Kenyan startup LipaLater, a tech-driven consumer credit platform, launched in Rwanda towards the end of last year and shall be expanding into Nigeria and Uganda in 2021 after securing investment. Formed in 2016, LipaLater leverages data analytics to provide consumers with access to convenient and affordable credit. “In simpler words, we seek to promote affordable living across Africa by offering convenient and flexible payment options to our consumers,” said chief executive officer (CEO) Eric Muli. “Following continued exponential growth, we shall be expanding into Nigeria and Uganda this year,” said Muli. This international growth comes after LipaLater raised funding, most recently last month, when it raised a seven-figure bridge round from investors including Lateral Capital and Platform Capital, but the startup has been performing well in its home market too. “We have had quite a number of milestones, like on-boarding all tier one electronic brands in the market,” Muli said. The demand in the East African market, he said has been “super, almost shocking”, hence the startup’s need to expand. “As life happens, there’s a concomitant increase of responsibilities, families grow, and different needs arise. Therefore our core mission is to strive to always provide financial inclusion, and significantly increase the purchasing power of consumers,” said Muli. This large demand is especially welcome as LipaLater, which monetises through commissions and interest charges, initially faced challenges in securing customers.
SOURCE: DISRUPT AFRICA