Kenyan fintech startup, Sevi, which is transforming stock financing for wholesalers and retailers with its ‘stock now, pay later’ platform, has raised an undisclosed amount of funding from Renew Capital to enhance its services and grow its user base.
Founded in 2018, Sevi tackles the issue of limited working capital by offering users access to credit while ensuring suppliers are paid upfront. Its intuitive smartphone app, designed for sales agents and customers, streamlines the process of placing and paying for orders on Sevi’s credit platform.
Through Sevi, suppliers such as Coca-Cola, Anytime, and Philmed receive direct payments for their products, while retailers can purchase stock on credit to grow their businesses. The platform leverages AI and machine learning to optimize its credit evaluation process, providing a seamless and reliable solution for managing credit transactions between suppliers, retailers, and credit funds.
“Our mission is to empower wholesalers and retailers by providing them with the working capital they need to grow their shops,” said Walter aan de Wiel, founder of Sevi.
“With our app, retailers can access stock on credit, repay easily and focus on expanding their businesses, while suppliers benefit from upfront payments.”
Sevi operates on a one-week credit cycle, offering an innovative solution that reduces supply chain friction, streamlines transactions, and boosts efficiency for both retailers and suppliers.
The startup has secured an undisclosed investment from Renew Capital, an Africa-focused impact investment firm supporting high-growth, innovative businesses.
With this funding, Sevi aims to further enhance its platform’s functionality, expand its network of suppliers and retailers, and advance financial inclusion for wholesalers and retailers.
“Sevi is solving a critical working capital gap in the FMCG sector,” said Calvin Chitangala, investment and project manager at Renew Capital.
“Their platform makes stock financing more accessible and efficient, empowering businesses to grow faster.”
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