Paylend, a Kenya based innovative fintech startup, raised USD 2 million in a seed funding round from Next Chymia Consulting HK Limited on 3 January 2022.
Investors: The latest funding amount comes from Next Chymia Consulting HK Limited, a Hong Kong-headquartered company that was founded in 2017. It provides blockchain applications, consultancy services and training to global entities.
The Objectives behind the funding: The company plans to deploy the current proceeds to expand operations at home and launch in Nigeria, Tanzania and Zambia as part of its three-year growth plan.
About Paylend
Founded in 2019 by Eliutherius Juma and Bendon Murgor, Paylend is an innovative fintech startup that enhances relationships between business entities and their customers by offering access to credit with dignity. The company is digitising the manual, black book recording of data traditionally used by MSMEs. So far, it has digitised more than 10,000 SMEs, providing an array of services, including access to credit and crowdfunding tools. Its platform offers system tools to ensure the funds disbursed are utilised for the intended purpose by locking them to specific services and products. It enables users to get business continuity by bridging the credit gap.
What the Founder has to say:
“I believe in impact-driven solutions. For a very long time, MSMEs have experienced stunted growth due to a 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,” said Eliutherius Juma, Co-Founder and CEO of Paylend.
What the Investor has to say:
Kenji Sasaki, CEO of Next Chymia Consulting HK Limited, said, “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 digitisation. 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.”
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