Kenyan Fintech Pezesha Raises $11 Million in Pre-Series a Round Backed by Cardano Blockchain Builder – Fintech Bitcoin News

Pezesha, an Kenyan fintech company that offers bridging loans to small and medium-sized companies, raised $11M in a pre-Series B debt equity round. The Women’s World Banking Capital Partners II led the round in which the Cardano blockchain builder Input Output Global also participated.

Pezesha Solutions to MSMEs’ Working Capital Problems

Pezesha, a Kenyan fintech company, recently announced that it had raised $11 Million from its pre-Series A equity-debt funding round. According to a Techcrunch report, this series was led by Women’s World Banking Capital Partners II with the Cardano blockchain builder Input Output Global (IOG) also participating. Cfund, Verdant Frontiers Fintech Fund, and IOG were other participants.

According to the report, Pezesha intends to use the funds for expanding its embedded finance business, which will be available to small and medium-sized micro enterprises (MSMEs), operating in Francophone Africa, Nigeria and Rwanda.

Commenting on how Pezesha plans to avail its lending infrastructure to more MSMEs following its successful round, the fintech’s founder Hilda Moraa reportedly said:

MSMEs can have a huge impact on solving their problems with working capital. [We are]To ensure responsible lending and quality, we must solve the root problem, which is information imbalance issues. Our robust API-driven credit scoring technology solves these problems for Pezesha.

Pezesha will target women entrepreneurs

For his part, Charles Hoskinson, the co-founder of IOG and Cardano explained how this investment fits his organization’s core objective of helping African economies grow and create jobs.

“Our vision is centred on using technology to make it easier for people across the globe to borrow and lend to each other in a regulated way. This investment in Pezesha is an important milestone, and we’re excited to be a part of their growth story,” Hoskinson is quoted stating in the report.

Pezesha, in addition to providing funding for MSMEs and women entrepreneurs, was also mentioned.

To receive a weekly update about African news, sign up here

Let us know your opinions on the story. Comment below and let us know how you feel.

Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.