Kenyan fintech Lipa Later has launched a crowdfunding campaign on Republic in a bid to raise $1.24 million at a N30 million valuation. Republic is a worldwide investor ecosystem that opens up retail investment opportunities on a global scale. It offers individuals the opportunity to invest in various asset classes, including startups, cryptocurrencies, real estate, art, music, and more, at an early stage.
Obtaining approval for public crowdfunding in the United States allows Lipa Later to draw in investors from across the globe. This achievement also places the company among a select group of African startups that have accomplished this feat. Lipa Later is optimistic that this additional investment will support its expansion efforts in Africa.
Founded in 2018 by Eric Muli, Michael Maina in Kenya, Lipa Later is a prominent fintech platform specializing in providing consumer credit, working capital, and e-commerce solutions to merchants. It is known for its Lipa Later Buy Now Pay Later (BNPL) product which allows people pay for goods in instalment. It was founded to empower African businesses to do more by enabling e-commerce, financial inclusion, and shopping on a centralized and fully integrated platform. It has raised $25 million since inception.
Lipa Later is currently operational in four markets; Kenya, Uganda, Rwanda and Nigeria. It recently raised $12 million in pre-Series A funding boosting its plan to spread across Africa.
It claims it has 350,000+ Customers and 30k merchants and has an exclusive partnership with Mastercard for POS financing in East Africa. It also says it is profitable with a 558% YoY growth.
Lipa Later’s goal is to bank 100,000 SMEs in Africa and earn $20M in revenue by end of 2024.
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