Quantcast
Home » Paylend, a Kenyan FinTech company raises $2 million seed investment

Paylend, a Kenyan FinTech company raises $2 million seed investment

by LLT Editor
21st Dec 21 11:19 am

Paylend, a Kenyan FinTech startup focused on providing access to finance and digitizing MSMEs in Kenya have today announced that it has raised $2 million dollars seed investment from Next Chymia Consulting HK Limited, an Asian based company that provides blockchain applications, consultancy services and training to global entities.

Founded in September 2019, Paylend has digitized over 10,000 SMEs and growing with its users enjoying an array of services including access to credit for products and services and crowdfunding tools.

Paylend’s mission is to support MSMEs across Africa solve the problem of access to continuous capital while bridging the consumer data gap by connecting consumers to products and services. Paylend’s model enables last mile consumer data collection that allows for a thorough understanding of consumer needs as it creates value for the SMEs ecosystem.

“I believe in impact driven solutions. For a very long time, MSMEs have experienced stunted growth due to lack of efficient business tools or lack of funds. With Paylend, we are able to turn this around by helping these businesses access affordable credit quicker thus allowing them to have liquidity thus ensuring business continuity. Additionally, we form alliances with strategic partners with similar goals to present business tools that ease operations of these MSMEs,” said Eliutherius Juma, CEO, Paylend.

29% of formal SMEs in Africa have access to loans, line of credit or overdraft. The numbers are significantly lower in the informal MSME sector that accounts to over 60% of businesses in the region.

“The value of the credit gap alone in sub-saharan Africa is at $90 billion that requires an increase of over 350% service to close the gap. To tackle these challenges, Africa needs transformational interventions. The formal banking landscape in Sub-Saharan Africa supports around 20% of Africa’s bankable population with the majority of people excluded from access to finance and wealth creation, this is a massive opportunity for FinTechs like Paylend.” Further stated Juma.

Leave a Comment

You may also like

CLOSE AD