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Kenyan fintech startup Paylend has raised USD 2 Mn in seed funding to expand operations at home and launch in Tanzania, Zambia, and Nigeria. The seed investment comes from Next Chymia Consulting HK Limited, an Asian company that provides blockchain applications, consultancy services, and training to global entities.
Paylend is digitizing the manual, black book recording of data traditionally used by MSMEs. So far it has digitized over 10,000 SMEs, providing an array of services including access to credit and crowdfunding tools. Paylend will use the capital to expand its operations in the Kenyan market and open new markets in Tanzania, Zambia, and Nigeria as part of its three-year growth plan.