Inventory finance to M&SMB
Beyond Capital Ventures and Variant Investments led the $11.2 million debt-equity funding round for Kenyan fintech Zanifu, which provides inventory finance to M&SMBs. Existing investor Launch Africa was joined by new investors Founders Factory Africa, AAIC Investment, Google Black Founders Fund, and Launch Africa.
The business has now raised a total of $12.7 million in loan and equity capital. The fintech company has made it possible to make quick payments using the app by incorporating several different payment methods. It also lets shops settle up with suppliers who aren’t in its database for products they’ve purchased.
Read: Top 10 Fintech CEO Watchlist
Stock financing
Depending on the company’s revenue, distributors can receive up to $10,000 in stock financing, while shops receive merchandise with a value of $200 to $500. The company claims it has extended finance to 13,000 small businesses and is currently working with 500 distributors.Its clientele utilises a credit-checking and order-placing Android app. Information claim that the underwriting algorithm used by Zanifu has improved with time, and as a result, the monthly interest rate is between 5% and 6%, and the reported payback rate is 99.2%.
Read: How AP Automation Works To Streamline Your Business?
[To share your insights with us, please write to sghosh@martechseries.com]
