Nairobi-based fintech platform, Lipa Later Group, has successfully secured a KES 500 million private debt issuance, solidifying its commitment to providing innovative financing solutions. The funding, facilitated by Rubicon Landing and KN Law, is directed towards empowering African businesses and fostering financial inclusion in the e-commerce sector.
In alignment with its vision to revolutionize commerce across Africa, Lipa Later Group has invested KES 250 million in rebranding Sky.Garden. This strategic move aims to position Sky.Garden as a frontrunner in the burgeoning social commerce landscape, with an ambitious goal of connecting 100,000 merchants within the next year.
Acknowledging the growing popularity of social commerce, Lipa Later Group’s investment in Sky.Garden will capitalize on this trend, as global social commerce is projected to expand at a triple-digit rate compared to traditional commerce, reaching $1.2 trillion by 2025.
“We are thrilled about the opportunities this funding has unlocked for merchants and consumers alike. We extend our deepest gratitude to our investors and supporters for their unwavering trust in our vision. These funds have empowered us to further invest in technology and infrastructure, making our financing solutions even more accessible and convenient for our customers,” stated Eric Muli, CEO of Lipa Later Group.
Moving forward, Lipa Later plans to raise an additional KES 2 billion through a combination of equity and debt financing to further propel growth and unlock a $500 billion financial inclusion opportunity in urban Africa. This infusion of capital will fuel Lipa Later’s expansion plans, aiming to make financing more accessible and inclusive for customers across the nation.
The company remains steadfast in its commitment to providing exceptional financing solutions and customer experiences in Kenya, with an unwavering dedication to shaping the future of financing in the country. The collaboration with Rubicon Landing and partners reinforces Lipa Later’s unwavering pursuit of a financially inclusive Kenya.
