Kenyan fintech startup Sevi, which is revolutionizing equity financing for wholesalers and retailers through its “store now, pay later” platform, has secured an undisclosed amount of funding from Renew Capital to further develop its offering and expand its user base.
Founded in 2018, Sevi addresses the challenge of insufficient working capital by providing users with access to credit while ensuring suppliers are paid upfront. Its user-friendly smartphone application is designed for sales agents and customers, allowing them to easily pay for their orders on Sevi’s credit platform.
With Sevi, suppliers like Coca-Cola, Anytime and Philmed receive direct payments for their products, and retailers can order inventory on credit, allowing them to grow their business. The app uses AI and machine learning to improve its credit assessment process, providing a transparent and reliable solution for credit transactions between suppliers, retailers and credit funds.
“Our mission is to empower wholesalers and retailers by providing them with the working capital they need to grow their stores,” said Walter aan de Wiel, founder of Sevi. “Through our app, retailers can access inventory on credit, repay easily and focus on growing their business, while suppliers benefit from upfront payments. »
Operating on a one-week credit cycle, Sevi’s innovative approach reduces friction in the supply chain, enabling smoother transactions and increased efficiency for both retailers and suppliers.
The startup received an undisclosed amount of funding from Renew Capital, an Africa-focused impact investment firm that backs innovative companies with high growth potential.
With Renew Capital’s investment, Sevi plans to enhance its platform capabilities, expand its network of suppliers and retailers, and continue to drive financial inclusion for wholesalers and retailers.
“Sevi addresses a critical working capital gap in the FMCG sector,” said Calvin Chitangala, investment and project manager at Renew Capital. “Their platform makes equity financing more accessible and efficient, allowing businesses to grow faster. »