Kenyan BNPL startup Lipa Later eyes more African markets after raising $12 million –
The startup, a buy now, pay later (BNPL) company founded in 2018, is now planning to enter Tanzania, Ghana and Nigeria, and expand in its existing markets, which are Kenya, Uganda and Rwanda. For instance, Lipa Later’s partnership with French retailer Carrefour (which has a regional presence) allows customers to pay for items including furniture, electronics and even perishables in monthly installments. “Lipa Later is not only changing the consumer credit landscape across Africa, which to date has been largely inaccessible for most, but also catalyzing the future of shopping, e-commerce and payments. They’ve done this in a truly product and customer-led way that benefits both merchants and consumers, and has proven to be incredibly scalable across multiple markets,” said GreenHouse Capital partner Ruby Nimkar. According to this 2021 survey about Kenya, the BNPL payment industry in the country has experienced a strong growth owing to a rapid e-commerce penetration, and the effects of the economic slowdown due to the COVID-19 pandemic.