Kenyan buy-now-pay-later (BNPL) company Lipa Later has secured US$12 million from a syndicate of investors to help it enhance coverage in existing markets and grow into new ones.
The money, which is a mixture of stock and debt, was raised from Cauris Finance, Lateral Frontiers VC, GreenHouse Capital, SOSV, Sayani Investments, and Axian Financial Services.
Lipa Later was founded in 2018 and uses data analytics to help people get easy and affordable credit.
In order to expand our business and reach new African markets, we are thrilled to have our investors join us on this journey. While we are expanding into three to five new African markets, we plan to develop and quadruple our footprint in the existing markets over the next year,” said Eric Muli, co-founder, and CEO of Lipa Later.
The firm had already grown into Uganda and Rwanda off the back of funding round at the start of last year, but it has disclosed an extra US$12 million, received late last year, to allow it to expand inside current markets and into new ones such as Nigeria, Ghana, and Tanzania.
Lipa Later will now be able to provide its BNPL services to a far larger pool of existing customers.