Sevi, a promising FinTech startup operating in the Buy now, Pay later space, has successfully attracted a new series of investments from Truvalu, BuildingBetter//Worlds, and LenHold, among others. The total investment amounts to EUR 1.1 million and will be utilized to expand Sevi’s operations and on-lending capabilities in Kenya.
Founded by Walter aan de Wiel and Bartel Verkruijssen, Sevi offers an innovative ‘Order now, Pay later’ app designed to empower small entrepreneurs in Kenya and Uganda. The app enables small shops and kiosks to purchase stock on credit from their suppliers and pay later, once they have sold their inventory. This provides much-needed access to appropriate and affordable credit, allowing these businesses to grow and thrive.
Walter aan de Wiel, Co-founder of Sevi, shared his perspective on the company’s mission, saying, “We are accustomed to buying on an invoice basis, with a 30-day payment term. However, in many parts of the world, this is not a common practice. Numerous shops are constrained by their limited cash flow and are unable to plan for growth.”
With the new investments from Truvalu, BuildingBetter//Worlds, and LenHold, Sevi is poised for accelerated growth. The funding will be used to enhance its credit scoring algorithm and machine learning, strengthen Sevi’s operations in Kenya, and enhance its on-lending capabilities. Sevi aims to contribute to SDG 9.3 in the area of financial inclusion, with a strong focus on female entrepreneurs.
Jaap Jan Verboom, representing Truvalu, expressed his enthusiasm for supporting Sevi, stating, “We are thrilled to be able to support such a high-quality fintech startup. In our experience of building value chains based on a fair distribution of profit, power, and value, we haven’t seen a solution that brings transactions, credit, and orders together in such a seamless way as Sevi does.”
Sevi’s success in securing new investments reflects the growing recognition of its innovative approach, high-end technology, and the potential it holds to revolutionize the financial landscape for small entrepreneurs in Kenya and beyond. The company plans to attract additional debt funding from other funds in the near future, with the goal of further expanding its on-lending capacity and reach.
For more information about Sevi and its ‘Order now, Pay later’ app, view or visit www.sevi.io.
Sevi is a FinTech startup founded by Walter aan de Wiel and Bartel Verkruijssen. The company has developed an ‘Order now, Pay later’ IT platform, fully geared towards and embedded in emerging markets. In 2022, the company was among the first 10 licensed Digital Credit Providers by the Central Bank of Kenya. Sevi’s platform enables a fully automated AI-based Know Your Customer process and credit rating. The system relies on the trusted relationships between buyers and sellers, capturing the order between these parties. Based on this information, it automatically offers a suitable credit plan to the buyer. This automation reduces the cost and risk of providing small loans and enables the scaling of the model to millions of small businesses.
Walter aan de Wiel