Kenyan-based startup, Lipa Later has raised $12M in a fresh funding round. The startup which was founded in 2018, provides customers access to affordable and convenient credit by leveraging data analytics to customers.

Lipa Later's proprietary machine learning and credit-scoring method enable consumers to sign up and get access to credit within seconds, eliminating the usual lengthy approval process and bulky documentation systems.

According to the startup, the $12 million grant was secured late last year and has already been used to expand into Uganda and Rwanda.

The funding also came as a mixture of debt and equity and was secured from Cauris Finance, GreenHouse Capital, Lateral Frontiers VC, SOSV, Axian Financial Services and Sayani Investments.

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Eric Muli, CEO and co-founder of Lipa Later, disclosed; “We are looking to grow and expand into other markets in Africa. and we are excited to be working with our investors to see this through.

In the next 12 months, we plan to double our presence in existing markets, even as we make our presence known in three to five new markets in Africa.”

Ruby Nimkar, a partner at GreenHouse Capital also explained that Lipa Later was bringing innovation to the consumer credit landscape in Africa, which has been largely inaccessible for most to date. “Lipa Later has done this in a product and customer-led way which benefits both consumers and merchants and has proven to be ultimately scalable across different markets,” she disclosed.