Kenyan BNPL fintech Lipa Later, Egyptian food-tech 3attar raise funding

 Kenyan BNPL fintech Lipa Later, Egyptian food-tech 3attar raise funding

Lipa Later is led by co-founder and CEO Eric Muli (left)

Nairobi-based buy-now-pay-later (BNPL) fintech startup Lipa Later has scooped up $12 million via a mix of debt and equity.

The company raised the capital from Cauris Finance, Lateral Frontiers VC, GreenHouse Capital, SOSV, Sayani Investments and Axian Financial Services.

The nearly four-year-old venture uses data analytics to provide credit to consumers. Lipa Later has expanded from its home country to neighbouring markets Uganda and Rwanda, besides Nigeria, and is now eyeing a play in Ghana and Tanzania.

“In the next 12 months we are looking to grow and double our presence in the existing markets, even as we open in three to five new markets in Africa,” said Eric Muli, co-founder and CEO of Lipa Later.

3attar

Cairo-based food-tech startup 3attar has secured seed investment from AUC Angels, UI Investment and a group of angel investors.

Established in 2019, 3attar allows users to order healthy food products online. It plans to use the money to expand its user base and develop its tech stack.

During the COVID-19 crisis, the company expanded its selection from a few hundred products to over 3,000. It generates a fifth of its business from its own private label.

“We aim to become the dominant one-stop-shop for the whole health community in Egypt and expand into MENA regions,” said Mohamed Ali, founder and CEO of 3attar.

Mariam Kamel of AUC Angels said: “The specialized e-commerce space has witnessed an increased inflow of angel investments and venture capital this past year. 3attar not only satisfies this but also strives for impact in addressing the growing trends towards healthier living.”

Vivek Sinha

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