Kenya-based P2P lending platform Pezesha has reportedly received an undisclosed strategic seed round of funding.
The investment was supplied by Consonance Investment Managers in a bid to support the company’s growth and expansion efforts in East and West Africa, according to a report by Disrupt Africa. This investment was allegedly made through the firm’s maiden fund.
Prior to this round, Pezesha secured a pre-seed round of funding early last year, with a series of Kenya and New York-based angel investors supporting it, the article said. FinTech-focused investment firm DFS Lab also took part in the pre-seed round.
Pezesha is an online marketplace which utilises alternative data analytics, financial education and APIs to provide consumers with access to affordable finance lines. The company focuses on the undeserved and excluded borrowers, helping them get a free credit score which is based on a questionnaire.
Loans can only be taken out for buying stock, working capital, education, agriculture or growing business services. When a borrower repays their loans on time, they gain trust which enables them to access cheaper loans and lower interest rates of under 5 per cent.
Borrowers are also provided with educational tips on how to improve their credit scores and savings. Individuals can use Pezesha to build an investment portfolio, backing consumer loans and earning monthly returns between 2 and 5 per cent.
Last month, fellow Kenyan FinTech company Bismart nabbed an investment from GreenTec Capital to support the development of its online insurance solution.
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