- Unchorlight Kenya Limited (UNK), a mobility fintechthat delivers a Rent-to-Own model finance service for BodaBoda (Bike) riders in Kenya, has raised USD 623 000 in funding backed by
Unchorlight Kenya Limited (UKL) has secured 90 million yen (USD 623 K) from Honda Trading and Skylight Consulting. Honda Trading is a trading company under one of Japan’s major automobile/motorcycle manufacturers while Skylight Consulting is a consulting firm affiliated with Tokyo-based IT outsourcing giant Transcosmos.
Unchorlight Kenya Limited (UKL) offers a BNPL (Buy Now, Pay Later) service called Zaribee, exclusively for “boda boda” motorcycle taxi riders in the Eastern African country. The company also sells insurance to riders, introduces mobility service jobs including motorbike taxis as well as conducts educational activities on safe driving.
- UNK has launched a Rent-to-Own model finance service in September 2021 for gig workers who work through digital platforms in Kenya. This is a Rent-to-Own model finance service in which BodaBoda riders earn income while working as taxis and logistics on the digital service on a daily basis, accumulate motorcycle fees, and receive ownership after 18 months.
- Since the first launch of its service UNK has contributed to vehicle sales and job creation for approximately 245 BodaBoda riders in Kenya (as of June 2022.)
- UNK’s Rent-to-Own model finance service forms groups of BodaBoda riders to pay the motorcycle fees on a daily basis through mutual management. By visualizing the creditworthiness of BodaBoda riders through digital payments, UNK aims to create new sources of revenue and further expand its business, and contribute to job creation and financial inclusion in Kenya and other parts of Africa.
- This latest funding will enable the company to strengthen its capacity to expand the Rent-to-Own model Finance service for BodaBoda riders in Africa.