Lipa Later, a Kenyan financial technology (fintech) firm integrating e-commerce, digital financial services and merchant services in four African countries, recently paid KES 250 million (USD 1.6 million) to acquire Sky.Garden, a Kenyan service that was launched in 2017 but had announced it would close during 2023. Among the services Lipa Later is adding to Sky.Garden is Sky.Wallet, which offers merchants the ability to borrow money, pay bills, open bank accounts, and transfer funds to and from mobile money accounts. The platforms also allow merchants to accept card payments, sell products online and access support in marketing, logistics and data analysis.
Lipa Later was established in 2018 and serves 35,000 merchants and 400,000 consumers in Kenya, Nigeria, Rwanda and Uganda as of September 2023.
By Rohan Kumar Agarwal, Research Associate
Sources and Additional Resources
Disrupt Africa story
https://disrupt-africa.com/2023/12/05/kenyas-lipa-later-acquires-sky-garden-to-launch-rebranded-e-commerce-ecosystem/
Lipa Later homepage
https://lipalater.com/
Sky.Garden homepage
https://sky.garden/
Previous MicroCapital article on Lipa Later
https://www.microcapital.org/microcapital-brief-lipa-later-mastercard-partner-on-buy-now-pay-later-services-in-africa/
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