Lipa Later Group has announced the successful closure of a Ksh 500 million privately placed Debt issuance, reaffirming commitment to providing innovative financing solutions for customers.
The raise was supported by Rubicon Landing, a transaction advisory firm, acting as the transaction advisors and KN Law, a legal advisory firm, acting as the Legal Advisors.
In a statement Lipa Later Group says the journey to empower Kenyan consumers with convenient and accessible financing options has been met with enthusiasm from customers and the private capital markets.
Lipa Later enhances financial inclusion in Kenya by providing flexible payment options for consumers and businesses.
“We are excited about the opportunities this funding has unlocked for merchants and consumers. We would like to extend our heartfelt gratitude to the investors and supporters for their unwavering trust in our vision. These funds have enabled us to further invest in technology and infrastructure to make our financing solutions even more accessible and convenient for our customers ” said Eric Muli, Group CEO at Lipa Later.
The firm plans on raising an additional Ksh 2 Billion in both Equity and Debt to spur their growth further as they work towards unlocking a $500bn Financial Inclusion Opportunity in Urban Africa.
Lipa Later Group says the capital infusion will support continued growth and expansion plans to enable the firm reach more customers and businesses nationwide.
“The Kenyan market holds immense potential for financial innovation, and we are committed to playing a significant role in shaping the future of financing in Kenya. With the support of our stakeholders and investors, we are confident that we can achieve our goal of making financing more accessible and inclusive for all. ” read the statement.