Lipa Later secures $5m debt funding for expansion
Lipa Later, a Kenyan startup that provides buy now pay later services, has secured $5 million in a privately placed debt issuance for its growth and expansion plans.
This raise was supported by Rubicon Landing, a transaction advisory firm, acting as the transaction advisor, and KN Law as the Legal Advisors.
The fintech startup also disclosed that it plans to raise $20 million in both equity and debt to spur our growth further as we work towards unlocking a $500 billion financial inclusion opportunity in urban Africa.
The company, established five years ago, aims to secure $25 million in funding, mirroring the amount it previously obtained through a combination of equity and debt investments from backers such as Founders Factory Africa Platform Capital, among others. However, this comes at a challenging moment, with a reduced venture capital interest in mature and late-stage startups. Lipa Later chose not to disclose specific details regarding its $5 million debt issuance. Information about contributors participating in its current $1.34 million crowdfunding can readily be accessed on the Republic platform.