Kenyan fintech startup Lipa Later has raised KES500 million (US$3.4 million) in a privately-placed debt issuance to help it expand its offerings. The company, which was founded in 2018, offers consumer credit, working capital, and e-commerce solutions for merchants.

The debt raise was supported by Rubicon Landing, a transaction advisory firm, and KN Law, a legal advisory firm. Lipa Later said the successful raise was testament to its growth trajectory and the trust it has earned within the Kenyan financial ecosystem.

“We are excited about the opportunities this funding has unlocked for merchants and consumers,” said Eric Muli, Group CEO at Lipa Later. “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.”

Lipa Later plans to use the funds to expand its product offerings, grow its customer base, and expand into new markets. The company also plans to hire more staff and invest in its technology and infrastructure.

Lipa Later is one of the leading fintech startups in Kenya. The company has over 50,000 merchant partners and over 1 million active customers. Lipa Later is known for its innovative and customer-centric approach to fintech.

The company’s consumer credit product, Lipa Later Pay, allows customers to shop now and pay later for their purchases. The company’s working capital product, Lipa Later Capital, provides merchants with access to short-term financing to help them grow their businesses. Lipa Later also offers a suite of e-commerce solutions, including Lipa Later Checkout and Lipa Later Payout, to help merchants sell their products and services online.

Lipa Later is well-positioned to continue its growth in the coming years. The company has a strong team, a loyal customer base, and a supportive investor base. Lipa Later is also committed to innovation and customer satisfaction.