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Kenyan buy-now-pay-later (BNPL) startup Lipa Later has raised USD 12 Mn from a consortium of investors to help it increase coverage in existing markets and expand into new ones. The funding, which is a mixture of equity and debt, was secured from Cauris Finance, Lateral Frontiers VC, GreenHouse Capital, SOSV, Sayani Investments, and Axian Financial Services.
Lipa Later leverages data analytics to provide consumers with access to convenient and affordable credit. Its proprietary credit-scoring and machine learning system enable a consumer to sign up and get a credit limit in seconds, without the need for bulky documentation and a lengthy approval process.
The funding will help the startup expand within current markets and into new ones such as Nigeria, Ghana, and Tanzania. It will also allow Lipa Later to provide its BNPL services to its substantial current pipeline of consumers.