Global SME lending platform Bitbond and African payment services provider BitPesa announced today that they are partnering to improve access to financing for SMEs in Africa.
Bitbond, which is based in Berlin, Germany, connects fixed-income investors with small business owners who need loans. To make global cross-border lending possible, the platform uses the bitcoin blockchain for payment processing.
By working with BitPesa, borrowers who receive funding on Bitbond can now have their loan paid out directly to a mobile money or bank account. BitPesa pays local currency out to the borrower’s preferred payment option within minutes. The integration between Bitbond and BitPesa is now live in Kenya, Nigeria, Uganda and Tanzania.
Founder & CEO of Bitbond Radoslav Albrecht says: “10% of our global user base comes from Sub-Saharan Africa. We are excited to work with BitPesa in this region because there is a huge unmet demand for small business financing. Together with BitPesa, we can significantly improve our service. This means that a small business owner from Kenya can receive loan funding from investors from all over the world via Bitbond and have the funds paid out to his mobile money account in 20 minutes. This is an unprecedented level of innovation and convenience in the entire online lending space.”
BitPesa founder & CEO Elizabeth Rossiello says: “We are always excited to partner with companies that make doing business in Africa easier and more efficient. Our customers are businesses looking to grow across the continent and beyond. Better access to efficient financing is a tremendous way to boost their growth.”