Kenyan Fintech Pezesha Raises $11M in Pre-Series A Round Backed by Cardano Blockchain Builder – Fintech Bitcoin News
Pezesha, a Kenyan fintech focused on providing bridging financing to SMEs, recently raised $11 million in pre-Series A debt-equity financing round. Women’s World Banking Capital Partners II led the round in which Cardano blockchain builder Input Output Global also participated.
Pezesha solves working capital problems for MSMEs
A Kenya-based fintech, Pezesha, recently announced that it raised $11 million from its pre-Series A debt-equity funding round. According to a Techcrunch report, this series was led by Women’s World Banking Capital Partners II with Cardano blockchain builder Input Output Global (IOG) also participating. Other participants were Verdant Frontiers Fintech Fund and Cfund.
According to the report, Pezesha plans to use the funds to expand its embedded finance business to micro, small and medium enterprises (MSMEs) operating in countries such as Nigeria, Rwanda and Francophone Africa.
Commenting on how Pezesha plans to leverage its lending infrastructure to more MSMEs after the successful round, the fintech’s founder Hilda Moraa reportedly said:
The opportunity and impact of solving working capital problems for MSMEs is huge. [We are] solve the root cause, which is information asymmetry problems, to ensure quality and responsible borrowing. Pezesha solves this through our robust API-driven credit scoring technology.
Pezesha targets women entrepreneurs
For his part, Charles Hoskinson, the co-founder of IOG and Cardano, explained how this investment fits with the organization’s main goal of helping African economies grow and create jobs.
“Our vision is centered on using technology to make it easier for people around the world to borrow and lend to each other in a regulated way. This investment in Pezesha is an important milestone and we are delighted to be part of their growth story, says Hoskinson in the report.
In addition to tapping funding for MSMEs, the report said Pezesha would specifically target women entrepreneurs who currently cannot easily access funding from the formal banking system.
Register your email here to get a weekly update on African news delivered to your inbox:
What are your thoughts on this story? Let us know what you think in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for damages or losses caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
