Lipa Later's CEO, Eric Muli.

Lipa Later Group, a Kenyan-born fintech, has successfully closed a $5 million (KES 500 million) privately placed debt issuance as it seeks to extend its financing solutions portfolio.

This raise was supported by Rubicon Landing, a transaction advisory firm, and KN Law, a legal advisory firm.

Eric Muli, Group CEO at Lipa Later, said: "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."

The company has said that the investment demonstrates its development trajectory and the level of trust it has created within the Kenyan financial ecosystem, said the fintech.

The news of the $5 million raise comes a few weeks after Lipa was granted exclusive permission to raise funds from the public in the United States.

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