Republic, a renowned global investor ecosystem, provides a platform for retail investors to access diverse investment opportunities worldwide, spanning startups, cryptocurrencies, real estate, art, music, and more, often at the early stages of development.
Securing approval for public crowdfunding in the United States represents a significant milestone for the pioneer fintech platform, as it opens the doors to investors from across the globe.
This achievement places the company in an elite category of African startups that have successfully ventured into the realm of global crowdfunding.
The company is eagerly anticipating the influx of additional investment, which will play a pivotal role in advancing its expansion initiatives throughout Africa.
Established in 2018 by founders Eric Muli and Michael Maina in Kenya, Lipa Later has emerged as a prominent fintech platform specializing in providing merchant solutions, including consumer credit, working capital, and e-commerce solutions.
The company is widely recognized for its innovative Lipa Later Buy Now Pay Later (BNPL) product, which empowers consumers to make purchases and pay for them in convenient instalments.
The company’s core mission is to empower African businesses by facilitating e-commerce, promoting financial inclusion, and offering a fully integrated and centralized shopping platform.
Since its inception, Lipa Later has successfully secured $25 million in funding.
Currently, Lipa Later operates in four key markets: Kenya, Uganda, Rwanda, and Nigeria. Its recent achievement of raising $12 million in pre-Series A funding has significantly bolstered its expansion plans, allowing the company to set its sights on a broader African presence.
Lipa Later boasts an impressive customer base exceeding 350,000 individuals and collaborates with over 30,000 merchants.
The company has also forged an exclusive partnership with Mastercard for point-of-sale (POS) financing in East Africa.
Notably, Lipa Later maintains profitability and has achieved a remarkable year-over-year growth rate of 558%.
The company’s ambitious goal is to provide financial services to 100,000 SMEs (Small and Medium-sized Enterprises) across Africa and achieve a revenue milestone of $20 million by the conclusion of 2024.
Lipa Later’s endeavours not only signify a remarkable achievement for the Kenyan fintech sector but also underline its commitment to driving economic growth and financial inclusion on the African continent.