BNPL startup Lipa Later raises US$12 million

After obtaining US$12 million in pre-Series A funding, Lipa Later, a Kenyan tech-led consumer lending network, plans to expand to other countries in Africa.

Cauris Finance, Lateral Frontiers VC (one of Lipa Later’s early investors), and GreenHouse Capital led the equity and debt investment round, which also included SOSV IV LLC, Sayani Investments, and Axian Financial Services.

The company, which was launched in 2018, is now planning to enter Tanzania, Ghana, and Nigeria, as well as expand in its current markets of Kenya, Uganda, and Rwanda.

“We are excited to be working with our investors as we look to grow and expand to more markets in Africa. In the next 12 months, we are looking to grow and double our presence in the existing markets, even as we open in three to five new markets in Africa,” said Lipa Later co-founder and CEO Eric Muli.