Lipa Later, a fintech company, has made a significant move in the e-commerce industry with the acquisition of SkyGarden. This acquisition will allow Lipa Later to expand its customer base and solidify its presence in the market, as well as provide a comprehensive e-commerce solution to consumers through SkyGarden’s established infrastructure and market presence.
According to Lipa Later CEO Eric Muli, the acquisition of SkyGarden aligns with the company’s goal of empowering African businesses and consumers through e-commerce, financial inclusion, and shopping on a centralized platform. “Lipa Later is no stranger to the e-commerce industry, having already established a strong presence in the online payment and finance sectors. This development has greatly accelerated our plans of redefining the shopping experience for consumers,” Muli said.
SkyGarden, which has raised over $6 million prior to this acquisition, will continue to operate under its own name as a fully-owned subsidiary of Lipa Later. Consumers will now have the option to purchase items from SkyGarden using any preferred payment method, including Lipa Later’s buy now, pay later model which allows for a flexible and affordable payment plan through monthly installments.
This acquisition presents a great opportunity for both Lipa Later and SkyGarden to benefit from each other’s strengths and further the growth of the e-commerce industry. Martin Majlund, the founder of SkyGarden, stated that the acquisition will allow the company to continue operating and retain jobs and businesses on its platform. “We built a great product over time, and I believe Lipa Later has the potential to take SkyGarden to the next level. Through this acquisition, the vision of SkyGarden will continue to live on,” Majlund said.
Lipa Later has expansion plans in place to integrate SkyGarden across its operations in Rwanda, Uganda, and Nigeria. The acquisition of SkyGarden is a key step forward in Lipa Later’s goal of becoming a leader in the e-commerce space, and the potential impact on the industry could be significant. This move demonstrates Lipa Later’s commitment to bridging the gap between merchants and customers with innovative solutions, excellent service, and advanced technology, as well as its strategy to disrupt the industry.