Lipa Later, one of the first of it’s kind buy-now-pay-later (BNPL) company operating in Kenya, Rwanda, Uganda and Nigeria, has raised USD 12 million from a consortium of investors. The funding, which is a mix of equity and debt, will help Lipa Later expand within its current markets (Kenya, Uganda, Rwanda) and into new markets such as Nigeria, Ghana and Tanzania. It will also allow Lipa Later 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’s proprietary one of a kind credit scoring and machine learning system enables the consumer to sign up and get a credit limit in seconds without the need for bulky documentation and a long lengthy credit approval process. In appreciation of his new investors, Eric Muli, the Co-Founder and CEO of Lipa Later said, “We are excited to be working with our investors as we look to grow and expand to more markets in Africa.

Source: The North Africa Journal January 17, 2022 09:08 UTC