Kenyan fintech startup Sevi raised undisclosed funding from Renew Capital

Renew Capital has provided an undisclosed sum of funding to Kenyan fintech startup Sevi, which is transforming stock financing for wholesalers and retailers with its “stock now, pay later” platform, in order to enhance its product and grow its user base.

Sevi was established in 2018 to solve the problem of inadequate working capital by giving consumers access to credit while guaranteeing that suppliers receive payment in advance. Customers and sales representatives can pay orders on Sevi’s credit platform with ease thanks to its user-friendly smartphone app.

Sevi allows retailers to order stock on credit and gives suppliers like Coca-Cola, Anytime, and Philmed direct payments for their goods, allowing them to expand their businesses. The app provides a smooth, dependable solution for credit transactions between suppliers, retailers, and credit funds by leveraging AI and machine learning to improve its credit evaluation process.

“Our mission is to empower wholesalers and retailers by providing them with the working capital they need to grow their shops,” said Walter aan de Wiel, founder of Sevi. “With our app, retailers can access stock on credit, repay easily and focus on expanding their businesses, while suppliers benefit from upfront payments.”

With a one-week credit cycle, Sevi’s creative strategy streamlines the supply chain, facilitating easier transactions and boosting productivity for suppliers and retailers alike.

Renew Capital, an impact investment firm with a focus on Africa that supports creative businesses with significant growth potential, has contributed an undisclosed sum of money to the startup.

With the investment from Renew Capital, Sevi intends to expand its network of suppliers and retailers, improve the functionality of its platform, and keep promoting financial inclusion for retailers and wholesalers.

“Sevi is solving a critical working capital gap in the FMCG sector,” said Calvin Chitangala, investment and project manager at Renew Capital. “Their platform makes stock financing more accessible and efficient, empowering businesses to grow faster.”