Pezesha has announced the close of a seven-figure growth funding round led by GreenHouse Capital (GHC). The pan-African fintech has become synonymous with the development of scalable lending infrastructure for SMEs.
In addition to the initial investment made by GHC, Pezesha also received on-lending liquidity support from GHC’s sister company Venture Garden Group (VGG) – a true family affair! Achieving such financing milestones will support Pezesha’s continued growth across Africa, and their new partnership with VGG and GHC will further facilitate their mission to expand access to affordable working capital for SMEs.
“We are delighted to have GreenHouse Capital join the Pezesha family,” remarks Pezesha’s Founder and CEO Hilda Moraa. “We are aligned in vision as well as our commitment to solving the working capital challenges that are preventing African SMEs from achieving their full growth potential. GHC’s investment will catapult our growth by enabling us to scale our existing partnerships with the likes of Twiga Foods, Jumia, Marketforce, and Popote Pay, among others. More so, the investment will unlock our vision of building the operating system to power embedded finance in Africa”
Likewise, Pezesha has also previously raised capital from Consonance and Seedstars.
Delving more into the company’s mission and how they plan to utilise their new substantial funds, Pezesha is solving Africa’s $82 billion working capital and trade finance access problems by enabling non-traditional finance institutions to offer working capital to SMEs using their lending infrastructure. The company has built robust APIs to originate quality SMEs and original credit scoring models that allow capital to flow efficiently and productively.
Ruby Nimkar, Principal at GreenHouse Capital, added, “Pezesha is breaking down barriers to SME financing by taking an ecosystem approach to the problem of access to capital. Their embedded finance model is truly groundbreaking, and we have full confidence in Hilda and the talented team at Pezesha to take their model into new markets and continuously close the SME financing gap across Africa.”
Adding to this, Bunmi Akinyemiju, CEO of Venture Garden Group, comments, “Pezesha’s innovative model is driving capital to the African SMEs that need it the most. We are excited to be partnering with Pezesha to expand their access to funds that they can use for their on-lending liquidity.”
Pezesha has scaled its lending infrastructure in Kenya, Ghana, and Nigeria and are reportedly planning to launch in Uganda in September of 2021.