Kenyan Fintech Startup Paylend Raises $2M Seed Investment To Accelerate Growth

Paylend, a Kenyan fintech startup focused on providing access to finance and digitizing MSMEs in Kenya, announced it has raised $2 million seed investment.

The funding came from Next Chymia Consulting HK Limited, an Asian-based company that provides global entities with blockchain applications, consultancy services, and training.

Paylend’s mission is to support MSMEs across Africa to solve access to continuous capital while bridging the consumer data gap by connecting consumers to products and services. Paylend’s model enables consumer data collection that allows for a thorough understanding of consumer needs and creates value for the SME’s ecosystem.

Founded in September 2019, Paylend has digitized over 10,000 SMEs and growing with its users enjoying an array of services, including access to credit for products and services and crowdfunding tools.

Eliutherius Juma, CEO, Paylend: ”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.  The value of the credit gap alone in sub-saharan Africa is at $90 billion that requires an increase of over 350% service to close the gap. To tackle these challenges, Africa needs transformational interventions.”

This investment will help Paylend grow its operation in the Kenyan market and open new markets in Tanzania, Zambia, and Nigeria as part of its next three years growth plan.

Paylend is an Adanian Labs startup, an intelligent African Pan technologies venture studio with a mission to build, nurture and scale 300 impact-driven tech startups across Africa.