Zanifu, a Kenyan fintech startup, has raised $11.2 million in debt and equity funding in pre-Series A funding.
With participation from Launch Africa, Founders Factory Africa, AAIC Investment, Google Black Founders Fund, and other investors, the round was led by Beyond Capital Ventures and Variant Investments.
Steve Biko and Sebastian Mithika founded Zanifu in 2018, a regulated provider of financial technology that finances inventories for MSMEs.
The business makes it possible for MSMEs’ supplier chains to acquire working finance. Small businesses can purchase products from their suppliers using its platform and make payments afterward.
The inventory finance option provided by Zanifu has the potential to have a profound effect on MSMEs in Kenya.
In order to improve the quality of its service delivery, Zanifu also plans to invest in its technology infrastructure.
Advanced financial technology solutions can help Zanifu streamline business operations, boost productivity, and give customers a seamless experience.
With this technology-driven strategy, Zanifu will be able to scale up quickly and meet the demands of an expanding consumer base.
Zanifu co-founder Steve Biko stated, “We have decided to go deep into Kenya. We are focusing on serving more micro-SMEs, getting more distributors into our fold, and ensuring the capital we are dispersing is actually generating returns for these businesses and helping them grow. So that’s really how we’re looking at it for now. We will go to other markets once we get to profitability.”
Zanifu will use the newly generated capital to continue its work of providing inventory financing to MSEs in Kenya.