Autochek partners fintech Pezesha to enable SMEs in Kenya to access asset financing

KENYA – Autochek, the automotive technology company, has launched a new partnership with Pezesha, a digital financial marketplace that builds scalable lending infrastructure for SMEs, to enable SMEs in Kenya to access asset financing.

The partnership will enable SMEs to acquire auto assets for ease of business operations and growth.

Currently, Autochek has increased market adoption for auto financing through technology integration that will give SMEs a 360-degree solution for asset acquisition, aftersales, and an opportunity to sell their Auto assets.

“Purchasing business assets can be quite expensive especially for small businesses that do not have a lot of resources or even a formal credit history,” Joan Kamau, Business Operations Manager- Pezesha said.

“This is where Pezesha comes in. We are able to credit score an SME using alternative data from our partners and offer real time financing with flexible repayment that helps the business spread the cost of buying a business asset over time.

“Supporting small businesses with the right tools or assets will go a long way in investing in their growth and expansion plans without increasing risk to their business.”

Pezesha, through its robust embedded lending and credit scoring capabilities, will enable Autochek’s small and medium-sized businesses to access affordable and flexible asset financing to drive their business growth.

“Autochek has been focused on financing retail customers, we are excited to partner with Pezesha whose key focus is on enabling SME lending,” Bilhah Muriithi, Country Manager – Kenya, Autochek.

“Autochek will continue to invest in the market while exploring new partnership opportunities to deliver solutions for driving positive change in the automotive industry in Kenya and beyond.”

Pezesha and Autochek’s partnership will harness Africa’s SME asset finance gaps in the automotive industry by bringing easier access to more financing options as a catalyst for growth.

Pezesha closes seed extension

Pezesha has closed a seven-figure seed extension round as it looks to expand further across the continent.

The seven-figure round is led by GreenHouse Capital, and also includes on-lending liquidity support from GreenHouse Capital’s sister company Venture Garden Group.

The funding will support Pezesha’s continued growth across Africa and its mission to expand access to affordable working capital for SMEs and adds to previous seed investment raised in 2018 from Consonance and last year from Seedstars.

Founded in late 2016, Pezesha has created a holistic digital financial infrastructure that connects small and medium-sized businesses to working capital offered by banks, MFIs, and other financial institutions or networks.

The startup has gained regulatory approval from the Capital Markets Authority (CMA) and also became the first Kenyan company to successfully exit the CMA sandbox with a letter of no objection to operate in Kenya.

Currently operational in Kenya, Ghana, and Nigeria, Pezesha is launching in Uganda this month and plans further expansion after raising a seed extension round.

“We are delighted to have GreenHouse Capital join the Pezesha family. We are aligned in vision as well as our commitment to solving the working capital challenges that are preventing African SMEs from achieving their full growth potential,” said Hilda Moraa, founder and chief executive officer (CEO) of Pezesha.

Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals, and insights from Africa’s business, economy, and more. SUBSCRIBE HERE

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.