Lipa Later, a Kenyan-based buy now, pay later (BNPL) service provider, has been put under administration effective 24th March 2024.
This comes three years after it secured a Ksh1.36 billion capital injection for expansion into new markets in Africa.
According to a notice, Joy Vipinchandra Bhatt of More JVB Consulting has been appointed as the administrator for Lipa Later, taking control over the company’s business, assets, and management affairs.
“ By virtue of the administration, the powers of the directors of the company in terms of deal and/or transacting with the company’s assets have ceased, unless with the express permission of the Administrator,” the notice read.
Meanwhile, Creditors of the Company have been instructed to send full details of any claims they may have against the company to the appointed administrator on or before 23rd April 2025.
The firm has been placed on administration amid Kenya’s booming BNPL market, with projections showing 13.6% annual growth to hit US$1.18 billion in 2025.
Launched in 2018, Lipa Later allowed customers to purchase goods and pay in flexible installments. The company had operations in Rwanda, Uganda, and Nigeria.
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