Kenya-based payment startup Wasoko and eCommerce platform Sokowatch have secured $125 million in a Buy Now, Pay Later (BNPL) series. This is the largest BNPL series in the African continent to date. The series was led by Pache Arrow, a venture capital firm based in San Francisco, with participation from MillerTech, a technology investment firm.
Overview of Wasoko and Sokowatch
Wasoko is a Kenyan payments startup that allows users to transfer and receive payments across Africa, with the goal of making money accessible for everyone. Founded in 2016, Wasoko is supported by the Kenyan government and has grown to become a leading fintech company in the country.
Sokowatch is an eCommerce platform that makes it easy for small business owners to purchase goods from wholesalers, thereby increasing the reach of their businesses. Sokowatch is also a leader in the digital space, helping to bridge the gap between local businesses and the digital economy. Founded in 2016, the company has seen rapid growth in the past few years.
Details of the $125 Million BNPL Series
The $125 million BNPL series was led by Pache Arrow, a venture capital firm based in San Francisco. The series also saw participation from MillerTech, a technology investment firm. The funding will be used to support Wasoko and Sokowatch’s growth, with a focus on expanding into new markets and developing new products.
The BNPL series is the largest of its kind in the African continent, and is a testament to the growth of the digital economy in the region. The series is also a sign of the increased investor interest in African startups.
Benefits of the BNPL Series
The BNPL series will provide Wasoko and Sokowatch with the capital they need to continue to grow and expand. The funding will help the companies to develop new products and services, as well as enter new markets. It will also enable them to further their mission of making money accessible for everyone.
The series is also beneficial for investors, as it provides them with an opportunity to invest in a growing and innovative technology sector. It is also a sign of the increased investor interest in African startups and the potential they hold.
Funding History of Wasoko and Sokowatch
Wasoko and Sokowatch have both seen significant growth in the past few years. Wasoko has raised over $20 million in funding to date, while Sokowatch has raised over $30 million. This latest BNPL series is the largest investment the companies have received to date.
Conclusion
The news of the BNPL series has been met with excitement from the tech community. The series is seen as a sign of the potential of the African technology sector and the opportunities it presents for investors. It is also seen as a testament to the growth of Wasoko and Sokowatch, and a sign that these companies are well-positioned for further success.
