Kenya-based fintech company, 4G Capital, has raised $18.5 million in Series C funding from global private equity firm Lightrock.
4G Capital is a Neobank for Africa, focused on empowering micro and small businesses with all they need to build economies and generational success. The company provides clients the right financial service, training and digital solutions needed for seamless growth.
The equity funding comes as the fintech company plans to launch a series of new products and services including new loans that will increase the credit limit from $1,000, and allow longer repayment periods from the current maximum of one month. All this is in its plan to expand its clientele base and grow its profits.
The products are currently under development as the company expands its reach from micro-sellers, who have been their target market since launch in 2013.
4G Capital is building new loan products this year, with longer durations and larger amounts to lend to bigger businesses in the agri-value chain. The company is also planning to launch an app that will allow its clients to run their businesses better, have access to goods and services, and connect them with other providers like FMCG — fast moving consumer goods — distributors.
Included in its latest products is its latest retail finance product, Kuza, which allows clients to access goods from FMCG producers and distributors on credit, currently on trial.
The recent funding round brings to $27.5 million, the total equity funding raised by 4G Capital since 2016. The deal equally comes with the backing of Lightrock’s partner Shakir Merali, who now joins 4G Capital’s Board.
Operating in 90 locations across Kenya and Uganda, 4G Capital has branches in all major towns and market centres.
The equity funding comes as the fintech company plans to launch a series of new products and services including new loans that will increase the credit limit from $1,000