Kenya’s Pezesha Secures Seed Investment From Consonance Investment Management
By Rolex Owino
Kenyan FinTech start-up, Pezesha, has secured investment in the form of seed funding from Consonance Investment Managers.The seed investment is expected to go a long way towards helping the micro-lending start-up – to expand its operations into parts of Eastern and Western Africa.
Pezesha is looking to carve a niche for itself in the area of making credit facilities available and accessible to borrowers. Its value-chain financial marketplace is designed to financially educate borrowers, as well as walk them through a seamless credit-scoring process – that ultimately qualifies them for loans.
With its business model and operational blueprint, the start-up appears to have taken-off on the right footing towards becoming one of the pioneering online financial marketplaces to provide financial lending services, in conjunction with other financial services and products to a community of stakeholders that encompasses – borrowers, lenders and investors. Thus, bringing about the creation of a shared economy.
The latest injection of capital into Pezesha is coming in the wake of previous funding rounds, as the Kenyan start-up is reported to have benefitted from a pre-seed investment facilitated by a network of angel investors in New York, Kenya and DFS Lab, in 2017. This initial round of funding is believed to have been instrumental in building the start-up’s team and platform. The latest investment from Consonance Investment Managers comes as an offshoot of what has been christened as the Consonance Kuramo Special Opportunities Fund I – the first of its kind for the investment firm.
Against the backdrop of the recent developments, Hilda Moraa, CEO of Pezesha and ex-founder of Weza Tele, one of the first tech start-up exits in Kenya, is quoted as saying: “We are delighted and honoured to have Consonance as strategic partners to support and fuel our mission of achieving meaningful financial inclusion to the 200 million in Sub-Saharan Africa who have been exploited and excluded from the formal financial ladder.”
Earlier this year, Pezesha joined the very first Google Launchpad in Africa – a program that promises as much as USD 3 Mn. in equity-free funding, workspace, and access to expatriates from Google, Silicon Valley, and Africa – to African start-ups.
The start-up also lays claim to having overseen more than 20 million transactions and connected over 2,000 lenders to thousands of quality borrowers on its platform. With the seed investment, the start-up, which connects credible borrowers to credit-worthy lenders, now seems well-placed in its ambition to become one of Africa’s first digital marketplaces that offers efficient and convenient lending services to a network of – borrowers, lenders and investors.
Source: African Strategic-Ventures (ASV) & Weetracker.