Kenya based FinTech startup, Paylend, which aims to provide the MSMEs of Kenya access to capital and helps them digitalize, has announced receiving funding of $2 million in seed investment by Next Chymia Consulting HK Limited. The Asia based company reportedly delivers consultancy services, blockchain applications and provides training to global entities.
Apparently, the funding will help Paylend expand its functioning in the market of Kenya and start new ventures in Zambia, Tanzania and Nigeria as per its 3-year expansion plan.
According to sources, Paylend, established in 2019, has helped over 10,000 SMEs in their digitalization and with its operators utilizing plethora of services like crowdfunding tools and access to credit for products.
For the uninitiated, Paylend is a Pan Africa smart technologies venture studio Adanian Lab startup, which aims to nurture, develop and scale around 300 tech startups throughout Africa.
Eliutherius Juma, CEO of Paylend, stated that the startup aims to curb the issue of diminished growth of MSMEs because of the lack of capital and competent business tools.
He added that with Paylend, the team would help various businesses in getting budgeted credit giving an assurance of business continuity, along with teaming up with partners with similar goals to offer business tools which can make MSMEs functioning easy.
As per credible sources, 29% of the formal African SMEs can get access of line of credit and loans while the informal sector accounts for only 60% MSMEs in the business region. In order to tackle such challenges, Africa requires transformational intrusions.
Kenji Sasaki, Chief Executive Officer of Next Chymia Consulting HK Limited quoted that the firm is thrilled to partner with Paylend in its mission to provide technology to everyone in Africa which will speed up the process of creation of wealth.
Paylend’s app is accessible to consumers and MSMEs along with advanced features for related to credit, crowdfunding, prepayment of goods and other services.