Seeds & Pennies secures $1.1 million in strategic funding to scale retail lending, empower women across Nigeria, and launch disruptive BNPL offerings
Seeds & Pennies, the retail lending subsidiary of Liberty Assured, has announced the successful raise of $1.1 million (N1.7 billion) in debt funding. This capital injection fuels the company's mission of delivering inclusive credit to underserved Nigerians—especially women-led microbusinesses—and introduces new Buy Now, Pay Later (BNPL) products focused on asset acquisitions for MSMEs, mobile device financing, and a 'Rent Now, Pay Later' service in pilot phase.
The funding round, capped by a recent $425,000 (N680 million) inflow, underscores investors' confidence in Seeds & Pennies' field-driven lending model. Over this quarter alone, the fast-growing lender recorded $625,000 (N1 billion) in collections and disbursed $500,000 (N800 million) in new loans.
'This is more than just a funding milestone—it's validation that community-first, inclusive financial systems can thrive at scale,' said Otimeyin Igbene, Founder of Liberty Assured. 'We've spent years refining a model that genuinely works for the people who need credit the most, and we're proud to be building on the backs of strong women, underpinned by data-driven decisions.'
Currently operating 40 branches across Lagos with a 300-strong workforce—80% of whom are women, Seeds & Pennies is set to reach 50 branches within Lagos before expanding to 50 more branches across key Nigerian states by the end of 2026.
'At the heart of Seeds & Pennies is a powerful women-empowering-women ecosystem,' noted Nosiru Sonoiki, Chief Operating Officer of Liberty Assured. 'Our field agents—mostly women—are not just lending money. They're changing lives, driving growth, and creating ripple effects in communities. With our upcoming BNPL products and 'Rent Now, Pay Later' service, we're broadening access to essential resources like assets, mobile devices, and even monthly rent payments.'
The newly secured funds—60% from a lead institutional investor and the remainder from a consortium of private debt investors—will be deployed to expand lending capacity, strengthen underwriting systems, scale AI-driven collections technology, and deepen Seeds & Pennies' community footprint across Nigeria.
'This funding supercharges our expansion strategy and product roadmap,' explained Damilola Afolayan, General Manager at Seeds & Pennies. 'We're not just growing for growth's sake; we're investing in people, infrastructure, and intelligence. This includes our new BNPL offerings for MSMEs, mobile device acquisition programs to deepen digital adoption, and our pilot 'Rent Now, Pay Later' product. Our goal is to make access to credit—and now essential services—as simple and reliable as the market women we serve deserve.'
With its grassroots approach—leveraging field intelligence, behavioral underwriting, and trust-based servicing—Seeds & Pennies stands at the intersection of fintech innovation and human connection. As it prepares to enter new markets and broaden its impact, this funding marks a new chapter rooted in growth, inclusion, and the conviction that, when done right, credit can reshape lives and communities for the better.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
a day ago
- Yahoo
Affirm Expands Global Footprint: Will It Deliver Sustainable Growth?
