Kenyan fintech startup Zanifu has secured $11.2 million in a pre-Series A round comprising debt and equity. Beyond Capital Ventures and Variant Investments spearheaded the investment, with contributions from Launch Africa, Founders Factory Africa, AAIC Investment, Google Black Founders Fund, and other stakeholders. Established in 2018 by Steve Biko and Sebastian Mithika, Zanifu is a licensed fintech entity offering MSMEs inventory financing.
Zanifu enables supplier chains of MSMEs to access working capital. Through its platform, small businesses can procure goods from suppliers and settle payments later. Zanifu’s inventory financing can significantly impact MSMEs in Kenya. Furthermore, Zanifu intends to invest in its technological framework to enhance its service quality.
Zanifu can leverage advanced fintech solutions to enhance its business operations, increase productivity, and offer a smooth experience to its customers. Adopting this tech-centric approach will position Zanifu to scale and cater to a growing customer base rapidly.
Steve Biko, Zanifu’s co-founder, remarked, “Our focus is firmly on Kenya. We aim to serve more micro-SMEs, bring in additional distributors, and ensure our dispersed capital aids in the growth and profitability of these businesses. Only once profitable will we consider entering other markets.”
The fresh capital will bolster Zanifu’s commitment to offering inventory finance to Kenyan MSEs.