Kenyan Fintech Startup, Paylend raises $2 million in a seed round

Paylend, a Kenyan fintech startup, has announced a $2 million seed funding round led by Next Chymia Consulting HK Limited.

Paylend’s goal is to assist African SMEs in overcoming the challenge of continuous finance access, as well as to bridge the data gap between consumers and products and services.

Paylend’s strategy includes collecting last-mile customer data, which allows for a more in-depth understanding of consumer demands while also adding value to the SMEs ecosystem.

Paylend is an African B2C, B2B, and C2B holistic retail and service industry fintech startup that bridges the credit gap for shops and service providers.

Paylend has digitized over 10,000 SMEs and is still expanding, with its users benefiting from a variety of services such as credit for goods and services as well as crowdfunding options.

“I believe in solutions with a positive impact.” MSMEs’ growth has been stifled for a long time due to a lack of effective business tools or funds. According to Eliutherius Juma, CEO of Paylend, “we can turn this around with Paylend by assisting these businesses in obtaining inexpensive loans more quickly, allowing them to maintain liquidity and assuring company continuity.”

“We also build relationships with key partners who share similar interests in order to present business tools that make it easier for these MSMEs to operate,” Juma continued.

Paylend will use this investment to expand its operations in Kenya and create new markets in Tanzania, Zambia, and Nigeria as part of its next three-year expansion strategy.