Kenyan startup Zanifu has secured $11.2 million in debt-equity funding for its inventory financing platform tailored to micro, small, and medium-sized businesses. Leading the funding round are Beyond Capital Ventures and Variant Investments, along with contributions from Founders Factory Africa, AAIC Investment, Google Black Founders Fund, and Launch Africa.
Zanifu’s Android app, designed for small retailers, facilitates inventory procurement from suppliers with payment deferred until goods are sold. Notably, the company doesn’t mandate collateral or a credit history; a pre-existing supplier relationship suffices.
CEO Steve Biko informed TechCrunch that around 13,000 micro-firms have utilized the platform, maintaining a remarkable 99.2% repayment rate while incurring an interest of five to six percent per month.
The newly acquired funds will be directed towards expanding the platform’s reach to distributors and amplifying operations within Kenya.
By FCCT Editorial Team
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