Affirm Holdings, Inc. AFRM is making a bold move beyond the United States as it seeks to fuel its next growth phase. The Buy Now Pay Later (BNPL) space has started its international expansion. It recently entered the Canadian market through an extended partnership with Williams-Sonoma and KAYAK. The company officially announced its expansion into the U.K. market, indicating its major expansion beyond North America. AFRM exited the third quarter of fiscal 2025 with strong revenue growth, reporting $783 million in total revenues — a 36% increase from the prior year, following growth of 17.3% and 46.3% in 2023 and 2024, respectively. Its active consumers boosted 21% year over year to 21.9 million in third-quarter 2025, driven by strong consumer retention, growing adoption of the Affirm Card and the addition of new users through an increase in active merchants and partnerships. It anticipates total revenues to be between $3.163 and $3.193 billion in fiscal 2025. As a pioneer-fintech company in payment solutions, it primarily focuses on providing transparent, flexible and reliable financial services. It also focuses on expanding its reach in international markets through strategic partnerships. Affirm is already scaling through its early partnerships with local merchants, setting the stage to expand its services in both the retail and travel industries, which shows the growing adoption of BNPL in today's world, especially among Gen Z and Millennials. However, achieving sustainable growth will depend on careful implementation, the ability to adapt to regulations and successful integration into local markets. Some of AFRM's competitors in the payment solutions space are PayPal Holdings, Inc. PYPL and Sezzle Inc. SEZL. PayPal reported 436 million active accounts in the first quarter of 2025, which rose 2% year over year. Its net revenues increased 1% year over year to $7.8 billion in first-quarter 2025. PayPal's total payment volume increased 3% year over year in the first quarter of 2025. Sezzle reported 2.7 million active consumers in the first quarter of 2025, which grew 5.4% year over year. Sezzle's total revenues grew 123.3% year over year to $104.9 million in the same quarter. Its gross merchandise volume increased 64.1% year over year. Over the past year, AFRM's shares have surged 85.4% compared with the industry's rise of 37%. Image Source: Zacks Investment Research From a valuation standpoint, AFRM trades at a forward price-to-sales ratio of 4.62, below the industry average of 5.61. The company carries a Value Score of F. Image Source: Zacks Investment Research The Zacks Consensus Estimate for Affirm's 2025 earnings implies 100.6% growth from the year-ago period. It witnessed five upward estimate revisions in the past 30 days against one movement in the opposite direction. Image Source: Zacks Investment Research Affirm currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PayPal Holdings, Inc. (PYPL) : Free Stock Analysis Report Affirm Holdings, Inc. (AFRM) : Free Stock Analysis Report Sezzle Inc. (SEZL) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Yahoo
Retailers turn to BNPL apps to ease cost-of-living strain
As rising prices squeeze household budgets on both sides of the Atlantic, major retailers in the UK and US are turning to Buy Now Pay Later (BNPL) services like Klarna, Affirm, PayPal and Afterpay to offer more flexible payment options. These services allow shoppers to split purchases into smaller instalments, often interest-free, appealing to consumers looking to manage spending without resorting to credit cards. In the UK, high street brands such as John Lewis and ASDA have integrated BNPL at checkout. In the US, companies like Walmart and Amazon have partnered with BNPL providers to help customers spread the cost of everyday purchases and big-ticket items. Retailers on both sides of the Atlantic have reported increased online conversion rates and larger order values since adopting BNPL. In the UK, John Lewis now offers Klarna as a payment method on its website, allowing customers to pay in three instalments. The retailer says this has helped boost sales of furniture and homeware, categories where customers typically spend more. In the US, Affirm is widely used by major retailers including Walmart and Peloton. Walmart enables BNPL at checkout through Affirm for purchases over $144, including electronics, home goods and sports equipment. By offering payment flexibility, the retailer has made higher-value purchases more accessible to cash-strapped consumers. Retailers receive full payment upfront from BNPL providers, while the customer repays the loan in instalments. This setup protects businesses from payment default while offering customers a way to manage costs over time. BNPL has become especially popular among younger shoppers, many of whom prefer avoiding traditional credit. In the UK, fashion brands like ASOS, H&M and JD Sports report strong uptake among Gen Z customers, who use Klarna and Clearpay (the UK version of Afterpay) to budget purchases. Similarly, in the US, Klarna and Afterpay have grown rapidly among millennial and Gen Z users, who use these services for everything from clothing to tech. Amazon introduced BNPL through Affirm in 