Kenyan fintech start-up Paylend has raised US $ 2 million in seed funding to expand its operations in its country and launch into Tanzania, Zambia and Nigeria.
Founded in 2019 by Bendon Murgor and Eliutherius Juma, Payment is digitize the manual and black recording of data traditionally used by MSMEs. So far, it has digitized more than 10,000 SMEs, offering a range of services, including access to credit and crowdfunding tools.
The initial investment of US $ 2 million comes from Next Chymia Consulting HK Limited, an Asian company that provides blockchain applications, consulting services and training to global entities. Paylend will use the capital to expand its operations into the Kenyan market and open up new markets in Tanzania, Zambia and Nigeria as part of its three-year growth plan.
“I believe in impact-driven solutions. For a very long time, MSMEs experienced slow growth due to lack of effective business tools or lack of funds. With Paylend, we are able to turn the tide by helping these businesses access affordable credit faster, allowing them to have cash flow, ensuring business continuity. In addition, we are forming alliances with strategic partners with similar goals to present business tools that facilitate the operations of these MSMEs, ”said Juma, CEO of the startup (PDG0.
“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 huge opportunity for them. fintechs like Paylend. ”
Kenji Sasaki, CEO of Next Chymia Consulting HK Limited, said he was “delighted” to support Paylend.
“Our vision is to ensure that no one is left behind in Africa when it comes to accessing technology that can potentially facilitate wealth creation. We believe in the power of technology to transform communities, and Paylend’s model does it at a micro level, which is where a lot of work is needed if we are to drive digitization. We have seen first hand the potential of the informal sector in Africa to solve major societal issues and we are delighted to be able to support and create impact, ”he said.