PRESS RELEASE: Pezesha Raises Seven-figure Seed Extension from GreenHouse Capital to Fuel Expansion of its Embedded Credit Infrastructure across Africa.
Nairobi — September 7th, 2021:
Pezesha, a pan-African fintech company building scalable lending infrastructure for SMEs and institutions, today announced the close of a seven-figure growth funding round led by GreenHouse Capital (GHC). In addition to GHC’s investment, Pezesha received on-lending liquidity support from GHC’s sister company Venture Garden Group (VGG). These financing milestones will support Pezesha’s continued growth across Africa and its mission to expand access to affordable working capital for SMEs.
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 Pezesha’s 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. Pezesha’s new partnership with VGG will expand the capital available for Pezesha and its institutional partners to lend to SMEs. Pezesha previously raised capital from Consonance and Seedstars.
Hilda Moraa, CEO and Founder of Pezesha, commented, “we are delighted to have GreenHouse Capital join the Pezesha family. 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”
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.”
Bunmi Akinyemiju, CEO of Venture Garden Group, commented, “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 is planning to launch in Uganda in September of 2021.
Founded in late 2016, Pezesha is a pan-Africa fintech company building scalable lending infrastructure for SMEs and institutions. Pezesha has created a holistic digital financial infrastructure that is on a mission to be the leading enabler platform and marketplace that connects small and medium-sized businesses to working capital through a collaborative approach where banks, MFIs, and other financial institutions or networks can connect on our platform to be matched with quality SMEs driving meaningful financial inclusion and reducing any inequalities on access to formal financial services.
The trust in Pezesha’s platform was validated through its regulatory approval from the Capital Markets Authority (CMA) last year, which saw Pezesha become the 1st Kenyan company to successfully exit the CMA sandbox with a letter of no objection to operate in Kenya. Pezesha is currently operational in Kenya, Ghana, and Nigeria.
ABOUT GREENHOUSE CAPITAL
Founded in 2014, GreenHouse Capital (GHC) is a leading African fintech investment fund and platform focused on supporting early-stage companies and world-class emerging market entrepreneurs building the next wave of innovative technology companies. GHC is Africa’s largest fintech fund by portfolio size and has invested in leading companies like Flutterwave, Max, and Wallets. GHC believes in “founders backing founders” and is home to Africa’s leading accelerator programs for women-led and fintech startups. GHC is using its experience, know-how, and track record to expand into emerging markets including the Middle East where it will continue its approach of putting the entrepreneur first and empowering innovation while delivering returns.
ABOUT VENTURE GARDEN GROUP
VGG is Africa’s first tech holding company that invests in developing, scaling, and spinning off innovative companies that provide solutions for key impact sectors like transportation, energy, education, and financial services. VGG has developed some of Africa’s leading tech companies such as AviTech, EduTech, PowerTech, Trips and more; all of which have contributed to improving the daily lives of Africans across the continent.
VGG approaches technology development through rigorous R&D led by its African team. Once a platform is built and adopted, VGG then seeks to merge or spin off the company to enable it to reach its full potential. The company prioritizes training and developing local African talent.