Lipa Later, a Kenyan financial technology (fintech) firm active in four countries, has partnered with US-based Mastercard to expand its merchant network and technological infrastructure in support of the “buy now-pay later” options that it offers online and in-store consumers. According to Shehryar Ali, Country Manager for East Africa at Mastercard, “By partnering with Lipa Later, we are leveraging our technology to enable [its customers’] payments in a digitally secure way.”
Lipa Later allows low-income individuals as well as small and medium-sized enterprises (SMEs) to pay for purchases of up to KES 500,000 (USD 3,400) in as many as 12 monthly installments. As of September 2023, Lipa Later works with 35,000 merchants and 400,000 consumers in Kenya, Nigeria, Rwanda and Uganda.
Verdant Capital, an investment advisory firm with offices in six African countries plus Germany, is working with Lipa Later on its fundraising strategy. Since its establishment in 2013, Verdant Capital has raised USD 250 million in private debt and equity for companies in Africa, primarily fintechs.
By Pranav Agarwal, Research Associate
Sources and Additional Resources
Verdant Capital press release on Lipa Later
https://verdant-cap.com/lipa-later-group-joins-forces-with-mastercard-to-promote-financial-inclusion-in-africa/
Mastercard press release on Lipa Later
https://www.mastercard.com/news/eemea/en/newsroom/press-releases/press-releases/en/2023/august/mastercard-and-lipa-later-group-join-forces-to-drive-financial-inclusion-and-expand-buy-now-pay-later-solutions-in-africa/
Lipa Later homepage
https://lipalater.com/
Mastercard homepage
https://www.mastercard.com/
Verdant Capital homepage
https://verdant-cap.com/
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