Kenyan startup LipaLater has unveiled plans to expand its venture into new marketplaces, with special considerations for Uganda, and Africa’s largest economy, Nigeria.
The decision, which comes on the heels of the news of its new raiser, will see the startup to grow its reach and market revenue as the business scales.
In 2020, building on its existing market growth, the money startup launched its offering in Rwanda, and perhaps, had contributed to its decision to expand into West Africa.
The tech-driven consumer credit platform was formed in 2016, leveraging data analytics to provide consumers with access to convenient and affordable credit.
Why it matters:
Nigeria, one of its eyeing points, has the population advantage in Africa, and with recent policy review by the government to ease methods of doing business, the startup will be tapping from this pool should the plan pulls through.
Like Nigeria, Uganda also has a reasonable figure in terms of population counts, and unlike Rwanda (one of its existing territories) with only 12 million people, Uganda’s 44 million count is another figure to bank on.
More importantly, since the startup has just secured funding, it, therefore, becomes a good time to expand into ecosystems with relative advantages.
In fact, a press release from the startup had earlier disclosed that the startup raised a seven-figure bridge round from investors including Lateral Capital and Platform Capital.
The motive behind forming LipaLater:
Eric Muli, CEO of the startup, in his explanation, noted that the startup was formed to promote affordable living across Africa by offering convenient and flexible payment options to consumers.
He said: “A major pain point of Kenyan consumers was the inability to access affordable consumer products, not having the finances to purchase essential items.
“LipaLater has bridged the gap by enabling Africans to access these essential consumer facilities at affordable and convenient monthly instalments, therefore increasing their purchasing power.”
- Onboarding all tier one electronic brands in the market on their platforms.
- Launched a market place “The LipaLater Shop” which enables all customers to access all retailers on their platform, and pay for items in either instalments or in cash.