Lipa Later, a Kenyan consumer credit platform that allows retailers to sell goods and services to consumers with repayments made in affordable monthly instalments has acquired Sky.Garden.
SkyGarden is an ecommerce platform for electronics, home goods, and other products. Its acquisition comes after the startup in October filed an insolvency in the Danish Holding Company Sky.Garden ApS on financial challenges.
“Guided by our objective to empower African businesses and consumers to do more by enabling e-commerce, financial inclusion, and shopping all on one centralized and fully integrated platform, our plan has always been to venture into e-commerce with unique value propositions for our consumers,” said Lipa Later CEO Eric Muli
The acquisition will allow Lipa Later to fully manage the firm’s operations in Kenya, enabling customers to buy goods and services from a wide-range of sellers electronically.
Lipa Later will provide Sky.Garden’s customers buy now, pay later model that offers a flexible and affordable payment plan through monthly instalments .
Lipa Later will roll out credit offerings for small-scale retailers using the platform and consumers will be able to buy items from the platform using a payment option of their choice, including Lipa Later’s BNPL.
Sky.Garden has done an incredible job and checks all those boxes. Lipa Later is no stranger to the e-commerce industry, having already established a strong presence in the online payment and finance sectors. This acquisition has greatly accelerated our plans of redefining the shopping experience for consumers,” Eric added.
“Today, I’m happy to see that Sky.Garden will live on with new owners and new management. We built a great product over time, and I believe Lipa Later has the potential to take Sky.Garden to the next level. Through this acquisition, the vision of Sky Garden will continue to live on while retaining jobs and businesses on our platform.” said Martin Majlund, Founder and CEO of Sky Garden.