Kenya’s FlexPay raises undisclosed funding to accelerate growth

A Kenyan online and offline payment gateway startup, FlexPay, has announced raising an undisclosed funding round from Cairo Angels Syndicate Fund to accelerate its growth.

The undisclosed funding was confirmed by Richard Machomba, founder and CEO of FlexPay in a statement seen by Ripples Nigeria on Tuesday.

The round is Cairo Angels’ first investment in Africa outside of Egypt.

FlexPay offers an automated platform that enable merchants and their customers manage flexible payments for both goods and services across mobile money and bank transfer platforms.

The Nairobi-based startup was founded in 2016 by Richard Machomba.

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Speaking on the development, Machomba noted that the new raiser will help expand the startup’s footprint in the African market.

He said: “We are thrilled to have Cairo Angels as investors as we plan to grow and scale to more markets in Africa.

“As Africa’s first merchant-embedded saving-based purchase experience that rewards customers for saving, we aim to solve the un-affordability gap for the large under-banked African population without subjecting them to the debt trap.”

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