Pezesha, a Kenyan fintech focused on bridge financing for small and medium enterprises, recently raised $11 million in a pre-Series A debt financing round. The Women’s World Banking Capital Partners II led the round in which blockchain builder Cardano Input Output Global also participated.
Pezesha solves working capital problems for MSMEs
A Kenya-based fintech, Pezesha, recently announced that it has raised $11 million through its pre-Series A debt funding round. According to a report by Techcrunch, this round was led by Women’s World Banking Capital Partners II with participation from blockchain builder Cardano Input Output Global (IOG). Other participants were Verdant Frontiers Fintech Fund and Cfund.
According to the report, Pezesha plans to use the funds to expand its integrated finance business to micro, small and medium-sized enterprises (MSMEs) operating in countries including Nigeria, Rwanda and Francophone Africa.
Commenting on how Pezesha plans to make its lending infrastructure available to more MSMEs after its successful funding round, fintech founder Hilda Moraa reportedly said:
The opportunity and impact of addressing working capital issues for MSMEs is enormous. [We are] address the root cause, namely information asymmetry issues, to ensure the quality and accountability of borrowings. Pezesha solves this problem with our robust API-based credit scoring technology.
Pezesha targets women entrepreneurs
For his part, Charles Hoskinson, the co-founder of IOG and Cardano, explained how this investment aligns with his organization’s primary goal of helping African economies grow and create jobs.
“Our vision is centered on using technology to make it easier for people around the world to borrow and lend to each other in a regulated way. This investment in Pezesha is a significant milestone, and we are thrilled to be part of their growth story,” Hoskinson said in the report.
In addition to providing finance to MSMEs, the report says Pezesha would specifically target women entrepreneurs who currently cannot easily access finance from the formal banking system.
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Terence Zimwara is an award-winning journalist, author and writer in Zimbabwe. He has written extensively on the economic issues of some African countries as well as how digital currencies can provide an escape route for Africans.
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