• Contact
Saturday, January 28, 2023
  • Login
The African Business - News About African business
  • Home
  • EconomyNew
    Shocking IMF report reveals Angola and Ethiopia to surpass Kenya as top economies in Sub-Saharan Africa

    Shocking IMF report reveals Angola and Ethiopia to surpass Kenya as top economies in Sub-Saharan Africa

    Ethiopia and the World Bank sign financing agreements worth $745 million

    Ethiopia and the World Bank sign financing agreements worth $745 million

    Africa must fight ‘strongman’ backslide, billionaire Ibrahim says

    Africa must fight ‘strongman’ backslide, billionaire Ibrahim says

    Trending Tags

  • Business
    Africa will have 57 million pay TV subscribers by 2028, report

    Africa will have 57 million pay TV subscribers by 2028, report

    Africa startups defy funding slump as debt financing fuels growth

    Africa startups defy funding slump as debt financing fuels growth

    Port of Maputo achieves new handling record, sees soaring chrome throughput

    Port of Maputo achieves new handling record, sees soaring chrome throughput

    Court told Anglo turned blind eye to Zambian lead poisoning

    Court told Anglo turned blind eye to Zambian lead poisoning

    Ethiopian Airlines set to fly to Atlanta

    Ethiopian Airlines set to fly to Atlanta

    Angola: Poor Management of the Petroleum Sector with Effects on Declining Production

    Angola Sonangol plans to list on Angolan stock exchange by 2027

    Nigeria artists conquer the NFT marketplace in Africa

    Nigeria artists conquer the NFT marketplace in Africa

    African mobile game publisher Carry1st raises $27M in funding round led by Bitkraft Ventures

    African mobile game publisher Carry1st raises $27M in funding round led by Bitkraft Ventures

    The global online music streaming market to reach $29 billion by 2027, report

    The global online music streaming market to reach $29 billion by 2027, report

  • Finance
    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    There was a 25% increase in finance app installs across Africa between 2021 and 2022

    There was a 25% increase in finance app installs across Africa between 2021 and 2022

    Yellow Card expands payment feature across Africa

    Yellow Card expands payment feature across Africa

    Government starts payment of $674,5 trillion matured securities

    Government starts payment of $674,5M matured securities

    South African rand steady with investor focus on Fed minutes

    South African rand steady with investor focus on Fed minutes

    South Africa recently declared bitcoin and other cryptocurrencies to be financial products

    South Africa recently declared bitcoin and other cryptocurrencies to be financial products

    Angola banks entry into local Bourse gives credibility to economy

    Angola banks entry into local Bourse gives credibility to economy

    Businesses in Nigeria are set to face an upset as interest rate goes up

    Businesses in Nigeria are set to face an upset as interest rate goes up

  • Opinion
  • Lifestyle
  • Sports
  • Green Economy
No Result
View All Result
  • Home
  • EconomyNew
    Shocking IMF report reveals Angola and Ethiopia to surpass Kenya as top economies in Sub-Saharan Africa

    Shocking IMF report reveals Angola and Ethiopia to surpass Kenya as top economies in Sub-Saharan Africa

    Ethiopia and the World Bank sign financing agreements worth $745 million

    Ethiopia and the World Bank sign financing agreements worth $745 million

    Africa must fight ‘strongman’ backslide, billionaire Ibrahim says

    Africa must fight ‘strongman’ backslide, billionaire Ibrahim says

    Trending Tags

  • Business
    Africa will have 57 million pay TV subscribers by 2028, report

    Africa will have 57 million pay TV subscribers by 2028, report

    Africa startups defy funding slump as debt financing fuels growth

    Africa startups defy funding slump as debt financing fuels growth

    Port of Maputo achieves new handling record, sees soaring chrome throughput

    Port of Maputo achieves new handling record, sees soaring chrome throughput

    Court told Anglo turned blind eye to Zambian lead poisoning

    Court told Anglo turned blind eye to Zambian lead poisoning

    Ethiopian Airlines set to fly to Atlanta

    Ethiopian Airlines set to fly to Atlanta

    Angola: Poor Management of the Petroleum Sector with Effects on Declining Production

    Angola Sonangol plans to list on Angolan stock exchange by 2027

    Nigeria artists conquer the NFT marketplace in Africa

    Nigeria artists conquer the NFT marketplace in Africa

    African mobile game publisher Carry1st raises $27M in funding round led by Bitkraft Ventures

    African mobile game publisher Carry1st raises $27M in funding round led by Bitkraft Ventures

    The global online music streaming market to reach $29 billion by 2027, report

    The global online music streaming market to reach $29 billion by 2027, report

  • Finance
    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    There was a 25% increase in finance app installs across Africa between 2021 and 2022

    There was a 25% increase in finance app installs across Africa between 2021 and 2022

