Lipa Later Group has purchased Sky.Garden, re-energizing its dedication to bridge the gap between the merchant and the customer through increased empowerment for both parties, spectacular service, stellar technology, and redesigned tactics that promise to revolutionise the industry.
Lipa Later’s acquisition of Sky.Garden is a significant step forward in the group’s mission of providing creative solutions that satisfy the demands of businesses and consumers. This move will allow Lipa Later to grow its customer base and strengthen our market position.
Lipa Later CEO Eric Muli
In recent years, the e-commerce industry has flourished, allowing firms to reach clients more rapidly, cheaply, and frequently. This, according to Lipa Later, is what prompted the decision to invest in Sky.Garden.
Lipa Later CEO Eric Muli stated during the onboarding ceremony that the purchase is timely as the fintech continues to establish an end-to-end channel that links merchants to customers and vice versa.
“Guided by our objective to empower African businesses and consumers to do more by enabling e-commerce, financial inclusion and shopping all on one centralized and fully integrated platform, our plan has always been to venture into e-commerce with unique value propositions for our consumers. Sky.Garden has done an incredible job and checks all those boxes. Lipa Later is no stranger to the e-commerce industry, having already established a strong presence in the online payment and finance sectors. This acquisition has greatly accelerated our plans of redefining the shopping experience for consumers,” said Lipa Later CEO Eric Muli.
Sky.Garden, which had raised more than $6,000,000 prior to this transaction, is now completely owned by Lipa Later Group and will continue to operate under the same name.
Lipa Later is now in a position to provide a comprehensive e-commerce solution to consumers, and with Sky.Garden’s established infrastructure and market presence, consumers will be able to purchase items from Sky Garden using any preferred payment method, including Lipa Later’s buy now, pay later model, which provides a flexible and affordable payment plan through monthly instalments.
“Last month, we saw no other option than to file for insolvency,” Martin Majlund, founder of Sky.Garden, reiterated. “Today, I’m happy to see that Sky Garden will live on with new owners and new management. We built a great product over time, and I believe Lipa Later has the potential to take Sky Garden to the next level. Through this acquisition, the vision of Sky Garden will continue to live on while retaining jobs and businesses on our platform.”
Lipa said this acquisition is a key step forward in its goal of becoming a leader in the e-commerce space.
“The acquisition of Sky.Garden by Lipa Later presents a great opportunity for both companies to benefit from each other’s strengths and further the growth of the e-commerce industry. With the combination of our expertise in financial services and Sky.Garden’s innovative e-commerce platform, the potential for growth is tremendous, and the impact this could have on the industry could be immense. Expansion plans are in place to see Sky.Garden integrated across other Lipa Later countries of operation which include Rwanda, Uganda and Nigeria,” the company said in a statement.
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Based in Nairobi, Lipa Later is a lending marketplace that provides postpaid payments at e-commerce stores. The startup which was founded in 2015, has raised over $13M in venture funding to date.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh