Kenyan fintech startup, has secured $2 million seed investment funding from Next Chymia Consulting HK Limited to support its expansion plans.
Paylend is a fintech startup that provides access to finance to MSMEs and aims to digitise them in Kenya.
Paylend’s aim is to support MSMEs across Africa by helping them solve the problem of access to continuous capital while also connecting consumers to products and services and thereby bridging the consumer data gap.
Read also Kenya’s Paylend Helps MSMEs Record Data and Access Loans
Speaking of the business model, Eliutherius Juma, CEO of Paylend was quoted as saying “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.”
Paylend has digitised over 10,000 SMEs since its launch in 2019, and its users benefit from a variety of services such as credit for products and services and also crowdfunding.
Read also Elevating Digital Payments For a Cashless Future in Africa
With this investment, Paylend hopes to expand its business in Kenya and also expand into new markets in Tanzania, Zambia, and Nigeria.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry