Kenya: Renew Capital in ’save now, buy later’ deal

Renew Capital Angels has invested in Kenyan fintech company FlexPay.

FlexPay’s ’save now, buy later’ platform allows customers to purchase products over time, interest-free, by setting personal savings goals. It provide customers with greater financial flexibility and purchasing power by collaborating with merchants to facilitate flexible payment options for high-value goods and services.

“Our ’save now, buy later’ model represents an important evolution of ’buy now, pay later’. It’s an affordable, scalable, and sustainable model, particularly in Africa. We are looking forward to the future and plan to move quickly in the next three months to partner with merchants and blaze a new trail in the banking space,” said Richard Machomba, CEO of FlexPay.

FlexPay aims to bridge the affordability gap with practical and affordable financial services thus protecting customers from the dangers of debt.

”The youngest and fastest-growing populations in the world are generating massive demand for effective and affordable financial services. This is Africa’s great challenge and opportunity. FlexPay is leveraging exciting technology to power an empowering new model: ’Save now, buy later’,” said Matt Davis, CEO of Renew Capital.

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