Kenya: Lipa Later closes privately placed debt issue

Lipa Later Group – a fintech platform founded to empower African businesses to do more by enabling e-commerce, financial inclusion, and shopping on a centralised and fully integrated platform – announced the closure of a KES 500 million (c. $3.4 million) privately placed debt issuance.

Lipa Later enhances financial inclusion in Kenya by providing flexible payment options for consumers and businesses.

”We are excited about the opportunities this funding has unlocked for merchants and consumers. We would like to extend our heartfelt gratitude to the investors and supporters for their unwavering trust in our vision. These funds have enabled us to further invest in technology and infrastructure to make our financing solutions even more accessible and convenient for our customers,” said Eric Muli, group CEO at Lipa Later.

Looking forward, the company plans on raising an additional KES 2 billion (c. $13.5 million) in both equity and debt to spur growth further as it work towards unlocking a $500 billion financial inclusion opportunity in urban Africa. This capital infusion will support its continued growth and expansion plans, enabling it to reach more customers and businesses nationwide.

This raise was supported by Rubicon Landing, a transaction advisory firm, and KN Law, acting as the legal advisors.

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