Pezesha, a digital lending infrastructure and platform that helps finance medium, small, and micro enterprises startups (MSMEs) in Kenya, has raised $11 million in Series A to expand in Africa.

The raise saw participation from:

• Women’s World Banking Capital Partners II
• Verdant Frontiers Fintech Fund
• cFund
• Input Output Global (IOG) – Cardano
• Talanton

Founded in 2017, has built a scalable digital lending platform that offers working capital to MSMEs in both traditional and non-traditional finance institutions.

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SEE ALSO: Pezesha Among the First 3 Fintechs Admitted into the Kenya Regulatory SandBox

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To ensure quality and responsible borrowing, Pezesha has built a credit scoring API that has also been integrated into more than 20 partner companies, with 10 more getting integrated with its infrastructure. Some of its partners include Twiga Foods and MarketForce, leading startups in Kenya, enabling customers to get real-time loan offers via the Pezesha API.

Pezesha is able to extend loans of up to $10, 000 at single-digit interest rates with a one year repayment period. The company hopes to raise $100 million by tapping local and international banking institutions, high net worth individuals, and decentralized finance (DeFi) in order to offer financing opportunities to businesses.

Pezesha’s partnership with Cardano is expected to see the company build a peer-to-peer financial operating system in Africa.

According to Charles Hoskinson, Founder, Cardano:

“Facilitating the movement of capital into emerging markets to support economic growth and job creation is a core promise of blockchain and cryptocurrencies. Our vision is centered 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.”

– Founder, Cardano

According to Hilda Moraa, the CEO of Pezesha, strategic partners like Cardano will open up debt liquidity market and offer affordable capital that is criticial for the growth of various sectors of the economy.

“We have the right business model, are profitable, and continue to pursue the kind of investors that are aligned with our goals and values.”

– Founder / CEO, Pezesha

The new funding is expected to see Pezesha expand across Africa in the following countries:

• Kenya
• Francophone Africa
• Ghana
• Nigeria
• Rwanda
• Uganda

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RECOMMENDED READING: Cardano Invests in AfriGuild, a Nigerian Web3 Gaming Outfit

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