Kenya-based fintech 4G Capital to scale lending after raising $18.5M from Lightrock
TECHCRUNCH – 16/03/2022
Kenya-based fintech company 4G Capital, which provides unsecured credit to micro enterprises, has raised $18.5 million in Series C funding from global private equity firm Lightrock.
The equity funding comes as the fintech plans to roll out a series of new products and services, including new loans that will increase the credit limit from $1,000, and allow longer repayment periods from the current maximum of one month. All this is in its plan to expand its clientele base and grow its profits. […]
“We will be building new loan products this year, with longer durations and larger amounts and lend to bigger businesses in the agri-value chain…We are also planning to launch an app that will allow our clients to run their businesses better, have access to our goods and services, and connect them with other providers like FMCG (fast moving consumer goods) distributors. The future of 4G, is a really enriched value proposition for our clients driven by data and AI,” said Hennessy-Barrett. […]
Hennessy-Barrett launched 4G Capital in 2013 after a short stint as a loans manager based in Kenya for a lending corporation, an opportunity that saw him travel across Africa and gain insights on the continent’s lending space. […]
“I always felt it was important, particularly dealing with people who can be quite vulnerable, to have a personal interaction touch point, which is then augmented by technology.” […]
After nearly a decade in operations, 4G Capital is also exploring new growth opportunities in West and North Africa, with a keen eye on partnerships in Ghana, Nigeria and Egypt, which will happen after deepening and enriching its market share and customer value proposition in its core markets.
As it plans to scale its operations, 4G Capital plans to invest in data science enhancements for its evaluation algorithm, and grow its management team in evolving its core banking system. […]