforts as it works towards unlocking a $500 billion financial inclusion opportunity in urban Africa. The company aims to reach more customers and businesses across Kenya.

Read also: Kenya’s Lipa Later raises $12m to expand its consumer credit platform across Africa

About Lipa Later Group

Lipa Later is a leading fintech platform that offers consumer credit, working capital and e-commerce solutions for merchants. Lipa Later was founded to empower African businesses to do more by enabling e-commerce, financial inclusion, and shopping on a centralized and fully integrated platform.

The fintech has tapped into the rapidly growing online presence across Africa to provide financial solutions to consumers by increasing their purchasing power and being an alternative payment option. Today, we have made credit easily accessible to consumers, reduced friction to create seamless shopping experiences in Africa, and contributed to the growth of our retailers.

The group recognizes the significant potential for financial innovation in the Kenyan market and is dedicated to playing a pivotal role in shaping the future of financing in the country. With the support of stakeholders and investors, the company is confident in its ability to achieve its goal of making financing more accessible and inclusive for all.

Lipa Later remains committed to providing Kenya’s best financing solutions and customer experiences. The company looks forward to continued collaboration with Rubicon Landing and its partners as it strives to realise its vision of a financially inclusive Kenya.