2021, offering interest-free payments on a range of goods, from laptops to kitchen appliances. Retailers benefit from increased reach into this demographic, often using BNPL firms' marketing platforms to target shoppers directly. However, customer approval rates and loan eligibility vary, raising concerns about transparency and potential exclusion of those with weaker credit histories. While BNPL offers convenience and budgeting support, regulators and consumer advocates in both countries have warned of the risks. In the UK, the Financial Conduct Authority is planning stricter oversight of the sector after concerns about debt accumulation and lack of affordability checks. In the US, the Consumer Financial Protection Bureau has also launched investigations into BNPL providers, citing the potential for consumers to take on multiple loans across platforms without a clear understanding of repayment obligations. Retailers using BNPL must now navigate a shifting regulatory landscape. They are expected to ensure transparency around terms and conditions, and to help customers understand the consequences of missed payments. As inflation continues to impact household finances, BNPL remains a double-edged sword: a useful tool for short-term flexibility, but one that may pose longer-term financial risks if not used responsibly. "Retailers turn to BNPL apps to ease cost-of-living strain" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Business Insider
a day ago
- Business Insider
Crypto is going mainstream in Africa, and Monica.cash is building the bridge
is transforming cryptocurrency into a practical financial tool for everyday Nigerians, offering fast crypto-to-Naira conversion, seamless local payments, and global spending access, all within one secure mobile app. Its relevance continues to grow, especially now in June 2025. Across Africa, more people are turning to cryptocurrency not just as an investment, but as a faster and cheaper way to manage money. In Nigeria, one of the world's most active crypto markets, a rising platform is leading this shift by solving a key problem: how to use crypto for everyday needs without the usual complications. That platform is a Nigerian-built app that makes it easy for anyone to convert crypto into local currency, pay bills, and spend money both online and offline. With over $100 million in crypto converted and more than ₦150 billion in payouts, it is rapidly becoming one of the most trusted tools for crypto-powered finance in Africa. At the heart of Monica's platform is its instant crypto-to-Naira engine. This feature allows users to deposit popular cryptocurrencies like Bitcoin, Ethereum, and USDT into their Monica wallet and instantly receive the equivalent amount in Nigerian Naira. From there, users can either withdraw to their bank accounts or use the balance to make payments directly inside the app. This process, known as a crypto off-ramp, turns digital assets into real-world money. Monica sets itself apart with its speed and simplicity. Transactions are processed in minutes, and the app connects directly to over 30 Nigerian banks, making withdrawals seamless. 'Most platforms make you move money across multiple wallets, wait hours for confirmations, or face high fees,' said Monica's CEO. 'We've removed those barriers. With Monica, you log in, send your crypto, and get Naira in your bank account quickly and easily.' Monica goes far beyond basic wallet functions. It is designed as a complete financial toolkit for Nigerians. Once a user has Naira in their Monica balance, they can recharge airtime or mobile data, pay electricity, cable, and internet bills, buy from a library of over 1,000 digital gift cards, send money to other users or bank accounts, and create a virtual dollar card for international payments. The virtual dollar card is especially useful in Nigeria, where many traditional cards are blocked from international websites. Monica's card works with any platform that accepts Visa or Mastercard, allowing users to pay for subscriptions, ads, shopping, and software globally. Despite the advanced infrastructure behind it, Monica is built to feel effortless. The app uses biometric logins, real-time alerts, and strong encryption to protect users. It works well on low-bandwidth connections and is optimized for mobile, which is crucial in a country where most people use smartphones for financial access. 'People shouldn't need to be tech experts to use crypto,' said the CEO. 'We've built Monica to work for everyday people, not just developers or traders.' In many parts of the world, crypto is still viewed as speculative or risky. But in Nigeria, the technology is being used out of necessity, for payments, savings, and protection from inflation. Monica is tapping into that demand, not by promising future possibilities, but by delivering practical, usable tools today. The platform also rewards adoption through a ₦1500 welcome bonus for new users and ₦200 referral rewards when invited users deposit crypto. But the real incentive is usability, the ability to make crypto work like money should: fast, reliable, and useful. 'Crypto doesn't need to be complicated,' the CEO added. 'It needs to be helpful. That's what Monica is here to do.'
