Lipa Later Group, a Kenyan-born fintech, has been granted exclusive permission to raise funds from the general public in the United States.

The company says this is an important turning point for Lipa, because it is one of the first African companies to receive such approval from the Securities and Exchange Commission in the US.

Lipa Later is a fintech platform that offers consumer credit, working capital and e-commerce solutions for merchants.

With the US approval to raise funds, investors worldwide will now have the chance to invest in Lipa Later through Republic, a global investing platform.

Lipa Later's CEO, Eric Muli, said: “This marks a significant step in our journey, and we are eager to share this transformative experience with all investors. This isn't just an investment opportunity; it's a catalyst for entrepreneurship, a cradle for job creation, and a beacon of economic development across an entire continent, as well as an opportunity to make a remarkable return on your investment. We aim to bank 100,000 SMEs."

According to Republic, Lipa Later is positioned to unlock a $500 billion African opportunity and grab the attention of investors with its strong track record of over 350,000 consumers and over 35,000 retailers, as well as an exclusive agreement with Mastercard for point-of-sale financing.

Meanwhile, yesterday, Lipa Later announced it has raised $5 million, in a privately placed debt issuance. This raise was supported by Rubicon Landing LLP.

“These funds have enabled us to further invest in technology and infrastructure to make our financing solutions even more accessible and convenient for our customers," Muli said.

Looking forward, Muli said the company plans to raise an additional $20 million in equity and debt, to fund its expansion plans in Kenya.