Kenyan fintech startup Sevi, which is revolutionising stock financing for wholesalers and retailers through its “stock now, pay later” platform, has secured an undisclosed amount of funding from Renew Capital to further develop its offering and expand its user base.
Founded in 2018, Sevi addresses the challenge of insufficient working capital by providing users with access to credit while ensuring suppliers are paid upfront. Its user-friendly smartphone app is designed for sales agents and customers, enabling them to easily pay orders on Sevi’s credit platform.
With Sevi, suppliers like Coca-Cola, Anytime and Philmed receive direct payments for their products, and retailers can order stock on credit, enabling them to grow their businesses. The app utilises AI and machine learning to enhance its credit evaluation process, offering a seamless, reliable solution for credit transactions between suppliers, retailers and credit funds.
“Our mission is to empower wholesalers and retailers by providing them with the working capital they need to grow their shops,” said Walter aan de Wiel, founder of Sevi. “With our app, retailers can access stock on credit, repay easily and focus on expanding their businesses, while suppliers benefit from upfront payments.”
Operating on a one-week credit cycle, Sevi’s innovative approach reduces friction in the supply chain, enabling smoother transactions and increased efficiency for both retailers and suppliers.
The startup has received an undisclosed amount of funding from Renew Capital, an Africa-focused impact investment firm that backs innovative companies with high-growth potential.
With Renew Capital’s investment, Sevi plans to enhance its platform’s capabilities, grow its network of suppliers and retailers and continue driving financial inclusion for wholesalers and retailers.
“Sevi is solving a critical working capital gap in the FMCG sector,” said Calvin Chitangala, investment and project manager at Renew Capital. “Their platform makes stock financing more accessible and efficient, empowering businesses to grow faster.”
