Paylend, a Kenyan fintech startup, has announced that it has received a $2 million seed funding from Next Chymia Consulting HK Limited.
Paylend’s objective is to help African SMEs tackle the challenge of continuous finance access while also bridging the data gap between consumers and products and services.
Paylend’s strategy provides for last-mile customer data collecting, allowing for a deeper insight of consumer demands while also adding value to the SMEs ecosystem.
Paylend is a B2C, B2B, and C2B holistic retail and service industry fintech startup in Africa that provides business continuity for shops and service providers by bridging the credit gap.
Paylend has digitized over 10,000 SMEs and is still growing, with its users benefiting from a variety of services such as credit for products and services as well as crowdfunding options.
“I believe in solutions that have a positive influence. MSMEs have had their growth stifled for a long time due to a lack of effective business tools or money. 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, according to Eliutherius Juma, CEO of Paylend.
“We also build relationships with key partners who have similar interests in order to present business tools that make it easier for these MSMEs to operate,” Juma added.
As part of its next three-year expansion strategy, Paylend will use this investment to expand its operations in Kenya and create new markets in Tanzania, Zambia, and Nigeria.