Kenyan fintech startup, Pezesha, lands an undisclosed 7-figure seed funding for operational expansion
Kenyan fintech startup, Pezesha, which is creating an expansible lending framework for SMEs and institutions, has bagged a seven-figure seed extension round in a bid to expand further across Africa and fulfill its mission of facilitating access to affordable working capital for SMEs.
The round was led by GreenHouse Capital, with on-lending liquidity support from Venture Venture Garden Group which is a sister company to GreenHouse Capital.
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“We are delighted to have GreenHouse Capital join the Pezesha family. We are aligned in vision as well as our commitment to solving the working capital challenges that are preventing African SMEs from achieving their full growth potential.” Hilda Moraa, Founder and Chief Executive Officer of Pezesha, said.
“GreenHouse Capital’s investment will catapult our growth by enabling us to scale our existing partnerships with the likes of Twiga Foods, Jumia, Marketforce, and Popote Pay, among others. More so, the investment will unlock our vision of building the operating system to power embedded finance in Africa.” She said.
Lauding Pezesha’s efforts to break down the barriers to SME financing and adopting an ecosystem approach to facilitate access to capital, Ruby Nimkar, Principal at GreenHouse Capital, said.
“Their embedded finance model is truly groundbreaking, and we have full confidence in Hilda and the talented team at Pezesha to take their model into new markets and continuously close the SME financing gap across Africa.”
Pezesha had previously raised seed investments from Consonance in 2018 and also from Seedstars in 2020.
Pezesha is the first Kenyan company to successfully exit the CMA sandbox with a letter of no objection to operate in Kenya, and has also gained regulatory approval from the Capital Markets Authority (CMA).
It is currently operational in Kenya, Nigeria, and Ghana, and will be launching in Uganda this month.
It plans further expansion with its recent seed extension round.
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What You Need To Know About Pezesha
Pezesha was founded in 2016 as a double-sided marketplace that provides credit for borrowers and a return for lenders.
This is done by providing alternative data sources to generate credit scores and building strategic partnerships with in-person social networks that exist in their communities.
Its data-driven credit scoring model combined with its strong focus on user experience and local talented team means Pezesha is capable of iterating its solutions to best suit customers’ needs.
It financially educates borrowers and takes them through a credit scoring process before they qualify for a loan.
Another interesting thing to note is that, unlike banks, Pezesha provides loans to people who are not recorded on the credit bureau.
Pezesha shares the information with the central credit bureau for other public organizations to access when they complete their loan(s).
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