“Can African BNPL survive on debt capital alone when consumer credit losses outrun unit economics?”
Founded 2018 in Nairobi as a tech-led consumer credit / BNPL platform serving Kenya, Uganda, Rwanda. Expanded across East Africa and into Nigeria, building merchant-funded installment lending plus a working-capital product. Despite raising $12M pre-Series A in 2022 and successive debt rounds, the company entered administration in March 2025 after months of unpaid salaries, missed supplier payments, and failed fundraising. Co-founder Eric Muli's post-administration attempt to raise a $5M facility against invoice receivables underscored the cash crunch.
Lipa Later's lending and capital products are provided by Lipa Later (in-house).
Lipa Later was founded by Eric Muli and is founded in 2018, headquartered in Nairobi, Kenya.
Lipa Later has raised ~$25M+ (equity + debt) in total (latest round: $9.88M (late 2024)).
Get a read on where your own stack stands against Lipa Later and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.