Kenyan fintech startup Sevi, which provides stock financing for wholesalers and retailers through its “stock now, pay later” platform, has obtained an undisclosed amount of funding from Renew Capital to develop its offering and expand its user base.
Founded in 2018, Sevi addresses the issue of insufficient working capital by providing users with access to credit while ensuring suppliers are paid upfront. Its smartphone app is designed for sales agents and customers, allowing them to pay orders on Sevi’s credit platform.
Through Sevi, suppliers like Coca-Cola, Anytime, and Philmed receive direct payments for their products, while retailers can order stock on credit, supporting business growth. The app uses AI and machine learning to enhance its credit evaluation process, offering a solution for credit transactions between suppliers, retailers, and credit funds.
“Our mission is to provide wholesalers and retailers with the working capital they need,” said Walter aan de Wiel, founder of Sevi. “Our app allows retailers to access stock on credit and repay easily, helping them to focus on expanding their businesses, and suppliers benefit from upfront payments.”
Operating on a one-week credit cycle, Sevi’s approach aims to reduce friction in the supply chain, enabling smoother transactions and increased efficiency for both retailers and suppliers.
The startup has received an undisclosed amount of funding from Renew Capital, an impact investment firm focusing on Africa that supports innovative companies with high-growth potential.
With Renew Capital’s investment, Sevi plans to enhance its platform’s capabilities, grow its network of suppliers and retailers, and continue promoting financial inclusion for wholesalers and retailers.
“Sevi is addressing a critical working capital gap in the FMCG sector,” said Calvin Chitangala, investment and project manager at Renew Capital. “Their platform makes stock financing more accessible and efficient, supporting business growth.”
