Pezesha, A Kenyan Seed Extension Company Has Raised A Seven-figure Sum In Seed Extension
Pezesha, a Kenyan seed extension company has raised a seven-figure sum in seed extension
Pezesha, a Kenya-based pan-African fintech startup, has announced that it has raised a seven-figure sum in a seed-expansion round of funding. Greenhouse Capital Partners, a Nigerian venture capital firm, was the driving force behind the round. Additionally, GHC's sister company Venture Garden Group (VGG) provided on-lending liquidity to assist with the project's success.
Amounts raised will be used to support the startup's expansion across Africa as it works toward its mission of increasing access to affordable working capital for small and medium-sized enterprises (SMEs) on the continent.
Pezesha, which was founded by Hilda Moraa in December 2016, prides itself on being a pan-African fintech company that is building scalable lending infrastructure for SMEs and financial institutions. The fintech claims to have robust APIs that provide original credit scoring models, allowing capital to flow efficiently and productively through its systems.
Objectives
It also hopes to establish itself as the leading "enabler platform," where banks and other financial institutions can be matched with high-quality SMEs in order to provide them with access to working capital. As a result of this approach, the startup hopes to promote true financial inclusion while simultaneously reducing inequalities in access to formal financial services.
As a result, the startup is attempting to address Africa's $82 billion working capital and trade finance access issues by enabling non-traditional finance institutions to provide working capital to small and medium-sized enterprises (SMEs) through its holistic digital financial infrastructure.
The company, which currently has operations in Kenya, Ghana, and Nigeria, claims that it will use the new funding to increase the amount of capital available to it and its institutional partners to lend to small and medium-sized enterprises (SMEs).
Speaking about the new funding, Hilda Moraa, the company's founder and CEO, said the latest investment will help the company scale its existing partnership with small and medium-sized enterprises (SMEs) across the continent.
Influence of GreenHouse Capital
“GreenHouse Capital's investment will catapult our growth by enabling us to scale our existing partnerships with companies such as Twiga Foods, Jumia, Marketforce, and Popote Pay, among others,” says the company's founder. More importantly, the investment will enable us to realize our vision of developing an operating system to support embedded finance in Africa,” she explained.
Greenhouse Capital Partners is a leading venture capital firm with its headquarters in Lagos, Nigeria. AfricVentures, a venture capital firm that focuses on early-stage startups in Africa, is the continent's largest fintech fund in terms of portfolio size. So far, it has made investments totaling more than $6 million in 25 transactions spanning seven African countries.
Flutterwave, Wallets, Max, Migo, and Helium Health are just a few of the startups in the company's portfolio. Indeed, Pesheza finds itself in good company, and as the company's CEO noted, "we are aligned in our vision as well as our commitment to addressing the working capital challenges that are preventing African SMEs from realizing their full potential."
