FinTech integrated financing Pezesha raised $11 million in a pre-Series A funding round and plans to use the funds to expand operations in its core markets and expand into new markets in sub-Saharan Africa.
The company offers a B2B digital lending infrastructure that aims to help its partners provide working capital to small and medium-sized enterprises (SMEs) that might otherwise not be able to access credit, according to a Tuesday, August 30. Press release.
Using Pezesha’s application programming interfaces (APIs), supply chains, cooperatives and e-commerce marketplaces can display real-time credit offers to merchants at the point of sale so they can buy inventory and pay later. For anyone not eligible for these loans, Pezesha is offering financial literacy classes and debt counseling, according to the statement.
“Pezesha democratizes financial services to the underserved [SMBs] through its infrastructure that has validated trust, rockstar team and scale,” said Pezesha Founder and CEO Hilda Mora. “We enable our partners’ distribution models to grow with low acquisition costs while increasing retention and profitability.”
Based in Kenya, Pezesha is currently also active in Uganda and Ghana and plans to expand into Nigeria and Rwanda, according to company information. website.
“This round has brought together strategic investors who underpin the fundamentals of financial inclusion in their thesis and we believe these combined experiences will help us accelerate and enable millions of [micro, small and medium enterprises] across African value chains to access affordable working capital,” Moraa said.
As PYMNTS reported in March, SMEs and entrepreneurs play a critical role in the overall development of most economies, especially in emerging regions like Africa.
Read more: Tailor-made payment solutions unlock growth in the underserved self-employed segment in Africa
Although starting a new business is difficult enough for entrepreneurs, many of them face difficulties when engaging with traditional financial institutions, due to their atypical work profile and lack of regular income.
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