The investment will allow Sevi to further develop its technological infrastructure, expand its network of suppliers and retailers, and enhance financial inclusion for SMEs across Kenya.
The Sevi team. Image Credits: Sevi
Kenyan fintech company, Sevi, has secured a new round of investment from Renew Capital. The company makes this announcement as it marks a crucial milestone in Sevi’s mission to change the face of stock financing and wholesalers through its “stock now, pay later” platform. The investment will allow Sevi to further develop its technological infrastructure, expand its network of suppliers and retailers, and enhance financial inclusion for SMEs across Kenya.
Sevi was founded in 2018 by Walter aan de Wiel and Bartel Verkruijssen. It offers a user-friendly mobile app designed with sales agents and customers in mind. The app gives users access to credit for stock purchases, as well as helping them repay conveniently while focusing on scaling their businesses. An integration of advanced artificial intelligence and machine learning ensures efficient and reliable credit evaluations, building a reputation of trust based on efficiency across the industry.
Sevi’s mobile app addresses the critical issue of inadequate working capital encountered by small and medium-sized enterprises (SMEs) in the fast-moving consumer goods (FMCG) sector. Its mobile app enables retailers to order inventory on credit, with a one-week repayment cycle. At the same time, suppliers like Coca-Cola, Anytime, and Philmed receive direct, upfront payments for their products.
Sevi deploys artificial intelligence and machine learning technology to enhance its credit evaluation processes, alongside an integration of data-driven insights that help the platform minimize risks and ensure seamless credit transactions between suppliers, retailers, and credit providers.
“Our mission is to empower wholesalers and retailers by providing them with the working capital they need to grow their shops. With our app, retailers can access stock on credit, repay easily, and focus on expanding their businesses, while suppliers benefit from prompt payments.” said Walter aan de Wiel, co-founder of Sevi.
Renew Capital, being an Africa-focused impact investment firm, identified Sevi as a major force in the FMCG sector. “Sevi is solving a critical working capital gap in the FMCG sector. Their platform makes stock financing more accessible and efficient, empowering businesses to grow faster.” said Calvin Chitangala, investment and project manager at Renew Capital.
Renew Capital is an impact investment firm focused on Africa. It has been able to make its mark on the continent through its network of angel investors, foundations, and family offices — known as Renew Capital Angels. Renew Capital’s investments cut across diverse sectors, reflecting its commitment to fostering entrepreneurship and economic development across the continent.
Renew Capital’s support for its portfolio companies is bolstered by its partnership with Global Affairs Canada, a partnership that emphasizes sustainable social impact alongside financial returns. Through this funding, Sevi joins Renew Capital’s portfolio of high-growth African startups like Tunisia’s Konnect, Morocco’s Agenz, Ethiopia’s ChipChip, Kenya’s BuuPass, and others.
