Kenya's Sevi Secures Funding to Expand Stock Financing Platform
TLDR
- Kenyan startup Sevi has secured funding from Renew Capital to enhance its services and grow its user base
- The fintech offers a "stock now, pay later" platform for wholesalers and retailers
- With Renew Capital’s backing, the startup plans to enhance its platform and expand its supplier-retailer network
Kenyan fintech startup Sevi, which offers a "stock now, pay later" platform for wholesalers and retailers, has secured funding from Renew Capital to enhance its services and grow its user base. The funding amount remains undisclosed.
Founded in 2018, Sevi addresses working capital challenges by providing credit access while ensuring suppliers are paid upfront. Its AI-powered app streamlines credit evaluation, enabling sales agents and retailers to place and pay for orders on credit. Suppliers like Coca-Cola and Anytime benefit from direct payments, while retailers gain the flexibility to grow their businesses.
Sevi operates on a one-week credit cycle, reducing supply chain inefficiencies and fostering financial inclusion. With Renew Capital’s backing, the startup plans to enhance its platform, expand its supplier-retailer network, and drive growth in the FMCG sector.
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Key Takeaways
Sevi’s platform addresses a significant challenge in the FMCG sector: insufficient working capital. Traditional financing models often exclude small retailers due to lack of collateral or credit history, leaving a gap that startups like Sevi aim to fill. By leveraging AI for credit assessment and enabling “stock now, pay later” functionality, Sevi empowers SMEs to access inventory without upfront payments, boosting their growth potential. Suppliers benefit from guaranteed payments, creating a win-win for all parties involved. Renew Capital’s investment highlights increasing interest in tech-driven solutions for Africa’s SME sector. As more businesses adopt digital platforms for financing, startups like Sevi play a crucial role in driving financial inclusion, improving supply chain efficiency, and fostering economic growth in underserved markets.
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