Kenyan Fintech Lipa Later Secures USD 5 M Debt Funding

Lipa Later has raised USD 5 M in debt funding to double down on its growth. The Kenyan fintech also plans to raise an additional USD 20 M in equity and debt. It is currently crowdfunding USD 1.2 M in exchange for equity at a valuation of USD 30 M. The round was supported by Rubicon Landing, a transaction advisory firm, acting as the transaction advisor, and KN Law as the Legal Advisors.

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.