FlexPay, an innovative Kenyan fintech has received funding from Renew Capital Angels.
Customers can use FlexPay’s “save now, buy later” platform to build up personal savings objectives and buy things over time, interest-free. They work with merchants to offer flexible payment choices for high-value goods and services, giving customers more financial freedom and purchasing power.
“Our “save now, buy later” model represents an important evolution of “buy now, pay later”. It’s an affordable, scalable, and sustainable model, particularly in Africa. According to Richard Machomba, CEO of FlexPay, We are looking forward to the future and plan to move quickly in the next three months to partner with merchants and blaze a new trail in the banking space,” said Richard Machomba, CEO of FlexPay.
By providing clients with useful and inexpensive financial services, FlexPay hopes to close the affordability gap and shield them from the risks of debt.
“The youngest and fastest-growing populations in the world are generating massive demand for effective and affordable financial services. This is Africa’s great challenge and opportunity. According to Matt Davis, CEO of Renew Capital, FlexPay is leveraging exciting technology to power an empowering new model: “Save now, buy later.”
The funding will help further Renew Capital’s goal of providing seed money to innovative businesses across Africa.
Read more on Tech Gist Africa:
Zanifu, a fintech startup in Kenya, has raised $11.2 million in pre-series A funding
Ed Partners, a startup in Kenya, receives $1.5 million in funding
Zuri Health, a startup based in Kenya, has raised additional funding