Zanifu, a fintech business based in Kenya, was able to raise $11.2 million in a pre-Series A deal that included debt in addition to equity.
The investment was led by Beyond Capital Ventures and Variant Investments, with participation from Launch Africa, Founders Factory Africa, AAIC Investment, Google Black Founders Fund, and additional stakeholders. Zanifu is a licensed fintech firm that offers inventory finance to micro, small, and medium-sized enterprises (MSMEs). It was founded in 2018 by Steve Biko and Sebastian Mithika.
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Zanifu helps supplier chains of MSMEs acquire working financing. By utilising its platform, smaller companies have the ability to purchase goods from their suppliers and then settle payments at a later time. Inventory finance from Zanifu has the potential to have a substantial impact on MSMEs in Kenya. In addition, Zanifu plans to make investments in its technology infrastructure in order to improve the quality of the services it provides.
Zanifu is able to improve its company operations, raise its efficiency, and provide a positive experience for its consumers by utilising cutting-edge technologies in the financial sector. Zanifu will be in a better position to scale quickly and provide service to a fast-expanding customer base if it adopts this tech-centered approach.
Co-founder Steve Biko of Zanifu made the following statement: “Our concentration is solidly on Kenya. We want to be able to assist a greater number of micro- and small- and medium-sized enterprises, expand the number of distributors we work with, and guarantee that the funds we distribute will contribute to the expansion and profitability of these companies. We won’t even consider expanding into new markets until we’ve established a profitable presence here.
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About Zanifu
Zanifu’s dedication to providing inventory financing to Kenyan MSEs will receive a boost thanks to the infusion of new money.
A regulated financial technology company, Zanifu offers inventory finance for micro, small, and medium-sized businesses (MSMEs). The organisation makes it possible for the supplier networks of MSMEs to obtain access to working capital. Through its platform, it is possible for small shops to purchase inventory from their suppliers and pay for it at a later time.
