Paylend, a Kenyan fintech company, has acquired $2 million in early capital to grow its operations in Kenya and extend into Tanzania, Zambia, and Nigeria.
Paylend was founded in 2019 by Bendon Murgor and Eliutherius Juma with the goal of digitising the manual, black book data recording that MSMEs have historically employed. It has digitised over 10,000 SMEs so far, offering a variety of services such as finance and crowdfunding tools.
Next Chymia Consulting HK Limited, an Asian firm that delivers blockchain applications, consulting services, and training to worldwide corporations, has made a $2 million startup investment. As part of its three-year expansion strategy, Paylend will utilise the funds to expand its operations in Kenya and explore new markets in Tanzania, Zambia, and Nigeria.
“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 and ensuring business continuity. Additionally, we form alliances with strategic partners with similar goals to present business tools that ease operations of these MSMEs,” said Juma, the startup’s chief executive officer (CEO).
“The formal banking landscape in Sub-Saharan Africa supports around 20 percent 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.”
Next Chymia Consulting HK Limited CEO Kenji Sasaki stated he was “delighted” to sponsor 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 digitisation. We have seen first-hand the potential that the informal sector in Africa has in solving key social issues and we are excited to be able to support and create impact,” he said.