Kenyan fintech company, Lipa Later Group, has successfully secured $5 million through a private debt issuance and has ambitious plans to raise an additional $20 million to fuel its expansion efforts within Kenya. Currently, the startup is also conducting a crowdfunding campaign, aiming to raise $1.2 million in exchange for equity, valuing the company at $30,000,000.
Despite the challenging VC landscape for late-stage startups, Lipa Later remains determined to secure a total of $25 million in funding. Previous investments were sourced from notable investors such as Founders Factory Africa Platform Capital, among others. While specific details about the $5 million debt issuance remain undisclosed, information about contributors to the ongoing $1.34 million crowdfund can be readily found on the Republic crowdfunding platform.
CEO and founder Eric Muli expressed optimism about the future, emphasizing that the funding, obtained from a diverse group of investors, will help improve infrastructure, ultimately enhancing accessibility and convenience for their financing solutions. Despite the current VC climate, Lipa Later remains committed to its mission of making financing more accessible and inclusive for all, relying on support from stakeholders and investors.
📈💡 Lipa Later's determination to secure funding underscores its commitment to revolutionizing accessibility to financing, despite the challenges of the current investment landscape. 💰🌍
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