Pezesha, a Kenyan fintech focused on bridge financing for SMEs, recently raised $11 million in a pre-series A debt equity financing round. Women World Bank Capital Partners II led the round, which also included Cardano blockchain builder Input Output Global.
Solving Pezesha MSMEs’ working capital problems
Kenya-based fintech Pezesha recently announced that it has raised $11 million in a pre-series A debt-equity funding round; Techcrunch reports that the series was led by Women’s World Banking Capital Partners II led the round, with participation from Cardano blockchain builder Input Output Global (IOG), according to the report. Other participants included Verdant Frontiers Fintech Fund and Cfund.
, 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 French-speaking Africa.
Commenting on Pezesha’s plans to use its financing infrastructure for more MSMEs following the round’s success, Fintech founder Hilda Moraa reportedly said.
The opportunity and impact of solving MSME working capital problems is huge. [We are] solving the root cause of the information asymmetry problem and ensuring quality, responsible borrowing, which Pezesha solves with its robust API-driven credit scoring technology.
Pezesha targets women entrepreneurs
Meanwhile, Charles Hoskinson, co-founder of IOG and Cardano, explained how this investment aligns with his organization’s core objective of helping African economies grow and create jobs.
“Our vision is focused on using technology to make it easier for people around the world to borrow and lend to each other in a regulated manner, and the investment in Pezesha is an important milestone and we are excited to be part of their growth story. We are excited to be a part of their growth story,” Hoskinson is quoted as saying.
In addition to using the funds for MSME, the report stated that Pezesha will specifically target women entrepreneurs who currently do not have easy access to funds from the formal banking system.
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