Kenyan embedded finance fintech Pezesha raises US$11mn
Summary
We are equally excited that WWBCP II intentionally invests in women, which allows us to cement inclusivity in our growth plans as a sustainable path towards our vision of building Africas MSME lending infrastructure.Additionally, this round has brought together strategic investors who underpin the fundamentals of financial inclusion in their thesis and we believe these combined experiences will help us accelerate and enable millions of MSMEs across African value chains to access affordable working capital.Were excited to join Pezeshas journey, adds CJ Juhasz, Chief Investment Officer for Womens World Banking Asset Management. Pezesha is dedicated to solving Africas working capital problem through its robust lending infrastructure and this investment will allow them to deepen the range of financial products offering especially to women-owned MSMEs. We look forward to teaming up with Pezesha as it drives financial inclusion in Africa and continues to increase the number of women served in its business ecosystem.The latest step up for Kenyas emerging fintech scenePezeshas funding round is the latest vote of confidence in Africas burgeoning fintech economy. Over the past couple of years, a number of promising fintechs have emerged, attempting to break down the traditional financial barriers that African businesses and consumers face. The outfit, founded by Idee Obong and Femi Aghedo, previously expanded into Kenya through a partnership with Cellulant earlier this year, having already set up shop in Nigeria.The ability to embed financial services to traditional workflows or processes through tech and automation is estimated to be [worth] US$248bn by 2032, Hilda Moraa continues.