Zanifu, a Kenyan fintech, has secured $11.2 million in debt-equity funding in a pre-Series A round led by Beyond Capital Ventures and Variant Investments, with participation from Founders Factory Africa, AAIC Investment, Google Black Founders Fund, and existing investor Launch Africa. This funding brings Zanifu's total debt-equity funding to $12.7 million. The company provides inventory financing to micro, small, and medium-sized businesses, helping them access credit even if they lack traditional collateral or accounting books. The new funding will allow Zanifu to expand its inventory financing solution to distributors as well as retailers. Zanifu's underwriting algorithm and repayment infrastructure have contributed to its reported 99.2% repayment rate. With the new capital, the company plans to deepen its operations in Kenya, focusing on serving more micro-SMEs and expanding its customer base of distributors.
Read more on TechCrunch