    Yellow Card expands payment feature across Africa

    Yellow Card expands payment feature across Africa

    Government starts payment of $674,5 trillion matured securities

    Government starts payment of $674,5M matured securities

    South African rand steady with investor focus on Fed minutes

    South African rand steady with investor focus on Fed minutes

    South Africa recently declared bitcoin and other cryptocurrencies to be financial products

    South Africa recently declared bitcoin and other cryptocurrencies to be financial products

    Angola banks entry into local Bourse gives credibility to economy

    Angola banks entry into local Bourse gives credibility to economy

    Businesses in Nigeria are set to face an upset as interest rate goes up

    Businesses in Nigeria are set to face an upset as interest rate goes up

  • Opinion
  • Lifestyle
  • Sports
  • Green Economy
No Result
View All Result
The African Business - News About African business
No Result
View All Result
Home Economy

Kenyan fintech startup Paylend raises $2m seed investment to accelerate growth

TAB by TAB
22/12/2021
in Economy
0
Kenyan fintech startup Paylend raises $2m seed investment to accelerate growth
0
SHARES
9
VIEWS
Share on FacebookShare on Twitter

Kenyan fintech startup Paylend raises $2m seed investment to accelerate growth

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

Related posts

Shocking IMF report reveals Angola and Ethiopia to surpass Kenya as top economies in Sub-Saharan Africa

Shocking IMF report reveals Angola and Ethiopia to surpass Kenya as top economies in Sub-Saharan Africa

28/01/2023
1
Ethiopia and the World Bank sign financing agreements worth $745 million

Ethiopia and the World Bank sign financing agreements worth $745 million

28/01/2023
1

Kenyan fintech startup Paylend raises $2m seed investment to accelerate growth
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.

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.

Eliutherius Juma, CEO, Paylend: ”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. 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.”

This investment will help Paylend grow its operation in the Kenyan market and open new markets in Tanzania, Zambia and Nigeria as part of its next 3 years growth plan. Paylend is an Adanian Labs startup, a Pan African smart technologies venture studio with a mission to build, nurture and scale 300 impact driven tech startups across Africa.

Bendon Murgor, CTO, Adanian Labs: ”We are elated to see the progress that Paylend is making and how it is impacting MSMEs, which is one of the most off grid sectors when it comes to digital transformation and financial inclusion.  At Adanian Labs our mission is to nurture innovative solutions and support innovators like Juma with the necessary resources including tech development, technical capacity, go to market strategies, team mentorship and training as well as access to partnerships and resources. We are confident that this investment will see Paylend transform MSMEs in Kenya and beyond. Adanian Labs will continue to work with Paylend and support its roll out across Africa.”

Kenji Sasaki, CEO, Next Chymia Consulting: ”We are absolutely delighted to partner and support Paylend. Our vision is to ensure that no one is left behind in Africa when it comes to access to technology that can potentially facilitate wealth creation. We believe in the power of technology in transforming communities, and Paylend’s model is doing that 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 that the informal sector in Africa has in solving key society issues and we are excited to be able to support and create impact.”

Paylend app, can be accessed on android playstore, for both consumers and MSME’s, with innovative features on access to credit for businesses, crowdfunding tools, and prepayment of goods and services for consumers.

Kenyan fintech startup Paylend raises $2m seed investment to accelerate growth

Source: African Business Communities
Previous Post

Absa Bank partners with GIZ to train 1,500 women entrepreneurs in Kenya

Next Post

Abiy Ahmed: Will a Nobel peace laureate be wanted in The Hague?

Next Post
Abiy Ahmed: Will a Nobel peace laureate be wanted in The Hague?

Abiy Ahmed: Will a Nobel peace laureate be wanted in The Hague?

RECOMMENDED NEWS

Zimbabwe: African Development Bank notes progress on arrears clearance

Zimbabwe: African Development Bank notes progress on arrears clearance

10 months ago
4
Elon Musk tweeted saying he was going to buy Manchester United, then quickly said he was just joking

Elon Musk tweeted saying he was going to buy Manchester United, then quickly said he was just joking

5 months ago
3
PAPSS: Revolutionising cross-border payments in Africa

PAPSS: Revolutionising cross-border payments in Africa

1 year ago
8
Impacts of Ukraine conflict on food security already being felt in the Near East North Africa region

Impacts of Ukraine conflict on food security already being felt in the Near East North Africa region

10 months ago
2

BROWSE BY CATEGORIES

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized

Ads

Categories

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized
The African Business – News About African business

We bring you the best Premium news about African Business.

Follow us on social media:

Recent News

  • BasiGo signs with AVA to assemble 1,000 electric buses in Mombasa
  • Shocking IMF report reveals Angola and Ethiopia to surpass Kenya as top economies in Sub-Saharan Africa
  • Africa will have 57 million pay TV subscribers by 2028, report

Category

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized

Legal Information

Terms and Conditions
Privacy Policy
Complaints Book

  • Contact

© 2021 The African Business

No Result
View All Result
  • Home
  • Economy
  • Business
  • Finance
  • Opinion
  • Lifestyle
  • Sports
  • Green Economy

© 2021 The African Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In