Solv Kenya, a B2B marketplace for SMEs, has surpassed Sh1 billion in invoice funding to Kenyan SMEs in its first full year of business. The company is keen on bridging the huge finance gap that is limiting the growth of most SMEs in the country.
Solv partners with financial institutions to offer SMEs a wider pool of credit through its platform. It also plans to expand into e-commerce and Buy Now Pay Later (BNPL) space.
The company is championing access to sustainable and responsible finance for SMEs, which has been a huge barrier to their growth and stability.
Solv CEO Sheila Kimani said the company is committed to helping businesses grow through access to finance and expansion to new markets. She added that Solv is championing access to sustainable and responsible finance, which has been a huge barrier to the growth and stability of SMEs in Kenya.
International Finance Corporation (IFC) estimates that about 43 percent of formal SMEs in developing countries like Kenya have an unmet financing need of nearly $4.1 trillion. Stringent credit evaluation processes from mainstream financial institutions have made it difficult for small businesses to access finance.
Kimani said that SMEs are unable to create their desired economic impact, such as employment creation and driving last mile access to goods and services, due to these challenges.
Solv partners with financial institutions to fund SMEs by directly paying the seller of goods/services, ensuring that the financing leverage goes into the intended purpose. Kimani added that the availability of multiple financial institutions on the Solv platform gives SMEs options and a higher acceptance rate, as different financiers have different risk acceptance criteria.
Since its launch, Solv has gained wide acceptance in the market, enabling SMEs to stock more and expand their customer base, while suppliers are able to push more volumes while getting paid instantly through Solv loans.
Kimani said that Solv has revolutionized the way SMEs access credit with digital convenience and without the shackles of traditional banking conditions. She added that SMEs can now obtain stock finance in 3 minutes with no paperwork.
Solv is making it easier for SMEs to access finance by simplifying the credit evaluation process and removing the need for audited accounts, security, guarantees, and business registration compliance.
The company has already gained enviable acceptance in the market, enabling SMEs to stock more and expand their customer base, while suppliers are able to push more volumes while getting paid instantly through Solv loans.
Solv is committed to helping businesses grow through access to finance and expansion to new markets. It offers SMEs an array of options that closely suit their business requirements from various aspects such as tenure of product, pricing, and amount of limit given by partner financial institutions, thus promoting sustainable SME growth in Kenya.
Solv has won several awards, including the FinTech Innovation Award from the Central Bank of Kenya. The company was founded in 2022 as a venture build of Standard Chartered PLC. It has a team of over 100 employees., has partnered with over 20 financial institutions in Kenya. and has funded over 10,000 SMEs in Kenya.
Solv is playing an important role in supporting the growth of SMEs in Kenya. By providing them with access to finance and other resources, Solv is helping them to create jobs, drive economic growth, and improve the lives of Kenyans.