Lipa Later, a Kenyan company that leverages data analytics to provide consumers access to convenient and affordable credit, has acquired e-commerce startup SkyGarden.
“Guided by our objective to empower African businesses and consumers to do more by enabling e-commerce, financial inclusion and shopping all on one centralized and fully integrated platform, our plan has always been to venture into e-commerce with unique value propositions for our consumers. SkyGarden has done an incredible job and checks all those boxes,” Lipa Later CEO Eric Muli said on Monday’s acquisition.
“Lipa Later is no stranger to the e-commerce industry, having already established a strong presence in the online payment and finance sectors. This acquisition has greatly accelerated our plans of redefining the shopping experience for consumers,” he added.
The announcement is now official. Lipa Later has acquired https://t.co/6ywgVpVdnk for an undisclosed amount. pic.twitter.com/AqUo5b2m1L
— Kanali (@NicKanali) December 5, 2022
Sky Garden is an online marketplace connecting small businesses to buyers in an end-to-end system that encourages the Do-it-Yourself (DIY) business model. It generates income by charging eight per cent on every successful transaction.
In October, Sky.Garden management filed insolvency in the Danish Holding Company Sky.Garden ApS on financial challenges.
“Last month, we saw no other option than to file for insolvency,” Martin Majlund, founder of Sky Garden, reiterated. “Today, I’m happy to see that Sky Garden will live on with new owners and new management. We built a great product over time, and I believe Lipa Later has the potential to take Sky Garden to the next level. Through this acquisition, the vision of Sky Garden will continue to live on while retaining jobs and businesses on our platform.”