Lipa Later, a Kenyan fintech platform that enables e-commerce, financial inclusion, and shopping on a centralized and fully integrated platform, has secured US$3.4 million in a privately placed debt issuance to help it grow its operations.
The funding round was backed by KN Law, a preeminent legal consulting firm, acting as the legal advisers, and Rubicon Landing, a prominent transaction advisory business, acting as the transaction consultants.
Lipa Later, founded in 2018, seeks to allow African businesses to accomplish more by providing e-commerce, financial inclusion, and purchasing on a centralized and completely integrated platform.
The start-up provides retailers with working finance, consumer credit, and e-commerce solutions.
Its development trajectory and the trust it has gained within the Kenyan financial ecosystem, according to Lipa Later, are testaments to its successful financing, which will allow it to broaden its product offerings and provide greater customer service.
“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,” said Eric Muli, Group CEO at Lipa Later.
To boost its growth, Lipa Later plans to raise an additional US$13.6 million in debt and equity.
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