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.
The products are currently under development, however, the plan is to also lend to bigger businesses in the agri-value chain, as the company expands its reach from micro-sellers, who have been their target market since launch in 2013.
The CEO …
